Top 10 richest Indians in 2024
-by Jaya Pathak
In the dynamic landscape of India’s rapidly expanding economy, curiosity about the wealthiest individuals is quite natural. Unsurprisingly, leading this prestigious roster is Mukesh Ambani, a familiar name synonymous with business success. The list extends to encompass other influential figures such as Gautam Adani and many more, reflecting the diverse sectors contributing to India’s economic prosperity.
For a comprehensive insight into the financial elite of the country, we turn to Billionaires rankings. This ongoing monitoring of global billionaires allows us to present the top 10 richest individuals in India. Whether driven by industrial prowess, entrepreneurial acumen, or financial expertise, these individuals symbolize the multifaceted avenues through which wealth is amassed in the thriving Indian economy. As India continues its remarkable economic journey, keeping abreast of the individuals shaping this landscape provides valuable insights into the nation’s financial narrative.
Here presenting the list of “Top 10 richest Indians in 2024“
01. Mukesh Ambani: –
At 66 years old, Mukesh Ambani stands as the preeminent figure in India’s economic landscape, holding the esteemed position of the country’s wealthiest individual. Serving as the Managing Director and Chairman of Reliance Industries, Ambani oversees a conglomerate with a colossal revenue exceeding Rs 8 lakh crore ($104 billion), as reported by Forbes. The expansive reach of Reliance Industries spans diverse sectors, including petrochemicals, oil and gas, retail, and telecom.
Ambani’s influence, however, transcends national borders, as he not only holds the title of India’s richest but also claims the distinction of being Asia’s wealthiest individual. Bloomberg estimates his net worth at a staggering $92.3 billion, securing him the 13th spot on the global list of the wealthiest individuals.
Ambani’s journey reflects not only personal financial success but also his pivotal role in shaping India’s economic narrative. His strategic vision and entrepreneurial prowess have not only solidified his status as a business magnate but have also contributed significantly to the growth and dynamism of India’s business landscape. Mukesh Ambani’s story is one marked by resilience, innovation, and sustained excellence, making him a central figure in India’s journey toward economic prominence.
02. Gautam Adani: –
Gautam Shantilal Adani, a 61-year-old Indian billionaire industrialist, has left an indelible mark as the founder and chairman of the Adani Group, a multinational conglomerate specializing in port operations and development within India. The Adani Foundation, established in 1996 under his leadership, operates with his wife, Priti Adani, serving as its chairperson. The conglomerate’s diverse business interests span ports, airports, power generation and transmission, and green energy.
Notably, Adani holds the distinction of being India’s largest airport operator and exercises control over Gujarat’s Mundra Port, the nation’s largest. Despite experiencing fluctuations in the share prices of his 10 listed group entities, Adani faced a challenging year in 2023, witnessing a net drop of $35.4 billion in his net worth. This decline followed a scathing report by US-based short-seller Hindenburg Research, which accused the Adani Group of engaging in manipulative share practices and accounting frauds.
Despite these challenges, Adani retains his position as India’s second-richest individual, with an estimated net worth of $85.1 billion according to Bloomberg. His journey reflects the resilience and complexities of navigating the contemporary corporate landscape, showcasing both triumphs and setbacks in the dynamic world of business.
03. Savitri Jindal & family: –
Savitri Jindal, a 73-year-old Indian politician and entrepreneur, holds the esteemed position of emeritus chair at the O.P. Jindal Group, where her four sons, Prithviraj, Sajjan, Ratan, and Naveen Jindal, oversee various divisions of the business. The conglomerate, spanning India, the USA, South America, Europe, and Africa, operates in diverse sectors, including JSW Sports, contributing to the development of a vibrant sports ecosystem in India.
Regarded as the richest woman in India, Savitri Jindal witnessed an impressive net worth increase of $9.6 billion in 2023, making her the individual with the highest wealth surge in the calendar year among Indian billionaires. With a net worth of $25.3 billion, she holds the title of the fifth richest Indian and commands the conglomerate’s listed companies, such as JSW Steel, Jindal Steel & Power, JSW Energy, Jindal Saw, Jindal Stainless, and the investment company JSW Holdings.
04. Shiv Nadar: –
At 78 years old, Shiv Nadar stands as the proprietor of the HCL group, a conglomerate with a noteworthy net worth of $29.1 billion, primarily sourced from HCL Enterprise. HCL has established itself with a prestigious clientele including industry giants such as Cisco, Microsoft, and Boeing, underscoring Nadar’s prowess in the information technology sector.
Acknowledging his significant contributions to the IT industry, Shiv Nadar was honored with the Padma Bhushan in 2008, a distinguished civilian award from the Indian government. Beyond his business acumen, Nadar is highly regarded for his philanthropic endeavors, exemplified by a substantial donation of Rs 1,161 crore in late 2022.
In recent times, Shiv Nadar’s net worth has experienced a remarkable upswing, surging by approximately $8 billion in a single year. As of 2023, he holds a substantial net worth of about $32.6 billion. This financial ascent is mirrored by the impressive performance of HCL Tech, with shares witnessing a notable 45% rally during the year. With a potent combination of business success and philanthropic commitment, Shiv Nadar exemplifies the dynamic impact of business leaders in both industry and societal spheres.
05. Cyrus Poonawala: –
At 82 years old, Cyrus Poonawalla, a stalwart in the realm of vaccine development in India, commands a formidable net worth of $21.2 billion. His primary source of wealth is the Serum Institute of India (SII), a privately held entity that has emerged as a global leader in vaccine production. Headquartered in Pune, the institute is instrumental in the global fight against infectious diseases, and it holds the esteemed title of being the world’s largest vaccine manufacturer.
Cyrus Poonawalla’s influence extends beyond financial success; his commitment to healthcare is manifest in the significant role played by the SII in the production and distribution of Covid-19 vaccines. The recent surge in Poonawalla’s wealth is intricately linked to the widespread utilization of vaccines developed by the SII, highlighting the critical importance of the institute in the context of global public health.
Assisting Cyrus Poonawalla in the management of the Serum Institute is his son, Adar, ensuring a seamless transition of leadership within this pivotal institution. Poonawalla’s legacy in the field of vaccine development reflects not only financial prosperity but also a profound impact on global health, emphasizing the crucial role played by private enterprises in addressing pressing global challenges.
06. Dilip Sanghavi: –
At 67 years old, Dilip Shanghvi stands as a prominent Indian business magnate with a notable net worth of $19.5 billion, primarily attributed to his visionary leadership in the pharmaceutical sector. Shanghvi is the driving force behind Sun Pharmaceutical Industries, a pioneering company that achieved the distinction of being the first Indian pharmaceutical company to attain a $5 billion valuation.
Dilip Shanghvi’s strategic acumen is evident in the growth trajectory of Sun Pharma, which he expanded through a series of impactful acquisitions. Among these, the most significant was the 2014 acquisition of Ranbaxy Laboratories for a substantial $4 billion. This move, though considerable in scale, was not without controversy, as Ranbaxy was marred by scandals. Shanghvi’s ability to navigate such complexities showcases not only his financial prowess but also his adept management skills in steering Sun Pharma through strategic challenges.
Under Shanghvi’s leadership, Sun Pharma has become a global player in the pharmaceutical industry, contributing significantly to India’s presence in the international pharmaceutical market. Dilip Shanghvi’s entrepreneurial journey underscores the transformative impact of Indian businesses on the global stage, with Sun Pharma standing as a testament to his strategic vision and resilience in the dynamic pharmaceutical landscape.
07. Kumar Birla: –
At 56 years old, Kumar Birla stands as a formidable figure in the commodities sector with a net worth of $17.8 billion. He commands the Aditya Birla Group, a conglomerate deeply entrenched in aluminium, cement, and financial services. Notably, Birla formerly held the position of non-executive chairman at Vodafone Idea, a telecommunications giant, but relinquished this role in 2021 amidst the company’s escalating debts. In 2023, he has been appointed as a non-executive director.
Birla’s influence extends to familial succession, with his children, Ananya and Aryaman, recently joining the boards of his flagship companies. He envisions their entry bringing fresh ideas, passion, and energy to the business. Both Kumar Mangalam Birla and Shapoor Mistry experienced a substantial increase in their wealth, with each seeing a rise of $6.3 billion during the past year. As a prominent player in the industry, Kumar Birla continues to navigate the complexities of diversified business ventures and generational transitions within his corporate empire.
08. Radhakrishnan Damani: –
At the age of 68, Radhakishan Shivkishan Damani stands as a distinguished Indian entrepreneur and notable investor. With a substantial net worth of $16.6 billion, his wealth is primarily derived from his significant contributions to the retail sector through Avenue Supermarts Limited. Damani holds the pivotal role of founder in this enterprise, which oversees the operations of more than 200 DMart stores across India, solidifying its position as a prominent retail chain in the country.
Beyond his ventures in the retail industry, Damani exercises control over his diverse investment portfolio through Bright Star Investments Limited. This company serves as a vehicle for managing his various investments, reflecting Damani’s strategic approach to wealth management and capital deployment.
Radhakishan Shivkishan Damani’s influence extends beyond his business acumen; he is recognized for his shrewd investment strategies and astute market insights. As a key figure in India’s business landscape, Damani’s entrepreneurial journey, marked by the success of Avenue Supermarts Limited and his investment endeavors, showcases a dynamic blend of strategic vision and operational excellence, contributing significantly to the evolution of the Indian retail sector.
09. Lakshmi Mittal: –
At 73 years old, Lakshmi Mittal stands at the helm of ArcelorMittal, holding the positions of Chairman and CEO. As the largest global steel manufacturer, ArcelorMittal under Mittal’s leadership has solidified its prominence in the industry. A notable move in 2019 saw ArcelorMittal, in collaboration with Nippon Steel, successfully acquire Essar Steel for $5.9 billion, a strategic expansion that added to the company’s global footprint. Essar Steel was formerly owned by Shashi and Ravi Ruia.
However, recent geopolitical events have impacted ArcelorMittal’s operations. The invasion of Ukraine by Russia led to the suspension of production at ArcelorMittal’s Kryvyi Rih facility in Ukraine. This event underscores the susceptibility of global industries to geopolitical tensions and the challenges faced by multinational corporations in navigating such complex scenarios.
With a substantial net worth of $15.2 billion, Lakshmi Mittal continues to steer ArcelorMittal through the dynamic and unpredictable currents of the global steel market, showcasing both resilience and adaptability in the face of external challenges.
10. Kushal Pal Singh: –
At the age of 92, property magnate Kushal Pal Singh, the chairman emeritus of DLF Limited, stands as a stalwart in India’s real estate landscape. With a net worth of $13.7 billion, Singh is associated with DLF, the country’s largest listed real estate firm by market capitalization. A veteran of the Indian Army, he entered DLF, a company founded by his father-in-law, in 1961 and held the position of chairman for over five decades.
Notably, KP Singh experienced a significant surge in his wealth, accumulating an additional $7 billion and bringing his total net worth to $15.4 billion in the past year. This surge can be attributed to a robust real estate boom in India, propelling an impressive 83% increase in DLF stock. Singh’s enduring influence on the real estate sector, coupled with his adept leadership, has contributed to the sustained success of DLF in a dynamic market. As a seasoned industry veteran, his legacy encompasses not only the growth of a business empire but also his enduring commitment to the development of India’s real estate landscape.
