India’s Richest Tycoons Cross $ Trillion In Collective Wealth, Setting New Records

India’s 100 wealthiest individuals have achieved a historic milestone, with their combined net worth surpassing $1 trillion for the first time. This remarkable surge in wealth follows a wave of investor optimism after Prime Minister Narendra Modi secured a third term in office in June, supported by a coalition. The Indian stock market responded favorably, with the BSE Sensex climbing 30% since the last wealth assessment conducted a year ago.

As it stands, the collective net worth of India’s richest individuals has reached $1.1 trillion, more than double the figure recorded in 2019. In the past year alone, they added a staggering $316 billion, marking an almost 40% increase in their fortunes. Notably, over 80% of these billionaires experienced wealth growth, with 58 individuals adding at least $1 billion to their net worth. Among them, six individuals saw their wealth rise by more than $10 billion, while the top five collectively amassed nearly $120 billion. Remarkably, the top 12 richest individuals account for about half of the total wealth within this elite group.

Mukesh Ambani, the chairman and managing director of Reliance Industries, maintained his status as the wealthiest person in India. He recently announced a bonus share issue as a Diwali gift to investors but drew significant attention for hosting extravagant celebrations for his son Anant’s wedding. Ambani’s wealth increased by $27.5 billion, bringing his total net worth to $119.5 billion, making him the second-largest gainer in dollar terms this year.

Gautam Adani, the infrastructure magnate, emerged as the biggest gainer in absolute dollar terms, adding $48 billion to his family’s wealth, which now stands at $116 billion. His recovery from last year’s short-selling attack, combined with strategic placements of his sons and nephews in key positions within his business empire, helped him retain his position as the second richest individual.

For the first time, Savitri Jindal, the matriarch of the steel-to-power O.P. Jindal Group, climbed to the No. 3 position. Her son, Sajjan Jindal, recently made strides in the electric vehicle market with MG Motor. Notably, Jindal is one of nine women featured on the list, an increase from eight last year.

The list also welcomed several new entrants, including Mahima Datla, who heads Biological E, a vaccine manufacturer. She is among four newcomers, which also includes B. Partha Saradhi Reddy, founder of Hetero Labs, a producer of generic drugs and pharmaceutical ingredients. Harish Ahuja, whose company Shahi Exports supplies major brands such as H&M and Calvin Klein, also made his debut, along with Surender Saluja, founder of Premier Energies, whose solar panel business experienced significant growth following a successful IPO in September.

This milestone reflects the ongoing economic resilience and growth of India’s wealthiest, illustrating the profound impact of political stability and market performance on collective fortunes.

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