According to a report by Fortune India-Waterfield Advisors, there are 185 people in India with ‘dollar billionaire’ status.
In India, the collective wealth of the richest people has crossed the $1 trillion mark, as reported by Fortune India on Monday. Their total wealth has now reached a staggering $1.19 trillion (Rs 99.86 trillion), and has increased by 50 per cent, up from $832 billion in 2022.
According to the Fortune India-Waterfield Advisors 2024 ranking, the list boasts of 185 people with ‘dollar billionaire’ status, in comparison to 2022 when there were 142 dollar billionaires in India. For those caught unaware, ‘dollar billionaire’ status means that these people have wealth of at least $1 billion. Interestingly, The combined wealth of India’s dollar billionaires now contributes to 33.81 percent of India’s nominal gross domestic product (GDP).
“This showcases a remarkable growth in wealth despite global economic challenges and a 5 percent depreciation of the rupee against the dollar,” the report asserted. The mean wealth of billionaires has also seen a growth from 46,729 crore in 2022 to Rs 53,978 crore in 2024.
Coming to this year’s list, according to Fortune India, there have been 29 new entrants from various sectors. With a total wealth of Rs 4.09 trillion, the new entrants in the list belong to sectors like fast-moving consumer goods (FMCG), pharmaceuticals, and technology, among others.
Expectedly, Reliance Group Chairman Mukesh Ambani remains on the top of the list with a collective wealth of Rs 10.5 trillion.
Following him is Adani Group's Gautam Adani, whose wealth has doubled in this period to Rs 10.4 trillion. Despite facing allegations made by US short-seller Hindenburg Research, he has been going strong. Adani has managed his wealth accumulation with the aid of the equity market and was able to witness a compound annual growth rate (CAGR) of 15.94 per cent from the financial year 2022-23 (FY23) to FY24.
Savitri Jindal, the matriarch of the Jindal family and chairperson of the Jindal Group, remains the only woman to have a spot in the top 10 list. With a wealth of $33.06 billion, she is positioned at the fourth spot. She leads a conglomerate aligned in steel, power, cement, and infrastructure, and took over the business after her industrialist-husband OP Jindal’s death in 2005. Since then, she has led the Jindal Group to unprecedented success, and is listed as India's richest woman.
Meanwhile, besides Jindal, Ambani and Adani, others in the top 10 list by Forbes India include the Mistry family, Shiv Nadar, Radhakishan Damani, Sunil Mittal & family, and Azim Premji, among others.
