Although we tend not to see much of them in the public eye, be it on Joe Rogan's podcast or at Bollywood movie premieres, India's richest individuals are recording plenty of victories in their business dealings. In fact, they're entering new levels of wealth in 2024, particularly since the country's stock market climbed up the rankings to become the 4th largest in the world.
Nowadays, India's economy is booming, backed up by the country's excellent GDP growth and its impressive corporate financial health. India's equity markets are also shining, with some of India's high-net-worth individuals contributing to the country's evident improvement in this area. The past few decades have resulted in wealth creation that has never been seen before, and the nation's large population of rich professionals is largely responsible for it.
India's wealthiest people have made their fortunes through a wide variety of sectors, which reflects the diversity of the most populous country on the planet. Technology, pharmaceuticals, telecommunications, financial services, and commodities are among the drivers of wealth for India's mega-rich individuals. Commodities, perhaps, are the most important factor. After all, India is one of the world's top producers and consumers of commodities, with everything from rice to precious gems and metals being made throughout the nation. All over the world, people buy and trade commodities, and India has a growing stature in that respect, with both soft and hard commodities being in demand.
In the 21st century, wealth accumulation has evolved to take many forms, however. The ownership of physical commodities is not always necessary for financial success. Indeed, when you look at traders, including those who trade digital assets like cryptocurrencies, many fortunes have been made from nothing. Other markets, like gold, oil, and forex, can be traded without actually owning those assets using CFDs. What are CFDs? Contract for Difference; simply a means of speculation on price movements. They are but one of many financial instruments that people, including Indian investors, use around the world to trade markets.
India also has a rich tradition of entrepreneurship, with some of the country's aspirational citizens founding businesses that have gone on to pull in humongous sums of money, including India's wealthiest professionals. So, with many of India's business leaders becoming even bigger billionaires in recent times, below is a brief look at the country's top 10 high-net-worth individuals in 2024.
10 - Radhakrishnan Damani
Worth an estimated $19.5 billion, Radhakrishnan Damani is officially the tenth richest man in India after embarking on quite a journey after founding Avenue Supermarts Limited. A retail magnate with supermarkets all over the country, Damani also has investments in other businesses, such as VST Industries, India Cements, and TV Today Network, all of which contribute to his overall wealth.
9 - Cyrus Poonawalla
Cyrus Poonawalla is another rich businessman who comes in ninth place on the rankings. The main man at Serum Institute of India, Poonawalla, has earned himself around $19.6 billion, with his wealth experiencing notable growth during the Covid-19 pandemic as demand for the Covishield vaccine increased. His company's efforts in tackling the virus outbreak are admirable, although his involvement in other areas of business is also evident. Cyrus Poonawalla is making moves in the biotechnology and finance industries, plus more.
8 - Lakshmi Mittal
Next on the list is Lakshmi Mittal, the founder of the world's biggest steel and mining producer, who has reported revenues of around $53.3 billion. Called ArcelorMittal, Lakshmi Mittal is the chairman of the company and an influential voice that has steered impressive growth in more than 60 countries. His triumphs in a number of global markets have resulted in an overall net worth of $20.3 billion.
7 - Dilip Shanghvi
Occupying seventh spot in the rankings is Dilip Shanghvi, the founder of Sun Pharmaceutical Industries. With $23.6 billion to his name, his ambitious company is clearly smashing the pharmaceutical supplies business.
6 - Azim Premji
With a net worth of $26.5 billion, Azim Premji is sixth in the rankings after elevating Wipro Limited's cooking oil and software services offering over the years. Admirably, Azim Premji has also donated huge sums of money to charity.
5 - Savitri Jindal
The only female on the list who is adored by ambitious women throughout India, Savitri Jindal has overcome numerous obstacles to expand operations in her steel business. Holding a net worth of $27.7 billion, Jindal has clearly done well for herself and is widely regarded as a trailblazer in this industry, particularly among women.
4 - Shapoor Mistry
Occupying fourth spot in India's top 10 high-net-worth individuals in 2024, Shapoor Mistry is part of a wealthy family who established the Shapoorji Pallonji Group in 1865. Now overseeing operations after the death of his father, Pallonji Shapoorji Mistry, Shapoor Mistry has led the huge name to even more glory after expanding their operations and earning himself a net worth of $36.1 billion in the process. Shapoorji Pallonji Group is a trusted name in areas like real estate, home appliances, and even biotechnology, with Shapoor Mistry's father leaving the family's business empire in evidently capable hands.
3 - Shiv Nadar
Third on the list and a businessman who commands huge respect, Shiv Nadar is the co-founder of HCL Technologies, a company that has previously worked with the likes of Microsoft. A thought leader in the IT industry, Nadar is worth $36.2 billion after his IT services empire continues to successfully navigate over 45 foreign territories.
2 - Gautam Adani
Working in ports, logistics, agribusiness, power generation, and infrastructure, Gautam Adani's company, Adani Group, is one of the biggest in the world, let alone in India. A prominent member of India's rich list for a good while now, Adani's professional dealings also extend to different facets of business, with other notable achievements, including the running of India's largest airport operator. A bright mind who is clearly adept in a number of areas, Gautam Adani's net worth of a staggering $96.8 billion is astonishing, particularly as he lost a whopping $50.3 billion in the last 12 months.
1 - Mukesh Ambani
Taking top spot is Mukesh Ambani, a man who is worth $106 billion. The chairman and managing director of Reliance Industries Limited, he is also eleventh on the global billionaire list after specialising in an array of sectors, including telecom, retail, and petrochemicals. With members of his family also involved in his business adventures, Mukesh Ambani's fruitful forays in the business world don't look like they'll diminish anytime soon.
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