Gautam Adani tops Hurun India rich list, replaces Mukesh Ambani from the top spot

PTC News Desk: Gautam Adani and his family have ascended to the top of the 2024 Hurun India Rich List, surpassing Mukesh Ambani with a remarkable net worth of Rs 11.6 lakh crore. Adani’s rise to the number one position marks a significant leap from 2020, when he was ranked fourth. His wealth has surged by 95 per cent over the past year, demonstrating a strong recovery following the scrutiny brought on by the Hindenburg report.

The Hurun Rich List notes, “Rising like a phoenix after the Hindenburg allegations, Gautam Adani (62) and his family have claimed the top spot in this year’s rankings. Their wealth has increased by 95% compared to the previous year, reaching Rs 1,161,800 crore. As a self-made entrepreneur, Adani has achieved the highest wealth growth among the top 10 over the past five years, adding Rs 1,021,600 crore despite challenges stemming from the report.”

The surge in Adani’s wealth is attributed to significant increases in share prices across Adani Group companies. For instance, Adani Ports saw a 98% rise in its share price due to improved operational efficiencies and planned acquisitions of new ports and terminals. Similarly, Adani’s energy sector companies, including Adani Energy, Adani Gas, Adani Transmission, and Adani Power, experienced an average 76% growth in their share prices.

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Furthermore, MSCI’s decision in August 2024 to lift restrictions on Adani Group securities signals a stabilisation in the outlook for major stocks like Adani Enterprises, Adani Ports, and Ambuja Cements. The Hurun report attributes the wealth of the family trust and international companies within the promoter group to Gautam Adani and his family.

Mukesh Ambani, with a net worth of Rs 10.14 lakh crore, is positioned as the second-richest individual on the list. The wealth figures are based on a snapshot taken on July 31, 2024.

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The report also reveals that India has reached a new milestone with 334 billionaires, as reported by The Times of India. Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, highlighted India’s emergence as “Asia’s wealth creation engine,” noting a 29% increase in the number of billionaires in India, while China saw a 25% decline.

In third place on the list is Shiv Nadar and family of HCL Technologies, with a total wealth of Rs 3.14 lakh crore. Cyrus S. Poonawalla and the family of Serum Institute of India (SII) are in fourth place with Rs 2.89 lakh crore, followed by Dilip Shanghvi of Sun Pharmaceutical Industries in fifth place with Rs 2.49 lakh crore.

The report further emphasises that India created a new billionaire every five days last year. The number of billionaires in the country has grown significantly from 259 in 2023. The Hurun India Rich List has seen substantial expansion, with over 1,500 individuals now possessing a net worth of Rs 1,000 crore or more, marking a 150% increase compared to seven years ago. This year’s list features 1,539 ultra-rich individuals, an increase of 220 from the previous year and an 86% rise over the past five years.

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