India's Wealthiest Tycoons: Mukesh Ambani Reclaims Top Spot; Collective Wealth Of 100 Richest Indians Hit Record Mark

Billionaire Mukesh Ambani, chairman and managing director of Reliance Industries, has reclaimed the top spot in the list of wealthiest people in India, in a year that saw the country’s top 100 richest tycoons cross a trillion dollars in collective net worth for the first time, according to Forbes’ coverage of India’s Richest 2024.

Ambani, who recently announced a bonus issue of shares as a Diwali gift to Reliance investors, topped the chart with wealth rising $27.5 billion in the past year to $119.5 billion. He’s the second-biggest gainer in dollar terms this year, up $27.5 billion to $119.5 billion, the magazine said in a report on October 9.

The Reliance Industries chairperson’s current net worth stands at $108.3 billion, making him the 13th richest person in the world. Mukesh Ambani runs Reliance Industries, which has explored business space in petrochemicals, oil and gas, telecom, retail, media and financial services.

Combined Wealth Of 100 Richest Indians Hit Record Mark

Overall, 2024 marked a record-breaking year for India’s 100 richest tycoons as their collective wealth surpassed the trillion-dollar milestone for the first time. The total wealth jumped 40 per cent to $1.1 trillion in 2024, rising from $799 billion reported in 2023, the magazine said.

It comes after Prime Minister Narendra Modi returned to power for a third term in June, putting the stock market on overdrive. The benchmark BSE Sensex rose 30% since fortunes were measured a year ago.

The report mentioned that a towering growth in the stock market performance with investors showing interest in IPO and mutual funds has resulted in the rich getting richer.

“As a result, more than 80 per cent of those on the list are wealthier, with 58 adding $1 billion or more to their respective net worths,” it said.

The Forbes list of ‘India’s 100 Richest 2024’ also featured other prominent billionaires including Gautam Adani, Chairperson of Adani Group, who holds a fortune of $116 Billion, making to second spot in the list after Mukesh Ambani.