Winning Bizness Desk
Mumbai. In a remarkable financial ascent, Gautam Adani and his family have emerged as the richest in India, overtaking the Ambani family. According to the 'Hurun India Rich List 2024,' the total wealth of the Adani family surged by 95% over the past year, reaching an astounding ₹11.62 lakh crore. This represents an increase of ₹5,65,503 crore, solidifying their position at the top of the country's wealth hierarchy. In contrast, the Ambani family's wealth stands at ₹10.15 lakh crore, having grown by 25% over the same period. Despite facing allegations from Hindenburg Research, Adani’s wealth growth outpaced the market, showcasing the resilience and expansion of his business empire. The list also ranks HCL’s Shiv Nadar and his family at number three with ₹3.14 lakh crore, followed by Cyrus S. Poonawala of Serum Institute with ₹2.90 lakh crore.
India's Billionaire Boom
India saw a significant rise in billionaires over the past year, with a new billionaire emerging every fifth day, bringing the total count to 334—a 29% increase from the previous year. The number of individuals with assets over ₹1,000 crore also grew by 21.5%, with their cumulative wealth rising by 46% and average wealth by 25%. Notably, 272 new faces appeared on the list, while the wealth of 205 individuals declined, and 45 dropped out entirely. The latest additions include 142 billionaires from sectors such as real estate and industrial production, which continues to dominate as the top wealth-generating sector. The youngest billionaire on the list is just 21 years old. A billionaire is defined as an individual with a net worth of at least $1 billion (approximately ₹8,385 crore).
Bollywood Stars Enter the Billionaire Club
For the first time, Bollywood superstar Shah Rukh Khan has entered the list, boasting a wealth of ₹7,300 crore. His fortune has been bolstered by his stake in the IPL team Kolkata Knight Riders and the success of his films produced under his banner, Red Chillies Entertainment, including "Jawan," "Dunki," and "Darlings." Other Bollywood celebrities making their debut on the list include Juhi Chawla with ₹4,600 crore, Hrithik Roshan with ₹2,000 crore, Amitabh Bachchan and family with ₹1,600 crore, and Karan Johar with ₹1,400 crore. The collective wealth of these Bollywood figures totals ₹40,500 crore.
Adani Group’s Growth Amid Controversy
The Adani Group, led by Gautam Adani, has been instrumental in India's infrastructure sector, owning the country’s largest private port and playing a key role in global coal trading. Adani Enterprises, the flagship company, has contributed significantly to the family's wealth increase, delivering a 20.57% return over the past year. Other group companies, including Adani Ports, Adani Green, and Adani Power, have also performed exceptionally well. Despite the group's impressive growth, it has not been without controversy. In January 2023, Hindenburg Research accused the Adani Group of money laundering and stock manipulation, leading to a sharp decline in the group’s shares. However, the stocks later rebounded. The Securities and Exchange Board of India (SEBI) issued a show-cause notice to Hindenburg, alleging misleading statements in their report. Hindenburg responded by leveling accusations against SEBI, including claims that SEBI's chief had connections to offshore entities involved in the alleged money laundering scandal through the Adani Group.
