Mumbai: As China’s billionaire count dwindles, India’s wealth landscape is rapidly changing. The ‘2024 Hurun India Rich List’ unveiled a staggering 334 billionaires, a significant leap of 75 from the previous year. Leading this impressive surge is Gautam Adani and his family, marking a new era of wealth in India.
With a worth of Rs 11.6 lakh crore, Gautam Adani and his family grabbed the top spot on the prestigious Hurun list, having seen their wealth grow by a whopping 95%.
Mukesh Ambani came in second with a worth of Rs 10,14,700 crore, followed by Shiv Nadar and the family of HCL Technologies in third position with Rs 3,14,000 crore.
The wealth surge in India is not limited to a few sectors. A diverse range of individuals, from family-run businesses to startup founders, private equity investors, and even film stars, are contributing to this economic boom. This inclusivity is a testament to the broad spectrum of wealth creation in India.
According to the list, the country saw one new billionaire every five days last year. While China saw a 25 per cent decline in its number of billionaires, India experienced a 29 per cent increase, reaching a record 334 billionaires.
Cumulative wealth has increased by 46 percent, while average wealth has increased by 25 percent. About 1,334 individuals saw their wealth increase or stay the same, of which 272 were new faces. 205 saw their wealth drop, and 45 dropped out.
While real estate and industrial products added the most significant number of new entrants to the list, industrial products are still at number one and have contributed 142 entrants to the list. The youngest on the list is aged 21.
“India continues to score Gold in the ‘Wealth Creation Olympics’. The number of billionaires in 2024 Hurun India Rich List hits a triple century, with all the top 20 sectors adding new faces to the list! The top 20 sectors all added new faces, showcasing the unstoppable spirit of Indian entrepreneurs as they drive growth across the board,” said Anas Rahman Junaid, Founder and Chief Researcher at Hurun India.
The pivot in the Indian economy from a services-led to a manufacturing-led model is reflected in the ‘2024 Hurun India Rich List’.
“Industrial products sector entrepreneurs on the list have seen a remarkable 47 per cent CAGR in their cumulative wealth over the past five years — the highest among all sectors.
“This shift is fuelled by several key factors, including the Central government’s significant increase in capital expenditure on infrastructure development, which has risen to 133.3 billion dollars for FY 2024-25, marking an 11.1 per cent jump from the previous year,” said Junaid.
Over 42 trade agreements and a 15 percent reduction in corporate tax rates for new manufacturing units further strengthen the country’s favourable business environment.
These factors have significantly impacted the manufacturing sector, as entrepreneurs in this category on the list have added Rs 28 lakh crore in wealth, accounting for nearly 56 per cent of the total wealth added to the list.
Nearly 70 percent of the list represents a combined wealth of close to 1.5 trillion dollars—more than one-third of India’s GDP is on the cusp of intergenerational transition, according to Junaid.
Additionally, 64 per cent of the new entrants this year are self-made individuals.
Over the last decade, the number of Indian cities represented in the rich list has surged to 97 from 95 last year, up from 10 cities since the inception of the list.
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–IANS
