The latest Forbes list shows that India now has 25 more billionaires. The United States tops the list with 67 new billionaires, while China comes second with 31. India’s stock market boom has led to a record-breaking 200 Indian billionaires on the 2024 Forbes list, up from 169 last year.
The billionaires’ total wealth is quickly nearing $1 trillion, hitting a record of $954 billion. This marks a notable increase of 41% from the previous year’s $675 billion, surpassing the total of $750 billion in 2022.
According to the Forbes list, Mukesh Ambani’s net worth has surged to $116 billion from $83 billion, thanks to his company Reliance Industries’ soaring shares. He’s now the first Asian to surpass the $100 billion mark on the World’s Billionaires list, retaining his title as India’s and Asia’s wealthiest individual and ninth richest person globally.
In a closely watched ranking, Gautam Adani claimed the second position among Indian billionaires, boasting a net worth of $84 billion. Following closely behind was Shiv Nadar, securing the third spot with a net worth of $36.9 billion.
Additionally, over two-thirds of Indian billionaires on the list have seen their wealth grow compared to the previous year.
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New faces on Forbes billionaires list from India
Let’s look at some of the new faces from India who entered the list:
Renuka Jagtiani, who has a net worth of $4.8 billion, is the chairperson and CEO of Landmark Group. It is one of the largest omnichannel retailers of trusted, homegrown brands in the Middle East, with presence in India and South East Asia.
Dr. Naresh Trehan is the Chairman and Managing Director of Medanta – The Medicity. He’s a well-known heart surgeon who has received important awards like the Padma Bhushan and the Padma Shri from the Indian Government for his work. Dr. Trehan has done over 48,000 successful open heart surgeries, which is truly impressive.
Dr Trehan studied medicine and gained experience in the US before returning to India to establish the Escorts Heart Institute and Research Centre in 1988. In 2009, he founded Medanta, one of the leading super specialty hospitals in India. He owns a significant stake in the company operating Medanta and has amassed a net worth of $1.4 billion.
Motilal Oswal is the Managing Director and CEO of Motilal Oswal Financial Services Ltd. (MOFSL). He is a chartered accountant and co-founded the company in 1987 with Raamdeo Agrawal, who is also a chartered accountant. Oswal has made significant contributions to the financial sector and has served on the Governing Board of the Bombay Stock Exchange (BSE), Indian Merchant’s Chamber (IMC), and various committees of BSE, NSE, SEBI, and CDSL. His net worth is estimated at $1.3 billion.
Vijay Agarwal, in 1995 he founded Action Construction Equipment, a leading company in construction machinery. As Chairman and Managing Director, he oversees the brand Ace, known for cranes, loaders, and tractors. Agarwal was unhappy with his Rs 30,000 salary, so he left his job at Escorts in 1995 to start his own business. He started Action Construction Equipments Ltd with just Rs 15 lakh and today, he’s worth $1.5 billion.
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