Gautam Adani tops 2024 Hurun India Rich List overtaking Mukesh Ambani

Gautam Adani and his family have claimed the top spot in the 2024 Hurun India Rich List, boasting an extraordinary wealth of Rs.11.6 lakh crore. This marks a dramatic rise for Adani, who was ranked fourth just four years ago. Over the past year alone, his wealth has surged by 95%, largely due to the recovery of Adani Group companies following the Hindenburg report's allegations.

The rise in Adani’s fortune is attributed to the significant growth in the stock prices of his group companies, with Adani Ports leading the way with a 98% increase. Energy-focused firms like Adani Energy, Adani Gas, Adani Transmission, and Adani Power also saw substantial gains, averaging a 76% rise in share prices. The MSCI's August 2024 review, which lifted restrictions on Adani Group securities, further bolstered investor confidence.

In contrast, Mukesh Ambani, previously the richest individual in India, has moved to second place with a wealth of Rs.10.14 lakh crore. The Hurun Rich List, based on wealth as of July 31, 2024, highlights India's growing prominence in wealth creation, with the country now home to 334 billionaires—a record number that reflects a 29% increase from the previous year.

Following Adani and Ambani, Shiv Nadar of HCL Technologies holds the third spot with Rs.3.14 lakh crore, while Cyrus S. Poonawalla of Serum Institute of India and Dilip Shanghvi of Sun Pharmaceutical Industries complete the top five. The list also introduced new young billionaires, including 21-year-old Kaivalya Vohra, co-founder of Zepto, now the youngest billionaire in India.