India’s financial landscape has seen a dramatic shift, with the latest ‘2024 Hurun India Rich List’ revealing a record-breaking 334 billionaires an impressive increase of 75 from last year.
The list highlights a vibrant economic boom in India as the country witnesses a significant rise in its affluent class, contrasting sharply with a notable decline in China’s billionaire count.
Leading the pack is Gautam Adani and his family, topping the list with a staggering wealth of Rs 11.6 lakh crore.
Adani’s fortune surged by an astounding 95%, solidifying his position as India’s wealthiest individual.
Close behind, Mukesh Ambani claims the second spot with Rs 10,14,700 crore, followed by Shiv Nadar and his HCL Technologies family, holding the third position with Rs 3,14,000 crore.
The ‘2024 Hurun India Rich List’ reveals that 1,539 Indians, an increase of 220 from last year, now boast wealth exceeding Rs 1,000 crore.
This figure represents a 150% increase over the past seven years, showcasing the growing prominence of family businesses, startup founders, and investors across the country.
Remarkably, India has seen a new billionaire emerge every five days over the past year, while China has experienced a 25% drop in its billionaire count.
India’s billionaire population has surged by 29% in the same period, underlining the country’s robust economic growth.
The cumulative wealth of India’s billionaires has grown by 46%, with the average wealth rising by 25%.
Of the 1,334 individuals whose wealth remained stable or increased, 272 were newly minted billionaires.
However, 205 experienced a decline in their wealth, and 45 dropped off the list.
The surge in new entrants is largely driven by the real estate and industrial sectors, with industrial products leading by contributing 142 new billionaires.
Meanwhile, the youngest billionaire on the list is just 21 years old, highlighting the new generation’s role in wealth creation.
Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, praised the resilience and innovation of Indian entrepreneurs.
He further stated, “India continues to excel in the ‘Wealth Creation Olympics’. The 2024 Hurun India Rich List reflects a dynamic economy where every sector is contributing to wealth generation.”
The shift from a services-led to a manufacturing-led economy is evident in the list. Industrial sector entrepreneurs have seen a remarkable 47% compounded annual growth rate (CAGR) in wealth over the past five years, driven by increased capital expenditure on infrastructure and favorable government policies.
The Indian government’s investment in infrastructure, amounting to 133.3 billion dollars for FY 2024-25, and the reduction in corporate tax rates to 15% for new manufacturing units have significantly boosted the manufacturing sector.
Entrepreneurs in this sector have collectively added Rs 28 lakh crore to their wealth, making up nearly 56% of the total wealth increase on the list.
With 70% of the list’s wealth concentrated in nearly 1.5 trillion dollars, and 64% of new entrants being self-made, the list underscores a substantial intergenerational wealth transition.
Additionally, the number of cities represented on the list has risen to 97, reflecting a broader distribution of wealth across India.
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