Gautam Adani Pips Ambani to Become Richest in India

Ahmedabad : Gautam Adani has reclaimed his position as India’s richest individual, overtaking Mukesh Ambani, according to the 2024 Hurun India Rich List. Adani’s net worth surged by an astonishing 95% to reach ₹11.6 lakh crore, a remarkable recovery following a steep decline in 2023.

Gautam Adani’s fortunes have seen a dramatic resurgence, catapulting him back to the top of India’s wealth rankings. As per the 2024 Hurun India Rich List, Adani’s net worth soared by 95% over the past year, reaching a staggering ₹11.6 lakh crore. This significant growth enabled him to overtake Reliance Industries Chairman Mukesh Ambani as the wealthiest Indian, marking a notable shift in the country’s billionaire hierarchy.

In stark contrast, just a year ago, Adani’s wealth had plummeted by 57% to ₹4.74 lakh crore, largely due to allegations made by US-based short seller Hindenburg Research. These allegations led to a sharp decline in the stock prices of Adani Group companies. Despite this setback, the conglomerate has consistently denied the allegations, and Adani has since managed to stage a remarkable comeback.

Meanwhile, Mukesh Ambani, who was the richest Indian in 2023, saw his net worth increase by 25% to ₹10.14 lakh crore. Although Ambani’s wealth continued to grow, it wasn’t enough to maintain his position at the top, with Adani’s accelerated recovery outpacing him.

Looking back, the 2014 edition of the Hurun list had estimated Adani’s wealth at ₹44,000 crore, placing him as the tenth richest Indian at the time. Over the past decade, Adani’s wealth has grown exponentially, reflecting the rapid expansion and diversification of his business empire.

Other notable figures on the 2024 list include HCL’s Shiv Nadar and family, who climbed to the third spot with a net worth of ₹3.14 lakh crore. Cyrus Poonawalla of the Serum Institute of India slipped to fourth place with a net worth of ₹2.89 lakh crore, while Sun Pharmaceuticals’ Dilip Shanghvi moved up to fifth place with a fortune of ₹2.50 lakh crore.

Among women, Radha Vembu of Zoho emerged as the wealthiest self-made individual, with a net worth of ₹47,500 crore. On the other end of the spectrum, Zepto’s co-founders, Kaivalya Vohra and Aadit Palicha, made headlines as the youngest billionaires on the list, with net worths of ₹3,600 crore and ₹4,300 crore, respectively.

The 2024 Hurun India Rich List also highlighted significant overall growth in wealth across the country. The number of individuals with a net worth exceeding ₹1,000 crore increased by 220, bringing the total to 1,539 people. Cumulatively, the wealth of these individuals surged by 46% over the past year.

Interestingly, Bollywood superstar Shah Rukh Khan made his debut on the list, with an estimated fortune of ₹7,300 crore, surpassing his business partner Juhi Chawla, who holds a net worth of ₹4,600 crore and ranks second among entertainers.

The list also noted that 16 professionals joined the ranks of India’s wealthiest, with Jayshree Ullal, CEO of Arista Networks, being the richest among them with a net worth of ₹32,100 crore. D-Mart’s CEO Ignatius Navil Noronha followed with a net worth of ₹6,900 crore. Kumar Pritamdas Gera of Gera Developments recorded the fastest wealth growth on the list, with a 566% increase.