Mukesh Ambani, the chairman and managing director of Reliance Industries, has once again secured the top position on Forbes’ 2024 list of India’s richest individuals, boasting a net worth of $119.5 billion.
This marks an impressive increase of $27.5 billion over the past year, positioning him as the second-largest gainer in dollar terms globally.
Ambani’s wealth surge is largely attributed to a booming stock market and heightened investor interest in initial public offerings (IPOs) and mutual funds.
In addition to his financial achievements, Ambani has made headlines by announcing bonus shares as a Diwali gift to Reliance investors, showcasing his commitment to rewarding shareholders. His rise in wealth places him as the 13th richest person in the world, underscoring his significant influence in the global economy.
The year 2024 has been historic for India’s wealth landscape, with the combined wealth of the top 100 tycoons exceeding $1 trillion for the first time.
The total wealth of these individuals reached approximately $1.1 trillion, reflecting a remarkable 40% increase from $799 billion in 2023.
This growth has been fueled by the robust performance of the stock market, highlighted by a 30% gain in the BSE Sensex since the previous year.
More than 80% of those on the list have seen their fortunes rise, with 58 individuals adding $1 billion or more to their net worth.
Following Ambani is Gautam Adani, chairman of the Adani Group, whose wealth rose by $48 billion to reach $116 billion, marking a significant recovery from last year’s controversies.
Other notable figures include Savitri Jindal and Shiv Nadar, who have also experienced substantial increases in their fortunes.
Overall, Mukesh Ambani’s remarkable financial ascent and the collective wealth growth of India’s elite reflect the country’s dynamic economic landscape and the increasing attractiveness of its markets to investors.
