Recouping from the setback caused by the Hindenburg Research report, Gautam Adani’s net worth soared 95% to ₹11.6 lakh crore last year, helping him overtake Mukesh Ambani as the richest Indian, according to the 2024 Hurun India Rich List released on Thursday.
Reliance Industries Chairman and Managing Director Mukesh Ambani saw his net worth rise by 25% to ₹10.14 lakh crore. In the previous year’s report, Adani’s wealth had plummeted by 57% to ₹4.74 lakh crore, while Ambani led with ₹8.08 lakh crore.
Adani’s sharp decline in net worth in 2023 followed allegations made by U.S.-based short-seller Hindenburg Research, which the conglomerate has consistently denied. In 2014, Hurun had valued Adani’s fortune at ₹44,000 crore, ranking him as the tenth richest Indian.
HCL’s Shiv Nadar and family climbed to third place with a net worth of ₹3.14 lakh crore, while Cyrus Poonawalla of the Serum Institute of India slipped to fourth with ₹2.89 lakh crore. Sun Pharmaceuticals’ Dilip Shanghvi rose to fifth place with ₹2.50 lakh crore, up from sixth last year.
Radha Vembu of Zoho topped the list of self-made women with ₹47,500 crore, while Zepto co-founders Kaivalya Vohra and Aadit Palicha, both in their early 20s, were the youngest billionaires, with net worths of ₹3,600 crore and ₹4,300 crore, respectively.
The list, which tracks Indians with a net worth exceeding ₹1,000 crore, grew by 220 individuals to 1,539 in 2024, with cumulative wealth increasing by 46%.
Actor Shah Rukh Khan debuted on the list with a net worth of ₹7,300 crore, surpassing his business partner Juhi Chawla, who ranked second among entertainers with ₹4,600 crore.
The list also featured 16 professionals, with Arista Networks’ CEO Jayshree Ullal as the wealthiest at ₹32,100 crore, followed by D-Mart CEO Ignatius Navil Noronha at ₹6,900 crore. Kumar Pritamdas Gera of Gera Developments recorded the fastest wealth growth at 566%, while Adani and Ambani had the largest growth by quantum, the report highlighted
