Top 10 Richest People In India In March 2024

In February, India’s richest folks saw their wallets get fatter, thanks to a booming economy. Everything from making things to selling services was on the rise, hitting a high not seen in the last seven months. Simply put, businesses were buzzing, with more orders coming in and costs not climbing as fast as before. This good news is backed up by the HSBC Flash India Composite PMI Output Index, which measures how well the private sector is doing, reaching 61.5.

The stock market was also kind to the wealthy, with key indexes like the Nifty 50 and the S&P BSE Sensex both ticking upwards. Industries such as oil & gas, automobiles, and real estate led the charge, translating into bigger bank balances for the country’s billionaires. This was helped along by lower prices for things like oil and metals on the global market, which kept costs down for companies and, in turn, boosted their stock prices.

This trend of growing wealth among India’s richest isn’t just a sign of personal fortune but points to the country’s economic strength as a whole. With costs of living not soaring as high and businesses continuing to pick up speed, India is on track to keep its spot as one of the world’s fastest-growing economies.

The Indian Billionaires

In February 2024, Mukesh Ambani’s Reliance Industries set a record by becoming the first Indian company to surpass a market cap of ₹20 lakh crore. Investor confidence in its retail and Jio ventures pushed the company’s shares to a new 52-week high, despite challenges in the Oil to Chemicals sector.

This milestone significantly increased Ambani’s net worth, even after he spent a reported ₹1,259 crore on his son Anant Ambani and Radhika Merchant’s pre-wedding celebrations. Analysts have raised their financial forecasts for the company, attributing the success to strong demand for middle distillates, low diesel inventories, and geopolitical supply disruptions.

Meanwhile, Gautam Adani’s Adani Group experienced mixed financial outcomes, with revenues slightly down but profits up by an impressive 126%, led by Adani Power. This profit boost significantly affected Adani’s net worth, while the stock market valuation of the group’s companies recovered dramatically by 114% to ₹16.22 lakh crore, led by gains in Adani Green Energy, Adani Power, and Adani Ports. Despite a profit dip quarter-over-quarter, Gautam Adani’s wealth saw a substantial increase.

The past month saw a minor reshuffling in the wealth rankings, with Shiv Nadar, founder of HCL Tech, dropping to fourth place behind Shapoor Mistry of the Shapoorji Pallonji Group, who added $2.5 billion to his net worth. Nadar’s wealth also increased by $1.3 billion. Savitri Jindal, the former chairperson of the OP Jindal Group and the richest Indian woman, grew her wealth by $2.2 billion, reaching a total of $29.9 billion.

KP Singh, chairman emeritus of DLF, broke into the top 10 wealthiest Indians, surpassing Lakshmi Mittal and replacing Radhakrishnan Damani with a net worth of $20.7 billion (about ₹1.71 lakh crore), marking a notable shift in the list of India’s richest.

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

1. Mukesh Ambani

Mukesh Ambani. Photo by World Economic Forum on Flickr.

Mukesh Ambani, the chairman and managing director of Reliance Industries Limited, holds the title of India’s richest person. With a net worth of $114 billion (₹9.45 lakh crore), Ambani stands eleventh on the global billionaire list.

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.

See Also: Reliance-Backed Midcap Stock Jumps 20% To Lead Nifty 500 Gainers

2. Gautam Adani

Gautam Adani Image: Flickr/ Harkirat Singh

Adani, who slipped out of the elite club of the world's top 10 richest people in 2023, is now 13th on the global list, consolidating his place as the second richest man in India.

Adani has a net worth of $104 billion (₹8.62 lakh crore) after losing a massive $50.3 billion over the first few months of 2023. 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 — that is, they have 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 $38.6 billion (roughly ₹3.2 lakh crore). The third wealthiest person in India, Mistry also holds the 35th 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 $37.5 billion (roughly ₹3.1 lakh crore). HCL is a prominent provider of software services in India, boasting a substantial revenue of $12.7 billion. 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 36th 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. Photo: Jindal Steel & Power

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 $29.9 billion (roughly ₹2.47 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 a philanthropist, Azim Premji is the sixth richest Indian, with $28.2 billion (₹2.33 lakh crore) in net wealth. 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, and today it is a leading software services company with a presence in over 50 countries.

7. Dilip Shanghvi

Dilip Shanghvi. Photo: Courtesy of Wikimedia

Dilip Shanghvi is an Indian billionaire businessman and the founder of Sun Pharmaceutical Industries, one of India’s largest pharmaceutical companies. Shanghvi's net worth stands at $26 billion (roughly ₹2.15 lakh crore), making him the seventh richest person in the country. Shanghvi's Sun Pharmaceutical Industries is among the nation's leaders in pharmaceutical supplies, with an annual revenue of $5.34 billion.

8. Cyrus Poonawalla

Cyrus Poonawalla, the esteemed chairperson of the Pune-based Serum Institute of India (SII), stands in ninth place with a net worth of $21.4 billion (₹1.77 lakh crore) and played a pivotal role in producing the Covishield vaccine during the Covid-19 pandemic, earning him the Padma Bhushan in 2022 for his exceptional contributions to global vaccination efforts.

His son, Adar Poonawalla, leads as the CEO of SII and Chairman of Poonawalla Fincorp. The Cyrus Poonawalla Group spans various sectors, including Pharmaceuticals, Biotechnology, Finance, and more. Recently, Poonawalla was hospitalized following a heart attack but is now in stable condition post-angioplasty.

9. Kushal Pal Singh

Kushal Pal Singh, CEO and Chairman of DLF Limited, with wealth worth $20.7 billion (about ₹1.71 lakh crore), owns a vast real estate empire, including a significant land bank in Gurugram where he developed DLF City. Born in 1931, Singh has penned his journey in “Whatever the Odds: The Incredible Story Behind DLF.”

He inherited the business from his father-in-law and expanded it significantly. He married Indira Singh and fathered three children, including Rajiv Singh, his successor. An alumnus of Meerut College and an aeronautical engineer from the UK, Singh’s career began in the Indian Army. before moving into real estate, where he made a lasting impact on Gurgaon’s landscape.

10. Lakshmi Mittal

Lakshmi Mittal. Photo: Courtesy of Arcelor Mittal Group

Ranked as India’s tenth richest person, ArcelorMittal’s Chairman Lakshmi Mittal boasts a net worth of $20 billion (roughly ₹1.65 lakh crore). His company stands as the world’s largest steel and mining producer by output, with revenues of $53.3 billion.

Under Mittal’s leadership, ArcelorMittal has become a global leader in the steel industry, with operations in more than 60 countries.

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Posted In: NewsEducationGlobalGeneralAzim PremjibillionairesCyrus PoonawallaDilip ShanghviGautam AdaniIndiaKP SinghLakshmi MittalMukesh AmbaniRich ListSavitri JindalShapoor MistryShiv Nadar
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