Billionaire Gautam Adani and his family have topped the 2024 Hurun India Rich List, despite facing allegations from Hindenburg Research last year. Their wealth surged by 95% to Rs 11.61 trillion, dethroning Mukesh Ambani. Adani recorded the highest wealth growth among India’s top ten richest, with significant gains in sectors like ports and energy. The list also highlights Bollywood’s increasing wealth, with Shah Rukh Khan entering for the first time. Overall, India’s billionaires added Rs 28 trillion, representing over half of the nation’s GDP, as the country becomes Asia’s “wealth creation engine.”

Despite challenges following US-based short seller Hindenburg Research’s report against his companies in January last year, billionaire Gautam Adani and his family top the 2024 Hurun India Rich List, after their wealth increased 95 per cent to Rs 11.61 trillion. 

He replaced Reliance Industries Chairman Mukesh Ambani and his family, whose overall net worth increased by 25 per cent to Rs 10.14 trillion. Ambani became the second richest Indian, according to the report. 

Adani, in the past five years, recorded the highest wealth growth among the 10 richest Indians in the list. He is the richest Asian and added Rs 10.21 trillion in five years.

The group has denied Hindenburg’s allegations and shares of its companies have surged this year.

Adani Ports shares increased 98 per cent, driven by improved utilisation and the proposed acquisition of new ports and container terminals, according to the Hurun report. 

Energy companies — Adani Energy, Adani Gas, Adani Transmission, and Adani Power — averaged a 76 per cent growth in share price. Morgan Stanley Capital International lifted restrictions on Adani Group securities in its August 2024 review, reflecting a stabilising outlook for key stocks like Adani Enterprises, Adani Ports, and Ambuja Cements. 

HCL Technologies founder Shiv Nadar and his family are third in the list, with a fortune of Rs 3.14 trillion. Cyrus S Poonawalla and family, who run vaccine maker Serum Institute of India, hold the fourth spot with a wealth of Rs 2.89 trillion. 

“This year’s list highlights the resilience of India’s wealthiest, with six individuals consistently in the top ten over the past five years, reflecting robust economic growth and investment opportunities in the country,” said the report. 

With China recording a 25 per cent decline in its number of billionaires, India is emerging as Asia’s “wealth creation engine” by recording a 29 per cent increase and a record 334 billionaires, said Anas Rahman Junaid, founder and chief researcher, Hurun India. 

The 2024 rich list shows a pivot in the Indian economy from being services-led to manufacturing. Industrial products sector entrepreneurs on the list have recorded a 47 per cent compound annual growth rate in their cumulative wealth over the past five years, the highest among all sectors, according to the report.

Those featured on the Hurun India Rich List have collectively added Rs 28 trillion to their wealth, representing almost 56 per cent of the total wealth increase in the list. India minted a new billionaire every five days last year, bringing the total number of billionaires to 334—a sixfold increase since the list debuted 13 years ago. India’s billionaire count has now crossed the triple-century mark. 

The cumulative wealth of all individuals on the list amounts to Rs 159 trillion, accounting for more than half of India’s gross domestic product (GDP).

The 2024 Hurun India Rich List has Bollywood stars as major wealth creators. Khan tops the entertainers list; he is followed by Juhi Chawla and family with a wealth of Rs 4,600 crore. 

Other notable entrants from the movie industry include Hrithik Roshan, Amitabh Bachchan and Karan Johar. “Hurun India Rich Listers from the entertainment industry added Rs 40,500 crore in just one year, with seven new entrants,” said Junaid. 

Roshan entered the list for the first time with a wealth Rs 2,000 crore, largely earned from HRX, a sportswear and fitness brand. Bachchan and family have a wealth of Rs 1600 crore. Johar has a wealth of Rs 1400 crore, mainly contributed by his production house, Dharma Productions.

Wealth calculations made by Hurun India are a snapshot as of July 31, 2024.

First Published: Aug 29 2024 | 1:16 PM IST