TFP Bureau, New Delhi; August 30, 2024: Gautam Adani has officially overtaken Mukesh Ambani to become India’s richest person, with his net worth soaring to Rs 11.6 lakh crore, according to the 2024 Hurun India Rich List. This marks a remarkable 95% increase in Adani’s wealth over the past year, despite the controversies surrounding his business empire.
Ambani, the chairman and managing director of Reliance Industries, now holds a net worth of Rs 10.14 lakh crore, representing a 25% increase from the previous year. The dramatic rise in Adani’s wealth comes after a turbulent period in 2023, when his fortune plummeted by 57% to Rs 4.74 lakh crore, largely due to allegations by US-based short seller Hindenburg Research, which the Adani Group has consistently denied.
In contrast, Ambani’s wealth in 2023 stood at Rs 8.08 lakh crore, keeping him far ahead of Adani at the time. Adani’s climb to the top is even more striking when compared to a decade ago; in 2014, the Hurun report estimated his wealth at Rs 44,000 crore, ranking him as the tenth richest Indian.
The 2024 list also saw HCL’s Shiv Nadar and his family rise to the third spot with a net worth of Rs 3.14 lakh crore, while Serum Institute of India’s Cyrus Poonawalla slipped to fourth place with Rs 2.89 lakh crore. Sun Pharmaceuticals’ Dilip Shanghvi reclaimed the fifth spot with Rs 2.50 lakh crore, reflecting his steady ascent in the rankings.
Among self-made women, Zoho’s Radha Vembu emerged as the wealthiest, boasting a net worth of Rs 47,500 crore. Meanwhile, Zepto co-founders Kaivalya Vohra and Adit Palicha, both around 20 years old, were the youngest on the list, with net worths of Rs 3,600 crore and Rs 4,300 crore, respectively.
The 2024 Hurun India Rich List includes 1,539 individuals with a net worth exceeding Rs 1,000 crore, marking an addition of 220 new names and a 46% increase in cumulative wealth. Notably, Bollywood superstar Shah Rukh Khan made his debut on the list with an estimated wealth of Rs 7,300 crore, surpassing his business partner Juhi Chawla, who has a net worth of Rs 4,600 crore.
The list also highlights the rise of professionals, with Arista Networks CEO Jayshree Ullal leading the pack with Rs 32,100 crore, followed by D-Mart CEO Ignatius Navil Noronha at Rs 6,900 crore. Kumar Pritamdas Gera of Gera Developments recorded the fastest wealth growth at 566% this year, while both Ambani and Adani had the most significant wealth increases overall.
