The Indian stock market is ablaze with activity as the nation gears up for its upcoming federal elections, widely anticipated to secure a third term for Prime Minister Narendra Modi. Amidst this fervor, India’s billionaire count has skyrocketed, with a staggering 200 individuals from the country making it to Forbes’ 2024 list of the World’s Billionaires—a significant leap from 169 the previous year. What’s even more astonishing is their collective wealth, which is rapidly approaching the trillion-dollar mark, now standing at an unprecedented $954 billion. This surge reflects a remarkable 41% increase from last year’s total of $675 billion, far surpassing the 2022 figure of $750 billion.
At the forefront of this economic surge is Mukesh Ambani, whose conglomerate, Reliance Industries, has seen its shares skyrocket. Ambani’s net worth surged to a staggering $116 billion, catapulting him into the exclusive $100 billion club on the World’s Billionaires list and solidifying his position as both India’s and Asia’s wealthiest individual. His recent ventures, including an $8.5 billion merger between Viacom18 Media and Walt Disney Company’s India operations, further underscore his financial prowess. Ambani’s opulent celebrations for his son Anant’s impending wedding in March, attended by luminaries like Mark Zuckerberg, Bill Gates, and Ivanka Trump, serve as a testament to his unabated success.
Another notable figure in India’s billionaire landscape is Gautam Adani, whose infrastructure and commodities empire witnessed a remarkable resurgence. Despite facing adversity last year following allegations of fraud, Adani rebounded impressively, adding a staggering $36.8 billion to his wealth. His Adani Group, encompassing various sectors including energy and infrastructure, has firmly positioned him as India’s second wealthiest individual, with a fortune totaling $84 billion.
Among India’s leading female billionaires is Savitri Jindal, the matriarch of a steel and power conglomerate. Her O.P. Jindal group’s infrastructure unit listing last year propelled her to the forefront, with a net worth of $33.5 billion, making her the fourth richest individual in India.
The upward trajectory isn’t confined to a select few; more than two-thirds of Indian billionaires witnessed an increase in their wealth. Notable among them is Kushal Pal Singh, a prominent property magnate, whose fortune more than doubled owing to a buoyant real estate market.
However, amidst the surge, there are instances of wealth contraction. Cyrus Poonawalla, India’s vaccine billionaire, experienced a decline in fortune as sales of Covid-19 vaccines dwindled. Similarly, Lakshmi Mittal, the steel baron, faced setbacks in a weak market, slipping in the rankings.
The year also saw the emergence of 25 new Indian billionaires, representing diverse sectors such as healthcare, technology, and retail. Figures like Naresh Trehan, Ramesh Kunhikannan, and Renuka Jagtiani symbolize India’s entrepreneurial spirit and innovation.
Tragically, the past year witnessed the loss of three prominent Indian billionaires, including Keshub Mahindra and Ashwin Dani, underscoring the fleeting nature of wealth and life.
Despite the overall uptrend, a few individuals dropped off the billionaire list, highlighting the volatility of fortunes in today’s dynamic economic landscape. Byju Raveendran, once an edtech star, faced multiple challenges leading to a marked decline in his firm’s valuation.
As India’s billionaire landscape continues to evolve, propelled by economic reforms, technological advancements, and entrepreneurial zeal, these individuals epitomize the nation’s journey towards prosperity and global prominence. Yet, amidst the glitz and glamour, the challenges of wealth preservation and societal responsibility loom large, reminding us of the complexities inherent in the pursuit of fortune.
