India’s Richest Cross $1 Trillion in Collective Wealth, Setting New Records

India’s 100 richest tycoons have set a new milestone, with their combined wealth surpassing the $1 trillion mark for the first time. This surge in wealth was driven by investor optimism following Prime Minister Narendra Modi’s third-term victory in June, achieved with the support of a coalition. The stock market reacted strongly, pushing the BSE Sensex up by 30% since the last wealth measurement a year ago.

The collective net worth of India’s wealthiest individuals now stands at $1.1 trillion, more than double what it was in 2019. In the past year alone, they added $316 billion, marking an almost 40% increase. Over 80% of these billionaires saw their fortunes rise, with 58 individuals adding at least $1 billion to their net worth. Six members of the list saw their wealth grow by over $10 billion, with the top five alone accumulating nearly $120 billion. The top 12 richest individuals account for roughly half of the total wealth of the group.

Mukesh Ambani, chairman and managing director of Reliance Industries, retained his position as the wealthiest Indian. He announced a bonus issue of shares as a Diwali gift to investors, but he garnered more attention for hosting extravagant celebrations for his son Anant’s wedding. Ambani’s wealth increased by $27.5 billion, bringing his total net worth to $119.5 billion, making him the second-largest gainer in dollar terms this year.

Gautam Adani, an infrastructure magnate, emerged as the biggest gainer in dollar terms, adding $48 billion to his family’s wealth, which now stands at $116 billion. His recovery from last year’s short-selling attack, coupled with strategic placements of his sons and nephews in key positions, helped him maintain his No. 2 ranking.

Savitri Jindal, the matriarch of the steel-to-power O.P. Jindal Group, climbed to the No. 3 spot for the first time. Her son, Sajjan Jindal, recently expanded into the electric vehicle market with MG Motor. Jindal is one of nine women on the list, an increase from eight last year.

Joining the ranks for the first time is Mahima Datla, who controls Biological E, a vaccine manufacturer. She is one of four new entrants, including B. Partha Saradhi Reddy, founder of Hetero Labs, a producer of generic drugs and pharmaceutical ingredients. Harish Ahuja, whose company Shahi Exports supplies major brands like H&M and Calvin Klein, also made his debut, as did Surender Saluja, founder of Premier Energies, whose solar panel business surged following a successful IPO in September.

India’s pharmaceutical sector, often referred to as the “pharma factory of the world,” continues to boost the fortunes of its magnates. Dilip Shanghvi, founder of Sun Pharmaceutical Industries, rose to No. 5 with a net worth of $32.4 billion, benefiting from increased demand for skin treatments. Meanwhile, siblings Sudhir and Samir Mehta, whose Torrent Pharmaceuticals is pursuing acquisitions, more than doubled their wealth to $16.3 billion.

The real estate sector is also booming, with strong housing demand driving up fortunes. Four major real estate players saw their wealth increase by a combined $16 billion. Among them, Irfan Razack and his siblings, who run Bangalore-based Prestige Estates Projects, capitalized on the tech boom in India’s IT hub and expanded into Mumbai, rejoining the billionaire ranks after a brief absence. Other returnees made their fortunes in industries ranging from airport operations to industrial explosives.

In April, the Godrej family completed the long-anticipated division of their holdings between two factions. As a result, brothers Adi and Nadir Godrej, who control Godrej Industries Group’s listed companies, now appear separately from their cousins Jamshyd Godrej and Smita Crishna Godrej, who manage Godrej & Boyce under the Godrej Enterprises Group.

Six nonagenarians remain on the list, most of whom have already passed control of their empires to the next generation. The youngest billionaire is Nikhil Kamath, aged 38, who co-founded and runs discount brokerage Zerodha with his brother Nithin, 45.

The wealth threshold to join the ranks has increased to $3.3 billion, up from $2.3 billion in 2023, pushing 11 of last year’s billionaires out of the list.

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