India's Billionaire Boom on Stock Market Rally

The Indian stock market is on a remarkable rise, fueled by expectations of Prime Minister Narendra Modi's reelection for a third term. This bullish sentiment has led to a record number of 200 Indian billionaires on Forbes' 2024 World's Billionaires list, up from 169 last year. Their combined wealth is approaching a staggering $954 billion, marking an impressive 41% increase from $675 billion in the previous year.

• Mukesh Ambani's net worth skyrocketed to $116 billion, making him the first Asian centibillionaire on the Forbes list.
• Gautam Adani added $36.8 billion to his fortune, cementing his position as India's second wealthiest individual with a net worth of $84 billion.
• Savitri Jindal, the richest Indian woman, saw her steel and power fortune grow to $33.5 billion.

Mukesh Ambani: India's Wealthiest and Asia's First Centibillionaire

Reliance Industries' Chairman Mukesh Ambani retained his position as India's and Asia's richest person, thanks to the booming stock market performance of his conglomerate. His net worth surged to $116 billion, making him the first Asian to join the exclusive $100 billion club on the Forbes Billionaires list.

• Ambani's Reliance Industries inked major deals, including an $8.5 billion merger between Viacom18 Media and Walt Disney Company's India operations.
• He also hosted an extravagant three-day wedding celebration for his son Anant, attended by global celebrities and business leaders.

Gautam Adani's Remarkable Comeback

Infrastructure and commodities tycoon Gautam Adani added $36.8 billion to his fortune, reclaiming his position as India's second wealthiest citizen. Despite facing allegations of fraud from a US-based short-seller last year, Adani Group's shares rebounded strongly after reducing debt and securing investors like billionaire Rajiv Jain's GQG Partners.

• Adani's net worth of $84 billion propelled him back into the top 20 wealthiest in the world, ranking 17th.
• Adani Group denied the fraud allegations and has continued its expansion in various sectors.

Real Estate and Healthcare Billionaires Shine

The booming Indian stock market has also benefited billionaires in other sectors, such as real estate and healthcare.

• Property magnate Kushal Pal Singh, whose developer DLF benefited from a buoyant real estate market, doubled his fortune to $20.9 billion.
• Naresh Trehan, a leading cardiac surgeon-turned-healthcare entrepreneur, made his debut on the billionaires list with his Medanta chain of hospitals.

Newcomers and Returnees on the Billionaires List

The Indian billionaires' list welcomed 25 new entrants, including entrepreneurs from diverse sectors like technology, retail, and finance.

• Ramesh Kunhikannan, founder of Kaynes Technology, which supplied electronic systems for India's moon mission.
• Renuka Jagtiani, who inherited the Middle East retailing giant Landmark Group from her late husband.
• Raamdeo Agrawal and Motilal Oswal, founders of the financial services firm Motilal Oswal Financial Services.

Notable Declines and Dropouts

While most Indian billionaires saw their fortunes swell, a few experienced declines or dropped off the list entirely.

• Vaccine billionaire Cyrus Poonawalla's wealth decreased to $21.3 billion as Covid-19 vaccine sales dwindled.
• Steel baron Lakshmi Mittal slipped to the 10th richest in India due to a weak market for ArcelorMittal shares.
• Former edtech star Byju Raveendran fell off the list as Byju's valuation plummeted.

Top 10 Richest Indians on Forbes' Billionaires List