Gautam Adani has overtaken Mukesh Ambani to become India’s wealthiest individual, according to the 2024 Hurun India Rich List.

What Happened: Adani and his family now possess a wealth of ₹11.6 lakh crore. This marks a 95% increase in his wealth over the past year, revealed the latest edition of the Hurun rich list.

Adani’s rise comes after recovering from the Hindenburg report’s scrutiny. The report noted that all Adani Group companies saw substantial share price increases, with Adani Ports experiencing a 98% surge.

Ambani secured the second position with a wealth of ₹10.14 lakh crore. The wealth calculations are based on data as of July 31, 2024.

Following Adani and Ambani, Shiv Nadar of HCL Technologies is third with ₹3.14 lakh crore. The list now includes 1,539 ultra-rich individuals, a significant increase from the previous year.

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The Hurun India Rich List also highlights that the number of billionaires in India has reached a record 334.

"All Adani Group companies saw a significant surge in share prices over the past year. For example, Adani Ports experienced a 98% increase, driven by improved utilization levels and the proposed acquisition of new ports and container terminals," the report said.

India witnessed a 29% increase in the total number of billionaires in the country, adding a billionaire every five days in the last year. On the other hand, China saw a 25% decline in the number of billionaires during the same period.

Why It Matters: The transition of wealth leadership from Ambani to Adani signifies a pivotal shift in India’s economic landscape.

Ambani’s family, leading Reliance Industries, has long been a cornerstone of India’s economy. As of March 2024, their wealth was valued at ₹25.75 lakh crore, nearly 10% of India’s GDP, according to the Barclays-Hurun India report.

Adani’s resurgence follows significant investments from international firms like GQG Partners, which boosted its holdings in the Adani Group to ₹61,898 crore.

Initially made in March 2023, this investment has grown substantially, reflecting confidence in Adani’s leadership despite the scrutiny of the Hindenburg report.

Moreover, Adani’s future plans indicate a strategic succession. He intends to retire at 70, passing control to his sons and their cousins by the early 2030s. This move aims to ensure the continuity of his business empire.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photos courtesy: Flickr