Top 10 Richest People In India In June 2024

In May, India’s financial system maintained its strong and steady growth trajectory, with the stock market hitting the remarkable $5 trillion (₹417.6 lakh crore) market capitalization mark, positioning it among the world’s top national markets. This growth is propelled by a sharp surge in domestic investors, now exceeding 160 million, reflecting a vibrant, investor-friendly climate. The Indian economy, poised to expand at an impressive 6.8% rate in 2024, continues to attract both local and international investment attention.

However, despite these advances, the market faced significant volatility following the elections, with the Sensex dipping to a four-year low as the anticipated landslide victory for Prime Minister Narendra Modi did not materialize, leaving investor sentiment bruised.

Moving into June 2024, while some sectors like FMCG and IT show strong growth potential, others may see temporary declines in value, affecting the net worth projections for the country’s billionaires. These fluctuations suggest that while some billionaires may see their fortunes swell with strong sector performances, others could face reductions depending on their market exposures.

The Indian Billionaires

Mukesh Ambani temporarily lost his spot as the richest Asian billionaire to Gautam Adani early in June before reclaiming his spot within days. Reliance Industries had a rather smooth-sailing May after managing record annual earnings in April. While Ambani’s personal fortunes didn’t climb through the month, RIL did find itself named one of the World’s Most Influential Companies by TIME magazine, making its second appearance on the prestigious TIME 100 list. This recognition places Reliance in the ‘Titans’ category, highlighting its transformative impact across various sectors in India and beyond.

Gautam Adani’s Adani Group ended May strongly but faced a challenging start to June, suffering a staggering $25 billion loss in a single day following the election results. This event saw all 10 Adani Group stocks plummet, erasing nearly $45 billion in market value, marking the most severe single-day rout the $189 billion conglomerate has ever experienced, surpassing the impact of allegations from Hindenburg Research over a year ago. According to the Bloomberg Billionaires Index, this wipeout of Adani's wealth ranks as the fourth-largest one-day decline ever recorded, caused by market swings.

Shapoor Mistry continues to hold strong in the third spot on the list for another month, trailing behind the frontrunners. Meanwhile, Shiv Nadar, founder and chairman of HCL Tech, engages in an ongoing neck-and-neck battle with Savitri Jindal, the wealthiest woman in India and former chairperson of the OP Jindal Group, for fourth place.

Away from the top five, former Wipro chairman Azim Premji, Sun Pharma MD Dilip Shanghvi, and DMart founder Radhakishan Damani maintain their respective spots, ahead of Sunil Mittal, founder and chairman of Bharti Enterprises, who has ousted Serum Institute of India founder Cyrus Poonawalla from the top 10 list. Kumar Birla, who heads the Aditya Birla Group, occupies the tenth spot.

Here is the ranking of the 10 richest persons in India in June 2024 as per Bloomberg’s Billionaires Index:

1. Mukesh Ambani

Mukesh Ambani, the chairman and managing director of Reliance Industries Limited, holds the title of India’s richest person. Ambani also stands eleventh on the global billionaire list with a net worth of $109 billion (₹9.1 lakh crore).

Under his leadership, RIL has grown into one of India’s leading firms with a global footprint. In recognition of his extraordinary accomplishments, he received the prestigious Padma Vibhushan award in 2016.

Ambani’s conglomerate spans a broad spectrum, including petrochemicals, refining, oil and gas exploration, and telecommunications. Since taking the reins in 2004 following his father Dhirubhai Ambani’s passing, he has propelled RIL to new heights. He orchestrated the launch of Reliance Jio, a telecom venture that transformed the Indian telecom landscape with its affordable data plans and high-speed internet services.

In addition to his business prowess, Ambani is renowned for his philanthropic activities. His Reliance Foundation focuses on enhancing healthcare, education, and rural development across India.

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2. Gautam Adani

Adani, who slipped out of the elite club of the world's top 10 richest people in 2023, is now 14th on the global list, consolidating his place as the second richest man in India.

Adani has a net worth of $103 billion (₹8.6 lakh crore) after the Adani Group suffered a colossal $25 billion loss in a single day following the election results. Adani's conglomerate has widespread interest across sectors like power generation and transmission, real estate, commodities and infrastructure.

Several Adani Group companies are publicly listed, including Adani Enterprises, Adani Green Energy, Adani Power, Adani Wilmar, Adani Transmission, Adani Ports & SEZ, Ambuja Cements and ACC. Several of these stocks have turned multi-baggers and fetched returns in multiples for the investors.

Adani continues to tread the recovery path after a majority of this wealth was eroded in the aftermath of prominent U.S. short-seller Hindenburg Research publishing a report that alleged Adani Group engages in widespread fraud and financial malpractices. However, the conglomerates’ listed entities have held up well in the market after fresh allegations suggested that business partners of the family used ‘opaque’ funds to invest in stocks. 

At the end of 2022, Adani held the title of India’s wealthiest individual. Adani’s conglomerate reached its pinnacle, securing its position as the second-largest Indian conglomerate, surpassed only by Reliance Industries.

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3. Shapoor Mistry

Shapoor Mistry. Photo: Courtesy of Shapoorji Pallonji Group

The founder of the Shapoorji Pallonji Group, with a net worth of $36.8 billion (roughly ₹3.07 lakh crore). The third wealthiest person in India, Mistry also holds the 44th position among the world’s richest individuals and receives recognition for his philanthropic endeavours alongside his business ventures.

4. Shiv Nadar

Shiv Nadar. Photo: Courtesy of Shiv Nadar Foundation

Shiv Nadar, HCL Technologies co-founder, holds the third position among India’s richest billionaires, with an estimated wealth of $32 billion (roughly ₹2.67 lakh crore). HCL is a prominent provider of software services in India, boasting a substantial revenue of $13.3 billion (₹1.10 lakh crore) in Q4 FY24. Under Nadar’s guidance, HCL has emerged as one of the country’s largest IT services companies, operating in over 45 countries.

Nadar also ranks 50th on the global billionaire’s list. Nadar’s contributions to the IT industry and philanthropic endeavours have earned him numerous awards and accolades.

5. Savitri Jindal

Savitri Jindal, India’s wealthiest female, is the only businesswoman in the country’s top 10 richest people. As the Jindal Group’s chairperson, she holds a net worth of $32 billion (roughly ₹2.67 lakh crore).

The conglomerate has not only become one of India’s major steel producers under her leadership but also successfully expanded operations. These include power generation, infrastructure, cement, and textiles.

6. Azim Premji

Azim Premji. Photo: Courtesy of World Economic Forum/Flickr

Former chairman of Wipro Limited and philanthropist, Azim Premji has a net worth of $26.3 billion (₹2.19 lakh crore). In 2019, Premji dropped from the 2nd position in the Forbes India Rich list to the 17th position after he gave away a huge amount to charity. Under his leadership, Wipro expanded from the cooking oil industry to the IT industry. Today, it is a leading software services company with a presence in over 50 countries.

8. Radhakishan Damani

Avenue Supermarts Limited's founder Radhakishan Damani's $23 billion (roughly ₹1.92 lakh crore) worth places him eighth on this list. Damani became the retail king of India after his supermarket chain completed ₹1,870 crore ($229 million) IPO in March 2017.

The investor holds stakes in companies like VST Industries, India Cements, TV Today Network and Health and Glow. The transaction, worth around ₹700-750 crore, involved acquiring the business from the family offices of Rajan Raheja and Hemendra Kothari.

9. Sunil Mittal

Sunil Mittal, the founder and chairman of Bharti Enterprises, boasts a net worth of $21.2 billion (₹1.77 lakh crore). Bharti Enterprises holds diversified interests in sectors including real estate, education, malls, telecom, insurance, hospitality, agriculture, and food.

Most of Mittal’s fortune comes from his stake in Airtel, which he holds through Bharti Enterprises and other holding companies. As of 2022, Airtel ranks among India's largest mobile phone operators, serving over 474 million customers. In addition to Bharti Airtel, the promoter also holds a 70% stake in the newly listed mobile services provider Bharti Hexacom.

10. Kumar Mangalam Birla

Kumar Birla with a net worth of $20.7 billion (₹1.72 lakh crore) leads the Aditya Birla Group, active in aluminium, cement, and financial services. He stepped down as Vodafone Idea’s non-executive chairman in 2021 due to debts but remains a non-executive director. Recently, he joined Vodafone Idea’s board as an additional director during its record ₹18,000 crore FPO, initiating “Vodafone Idea 2.0” with a focus on 5G. His children, Ananya and Aryaman, have also joined the board of his flagship companies.

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