Collective wealth of 185 richest Indians’ surge past $1 trillion

This year features 29 new entrants from various sectors, including fast-moving consumer goods (FMCG), pharmaceuticals, and technology, collectively amassing a total wealth of Rs 4.09 trillion.

According to a latest report released by Fortune India, this year, the elite club has crossed a historic threshold as the combined wealth soaring past the $1 trillion mark for the first time, gaining over 50% in under three years.

The collective wealth of the wealthiest people in the country has surged past the $1 trillion mark, reaching a staggering $1.19 trillion (Rs 99.86 trillion), a whisper away from the Rs 100 lakh crore milestone.

This ascent comes in the face of a 5% depreciation in rupee against the dollar since 2022, making it more remarkable.

The list, which was revealed on Monday, September 2, features as many as 185 people with ‘dollar billionaire’ status, meaning they have wealth of at least $1 billion.

According to the Fortune India-Waterfield Advisors 2024 ranking, the total wealth of India’s billionaires has surged by 50 per cent, up from $832 billion in 2022. At that time, there were 142 dollar billionaires in India.

“This showcases a remarkable growth in wealth despite global economic challenges and a 5 percent depreciation of the rupee against the dollar,” the report said.

The combined wealth of India’s dollar billionaires is now equivalent to 33.81 per cent of India’s nominal gross domestic product (GDP).

The equity market has undeniably powered the billionaire club, with benchmark indices surging to new highs, clocking a 15.94% CAGR over FY22-FY24. While cynics might point to inflated valuations, the reality is: froth never floats alone — there’s a strong underlying growth story bubbling beneath it.

Fortune India said that Reliance Group Chairman Mukesh Ambani topped the chart with a wealth of Rs 10.5 trillion, closely followed by Adani Group’s Gautam Adani.

Adani closeted in the Rs 10 lakh crore bracket. While the two conglomerate owners are neck-and-neck, the middle wealth tiers have also seen notable shifts. The Rs 2-3 lakh crore club has also grown — from just two individuals in 2022 and 2023 to six in 2024. This suggests that several billionaires who were once in lower wealth brackets have successfully ascended to higher ranks.

Besides Ambani and Adani, others in the top 10 list include the Mistry family, Shiv Nadar, Radhakishan Damani, Sunil Mittal & family, and Azim Premji, among others. The matriarch of the Jindal family and chairperson of the Jindal Group was the lone woman to feature in the top 10 list, with a wealth of $33.06 billion, grabbing the fourth spot.

This year features 29 new entrants from various sectors, including fast-moving consumer goods (FMCG), pharmaceuticals, and technology, collectively amassing a total wealth of Rs 4.09 trillion.

Sridhar Vembu & family leads the pack at Rs 45,955 crore, followed by Vinod Kumar Agarwal, whose wealth is largely derived from Agarwal Coal Corporation. The inclusion of leaders from industries such as FMCG, new-age tech, pharmaceuticals, and even renewables such as Hitesh Chimanlal Doshi of Waaree Energies, paints a picture where diverse opportunities are translating into significant financial success.

The mean wealth of these billionaires has surged from Rs 46,729 crores in 2022 to Rs 53,978 crore in 2024, while the median wealth has similarly climbed from Rs 18,415 crore to Rs 25,357 crore over the same period.

These figures aren’t just dry statistics; they reflect the enduring vibrancy of India’s economic landscape, where the rich have not only stayed rich but have grown richer still.