The Cumulative Wealth of India’s Wealthiest Billionaires Reaches $1.19 Trillion

The cumulative wealth of India’s richest individuals has surpassed $1 trillion, reaching a remarkable $1.19 trillion USD. This milestone is shared among 185 billionaires, each possessing a net worth of at least $1 billion USD.

The Fortune India-Waterfield Advisors 2024 ranking indicates a 50% increase in the total wealth of India’s billionaires, up from $832 billion USD in 2022, when there were 142 billionaires. The report emphasized that this growth occurred despite global economic turbulence and a 5% depreciation of the Indian rupee against the US dollar. Currently, the collective wealth of these billionaires constitutes approximately 33.81% of India’s nominal GDP.

The 2024 list includes 29 new billionaires from sectors such as fast-moving consumer goods (FMCG), pharmaceuticals, and technology, adding a combined $49.5 billion USD to the total.

Mukesh Ambani, Chairman of the Reliance Group, retains the top spot with an estimated wealth of approximately $127.1 billion USD, just ahead of Gautam Adani of the Adani Group. Despite facing challenges from allegations by US-based Hindenburg Research, Adani’s wealth nearly doubled, reaching around $125.9 billion USD during this period.

The report highlighted the impact of equity markets on wealth accumulation, noting record highs in benchmark indices and a compound annual growth rate (CAGR) of 15.94% from FY 2022-23 to FY 2023-24. The average net worth of billionaires has also increased from approximately $5.6 billion USD in 2022 to around $6.5 billion USD in 2024.

Other prominent figures in the top 10 include the Mistry family, Shiv Nadar, Radhakishan Damani, Sunil Mittal and family, and Azim Premji. Notably, Savitri Jindal, the matriarch and chairperson of the Jindal Group, stands as the only woman in the top 10, with a net worth of approximately $33 billion USD, securing the fourth position.

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