Gautam Adani Surpasses Mukesh Ambani as India’s Richest in Hurun India Rich List 2024
The Hurun India Rich List 2024 has marked a historic milestone, featuring 1,539 individuals with a net worth exceeding Rs 1,000 crore each. For the first time, Gautam Adani and his family have claimed the top spot, surpassing Mukesh Ambani to become the richest in India. Adani’s wealth soared by an impressive 95%, reaching Rs 1,161,800 crore, while Ambani secured the second position with a fortune of Rs 1,014,700 crore.
In third place is Shiv Nadar and his family of HCL Technologies, with a wealth of Rs 314,000 crore. They are followed by Cyrus S. Poonawalla and his family of Serum Institute of India, who ranked fourth, and Dilip Shanghvi of Sun Pharmaceutical Industries, who rounded out the top five.
Over the past five years, six individuals, including Gautam Adani, Mukesh Ambani, Shiv Nadar, Cyrus S. Poonawalla, Gopichand Hinduja & family, and Radhakishan Damani & family, have consistently maintained their positions in India’s Top 10.
Adani, a self-made entrepreneur, has experienced the most significant wealth growth among the top 10, adding Rs 1,021,600 crore to his fortune over the last five years. This growth has been driven by a substantial increase in share prices across Adani Group companies. Adani Ports, for instance, saw a 98% surge due to improved utilization levels and planned acquisitions of new ports and container terminals. Adani’s energy-focused companies, including Adani Energy, Adani Gas, Adani Transmission, and Adani Power, averaged a 76% growth in share prices.
The report also highlighted MSCI’s decision in August 2024 to lift restrictions on Adani Group securities, signaling a stabilization in key stocks like Adani Enterprises, Adani Ports, and Ambuja Cements. This year, Hurun has attributed the wealth of family trusts and international companies within the promoter group to Gautam Adani and his family.
Top Indian Professional Managers
The Hurun India Rich List also celebrated India’s leading professional managers—individuals who have significantly grown the businesses they joined and accumulated wealth through stock options. Topping this category is Jayshree Ullal of Arista Networks, with a wealth of Rs 32,100 crore. She successfully led the company from zero to a multibillion-dollar business and achieved a historic IPO in June 2014. Nikesh Arora of Palo Alto Networks claimed the second spot, followed by Satya Nadella of Microsoft.
This year’s Hurun India Rich List not only highlights the immense wealth of India’s top industrialists but also showcases the country’s exceptional talent in professional management, reinforcing India’s position as a global economic powerhouse.