The 2024 Hurun India Rich List has reached a milestone, featuring an unprecedented 1,539 individuals, each with a net worth exceeding ₹1,000 crore. Leading the list this year is Gautam Adani and his family, whose wealth soared by an astonishing 95%, totaling ₹1,161,800 crore. Mukesh Ambani claimed the second spot with a net worth of ₹1,014,700 crore.
Shiv Nadar & family from HCL Technologies secured the third position with a fortune of ₹314,000 crore, followed by Cyrus S. Poonawalla & family of Serum Institute of India in fourth place. Dilip Shanghvi of Sun Pharmaceutical Industries completed the top five.
Six individuals have consistently appeared in the top 10 of the India Rich List over the past five years: Gautam Adani, Mukesh Ambani, Shiv Nadar, Cyrus S. Poonawalla, Gopichand Hinduja & family, and Radhakishan Damani & family.
Gautam Adani, a self-made entrepreneur, has seen the most significant wealth increase among the top 10 in the past five years, adding ₹1,021,600 crore to his fortune. This rapid growth was driven by a substantial rise in the stock prices of Adani Group companies. For example, Adani Ports experienced a 98% surge, driven by higher utilization levels and plans to acquire new ports and container terminals. Other Adani Group companies, including Adani Energy, Adani Gas, Adani Transmission, and Adani Power, averaged a 76% increase in their share prices.
The report also noted MSCI’s decision to remove restrictions on Adani Group securities in its August 2024 review, signaling a return to regular operations and a positive outlook for key stocks such as Adani Enterprises, Adani Ports, and Ambuja Cements. This year, Hurun has credited the wealth of the family trust and international companies within the promoter group to Gautam Adani and his family.
India’s Richest Professional Managers
India has produced some of the world’s most outstanding professional managers. These managers, who joined businesses after they were founded and helped them grow, have amassed their wealth through stock options.
At the top of the list is Jayshree Ullal of Arista Networks, with a net worth of ₹32,100 crore. Ullal successfully led Arista to a historic and successful IPO in June 2014, transforming the company from a startup into a multibillion-dollar business. Nikesh Arora of Palo Alto Networks holds the second spot, followed by Satya Nadella of Microsoft in third place.
