Gautam Adani Replaces Mukesh Ambani as India’s Richest Person, Tops Hurun List

Mangalore Today News Network

New Delhi, August 29, 2024: Gautam Adani and his family have secured the top spot in the 2024 Hurun India Rich List, with a wealth of ₹ 11.6 lakh crore, surpassing Mukesh Ambani. In 2020, Mr Adani was fourth on the list. Mr Adani’s wealth has surged by 95 per cent in the last one year. His rise is marked by recovery following the Hindenburg report, which had raised significant scrutiny.

"Rising like a phoenix after the Hindenburg allegations, Gautam Adani (62) & family have secured the top spot in this year’s rankings, with a 95% increase in wealth compared to last year, bringing their total to INR 1,161,800 Cr. As a self-made entrepreneur, Adani has recorded the highest wealth growth within the top 10 over the past five years, adding INR 1,021,600 Cr, despite the challenges following the report," the Hurun Rich List says.

"All Adani Group companies saw a significant surge in share prices over the past year. For example, Adani Ports experienced a 98% increase, driven by improved utilization levels and the proposed acquisition of new ports and container terminals. Meanwhile, the energy-focused companies-Adani Energy, Adani Gas, Adani Transmission, and Adani Power-averaged a 76% growth in share price. Additionally, MSCI’s decision to lift restrictions on Adani Group securities in its August 2024 review indicates a return to normal operations, reflecting a stabilizing outlook for key stocks like Adani Enterprises, Adani Ports, and Ambuja Cements. This year, Hurun has attributed the wealth of the family trust and international companies within the promoter group to Gautam Adani and his family," the report adds.

Mr Ambani, with a wealth of ₹ 10.14 lakh crore, secured the second position on the list. The wealth calculations presented are based on the snapshot taken on July 31, 2024.

The report highlights that the number of billionaires in the country has reached a record 334, The Times of India reported.

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Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, said the country is "emerging as Asia’s wealth creation engine!"

He stated that India experienced a 29% increase, even when China witnessed a 25% decline in its number of billionaires.

Following Mr Adani and Mr Ambani on the list is HCL Technologies’ Shiv Nadar and family in the third place, with a total wealth of ₹ 3.14 lakh crore.

On the fourth and fifth positions were Cyrus S Poonawalla and the family of Serum Institute of India (SII) (Rs 2.89 lakh crore) and Sun Pharmaceutical Industries’ Dilip Shanghvi (Rs 2.49 crore).

The report further highlights that India produced a billionaire every five days last year. In 2023, the country had 259 billionaires.

The Hurun India Rich List has expanded considerably, with more than 1,500 individuals possessing a net worth of ₹ 1,000 crore or more. It shows a 150% growth compared to seven years ago, Business Today reported.

This time, the list identifies 1,539 ultra-rich individuals, a significant increase of 220 from the previous year.

Notably, this is the first time when the list exceeds 1,500 entrants, an 86% jump over the past five years.

From family-run businesses as well as startup founders to private equity investors, angel investors, next-generation leaders, and film stars, the list has a diverse range of wealth creators.

The youngest billionaire on the list is Kaivalya Vohra, aged 21. Vohra is the co-founder of Zepto, a $5 billion startup. Aadit Palicha, another Zepto co-founder, is second youngest on the list at 22 years of age.