The Hurun India Rich List 2024 has unveiled that India created a new billionaire every five days in 2023, underscoring a dramatic surge in wealth and the increasing prominence of ultra-wealthy individuals in the country. This annual report provides an insightful overview of the evolving landscape of wealth among the Indian elite, showcasing a remarkable growth trajectory.

Surge in Wealth and Billionaire Count

According to the 2024 Hurun India Rich List, the number of ultra-wealthy individuals in India has reached an unprecedented figure, with 1,539 individuals possessing wealth exceeding US$ 119.3 million (Rs. 1,000 crore). This marks a significant rise from the previous year, with an increase of 220 new entries. For the first time, the list has surpassed 1,500 entries, highlighting a surge in affluence among the Indian population.

Billionaire Statistics and Top Wealth Holders

India now boasts 334 billionaires, representing a sixfold increase since the inception of the list 13 years ago. The report reveals that Gautam Adani, the prominent industrialist, and his family top the 2024 list with a staggering net worth of US$ 138.34 billion (Rs. 11.6 trillion). He is followed by Mukesh Ambani, who holds a net worth of US$ 120.45 billion (Rs. 10.1 trillion). This notable increase in wealth among the top individuals highlights the dynamic and rapidly evolving economic landscape in India.

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Noteworthy Debuts and Wealth Distribution

A noteworthy addition to the list is Shah Rukh Khan, the Bollywood superstar, who has made his debut with a net worth of US$ 870.6 million (Rs. 7,300 crore). His inclusion is attributed to his investments in the Indian Premier League’s (IPL) Kolkata Knight Riders and his entertainment venture, Red Chillies Entertainment. Other prominent names on the list include Amitabh Bachchan, Karan Johar, and Juhi Chawla.

The list illustrates that Indian billionaires are now spread across 134 cities, with 5 of the top 10 billionaires residing in Mumbai. The total wealth of all individuals on the list has reached an impressive US$ 1.90 trillion (Rs. 159 trillion), surpassing the combined GDP of Saudi Arabia and Switzerland and accounting for over 50% of India’s GDP.

Age Range of the Ultra-Wealthy

The report also highlights the diversity in the age of billionaires, with Harshil Mathur and Shashank Kumar, both aged 33, being the youngest billionaires. Conversely, Hanwantbir Kaur Sahney, a 95-year-old from NBR Bearings, is noted as the oldest debutant.

Sector Contributions and Future Outlook

The industrial sector remains the most prominent contributor to the billionaire count, reflecting the sector’s significant role in wealth accumulation. The report provides a comprehensive overview of the wealth distribution and the growing number of ultra-wealthy individuals in India, signaling continued economic growth and prosperity in the country.

The Hurun India Rich List 2024 thus offers a detailed snapshot of India's financial elite, highlighting the increasing wealth and economic influence of the nation's top billionaires and setting the stage for future developments in the global economic landscape.

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