Quick Summary
- Mukesh Ambani leads the list of India’s richest with a net worth of $116 billion, followed by Gautam Adani at $84 billion. Shiv Nadar, Savitri Jindal, and Dilip Shanghvi complete the top five, with net worth’s between $26.7 billion and $36.9 billion.
- The wealth of these billionaires primarily comes from sectors like energy, technology, healthcare, and manufacturing.
- Notable philanthropists among them, such as Shiv Nadar and Cyrus Poonawalla, significantly contribute to education and healthcare.
Table of Contents
Do you know who the top 10 richest person in India are? Given the exponential boom in India’s economy, this is a question you may often wonder. A number of people are motivated by ambition and the desire to launch their enterprise, which has generated enormous resources in modern culture.
According to reports, 200 Indians have made a name for themselves this year, a significant increase from 169 in 2023. Their aggregate fortune has increased by 41% to $954 billion compared to last year’s $675 billion.
In this article, we will look at the lives and accomplishments of India’s top 10 richest people, including the sources of their enormous wealth and important contributions to the country’s economic growth.
How High Net Worth Individuals (HNI) Are Defined in India
Have you ever wondered about the HNI definition India? An HNI is someone with an investible surplus of more than ₹5 crore. This means they have money that can be invested in stocks, bonds, and other financial products, excluding their home, personal assets, and cars. The investible surplus represents money that can be actively invested to generate returns. So, even if you own a big house or a fancy car, if you do not have enough extra money to invest, you are not considered an HNI.
HNIs are actually divided into three different groups based on how much money they have to invest:
- High Net Worth Individuals (HNWIs): These are people who have between ₹5 lakh and ₹5 crore to invest.
- Very High Net Worth Individuals (VHNWIs): If you have between ₹5 crore and ₹25 crore to invest, you belong to this group.
- Ultra High Net Worth Individuals (UHNWIs): If you have more than ₹25 crore to invest, you are part of this exclusive club. Simply put, Ultra HNI definition Indiatalks about individuals who own more than ₹25 crore in liquid assets.
The Top 10 Richest People in India in 2024 (1000 words)
The following section covers a comprehensive list of top 10 richest person in India, along with their net worth and impact on the Indian economy:
1. Mukesh Ambani
Net worth: $116B
Primary Source of Wealth: Reliance Industries Ltd
Recent Changes: Ambani’s children are now actively involved in managing the conglomerate.
Mukesh Ambani is the chairman of Reliance Industries Limited (RIL), a Fortune Global 500 company and India’s largest private sector firm. Founded by his father in 1966, RIL now spans oil, petrochemicals, telecom, retail, and media. With his company making a total revenue of over $109.4 billion, Ambani is among the top 10 richest person in India. His leadership in Jio Platforms revolutionized India’s telecom industry.
2. Gautam Shantilal Adani
Net Worth: $84B
Primary Source of Wealth: Adani Group
Recent Changes: Despite Hindenburg Research’s accusations, Adani Group’s market value recovered after a Supreme Court ruling.
Gautam Adani’s Adani Group is a major player in India’s infrastructure. It invests in ports, airports, and renewable energy. They create around 261 jobs and currently have 43000+ employees. Adani’s focus on green energy helps India meet its sustainability goals. The Adani Foundation supports education, healthcare, and community development, benefiting millions.
3. Shiv Sivasubramaniya Nadar
Net Worth: $36.9B
Primary Source Of Wealth: HCL Enterprise
Recent Changes: Nadar donated ₹2,042 crore to various causes in late 2023.
Shiv Nadar established HCL in a garage in 1976 with five friends to manufacture calculators and microprocessors. HCL has well-known clients such as Cisco, Microsoft, and Boeing. In appreciation of his tremendous contributions to the IT industry, the Indian government bestowed Mr Nadar with the Padma Bhushan.
HCL Technologies, which employs over 225,000 people in 60 countries globally, hires high school graduates and trains them on the job.
4. Savitri Jindal & family
Net Worth: $33.5B
Primary Source of Wealth: JSW Group
Recent Changes: JSW Sports aims to contribute to India’s sports ecosystem.
Savitri Jindal is an Indian politician, businesswoman and among the top Indian billionaires. She is the Emeritus Chair of OP in the Jindal Group. His four sons, Prithviraj, Sajjan, Ratan, and Naveen Jindal, now oversee the company. In addition, JSW Sports, the JSW Group’s sports division, functions as a component of a business strategy that has operations in South America, Europe, Africa, the US, and India. JSW currently employs around 40,000 people to contribute to the economy.
5. Dilip Shanghvi
Net Worth: $26.7B
Primary Source Of Wealth: Sun Pharmaceutical Industries Ltd
Recent Changes: Sun Pharma grew through acquisitions, including the $4B purchase of Ranbaxy Laboratories.
Dilip Shanghvi is the Founder and Managing Director of Sun Pharmaceutical Industries Limited (Sun Pharma). Sun Pharma is the world’s fourth-largest specialized generic pharmaceutical firm, with global revenues of $4.5 billion and a market valuation of $46.5 billion. Sun operates 43 manufacturing sites and produces high-quality, inexpensive medications. Sun Pharma is the first Indian pharma company with a $5B valuation.
6. Cyrus S. Poonawalla
Net Worth: $21.3B
Primary Source Of Wealth: Serum Institute of India
Recent Changes: Poonawalla’s wealth increased due to the widespread use of SII’s Covid-19 vaccines.
Cyrus Poonawalla is among the top Indian billionaires. He started the Serum Institute of India in 1966 and grew it into the world’s largest vaccine manufacturer. Serum manufactures nearly 1.5 billion doses of vaccines each year, including measles, polio, and flu, at a plant in Pune, western India. Serum Institute of India has helped India’s economy in lots of ways, from creating jobs and generating foreign cash to enhancing the nation’s standing in the international pharmaceutical community.
7. Kushal Pal Singh
Net Worth: $20.9B
Primary Source Of Wealth: DLF Limited
Recent Changes: Singh stepped down as chairman but remains chairman emeritus.
Kushal Pal Singh’s DLF Limited is India’s largest real estate company. They develop residential, commercial, and retail spaces. DLF creates jobs and contributes to infrastructure development. Singh’s philanthropy focuses on education, healthcare, and social welfare to help communities.
8. Kumar Birla
Net Worth: $19.7B
Primary Source Of Wealth: Aditya Birla Group
Recent Changes: Birla’s children joined his board of flagship companies, and he became an additional director at Vodafone Idea.
Kumar Birla’s Aditya Birla Group is a diverse conglomerate with a revenue of $65 billion. The group is involved in metals, cement, telecom, and financial services. It creates jobs and significantly contributes to India’s GDP. Birla’s emphasis on sustainability and innovation drives economic growth. The Aditya Birla Education Trust and other initiatives support education, healthcare, and social welfare.
9. Radhakishan Shivkishan Damani
Net worth: $17.6B
Primary source of wealth: Avenue Supermarts Limited
Recent changes: DMart now has almost 336 stores in India.
Radhakishan Damani became India’s retail ruler with the March 2017 IPO of his grocery chain Avenue Supermart. He comes in 9th position on the list of high networth individuals in India. Damani began his retail career in 2002 with a single store in Mumbai’s suburbs. Today, he controls 336 DMart locations across India. Damani also owns stakes in a number of enterprises, including tobacco firm VST Industries and cement producer India Cements.
10. Lakshmi Mittal
Net Worth: $16.4B
Primary Source of Wealth: ArcelorMittal
Recent Changes: Mittal’s son, Aditya, became CEO, but Lakshmi remains executive chairman.
Lakshmi Mittal’s ArcelorMittal is the world’s largest steel company, with operations in over 60 countries. The company generated around $68 billion in revenue. His investments in India helped modernize the steel industry and create jobs. Mittal’s philanthropy, including the Mittal Champions Trust, supports education, healthcare, and sports to promote social welfare.
Impact of India’s Richest on Indian Economy
India’s top billionaires play a huge role in the country’s economy. In fact, the top 10 richest person in India have a combined wealth of over $390 billion!
These billionaires create jobs in many ways. Mukesh Ambani’s Reliance Industries employs over 236,000 people, while Shiv Nadar’s HCL Technologies has more than 200,000 employees. All these jobs help people earn money and support their families.
The richest Indians also help the economy by investing in new businesses and industries. Many of India’s billionaires also donate money to help people. Shiv Nadar has given over $1 billion to education causes through the Shiv Nadar Foundation. Azim Premji has donated over $21 billion to his foundation, which works to improve education and healthcare in India.
So, while it is easy to think of billionaires as just having a lot of money, India’s richest people are actually helping the country in many ways.
Top Indian Billionaires – Driving Economic Growth
Individuals in thelist of top 10 richest person in India 2023have a profound impact on the nation’s economy. The real GDP is expected to grow over 6% annually between 2023 and 2028. How many HNI in India? According to Goldman Sachs Research, the number of affluent Indians is also set to rise from 60 million in 2023 to 100 million by 2027. This affluent cohort is characterized by higher disposable income and increased investment in shares and consumer goods. Their economic activities drive job creation and industrial growth across various sectors.
As these top Indian billionaires continue to accumulate wealth, companies catering to their needs, such as premium car and liquor brands, have shown remarkable growth. The wealth effect, where increased asset values lead to higher spending, is expected to strengthen.
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Frequently Asked Questions:
Who will be the richest person in India in 2024?
Mukesh Ambani, the chairman of Reliance Industries, is expected to remain the richest person in India in 2024. With a current net worth of over $100 billion, Ambani has been at the top of the list for several years. His company’s diverse investments in telecommunications, retail, and energy sectors are likely to keep him in the leading position.
How many HNIs are there in India?
As of 2023, there are approximately 60 million High-Net-Worth Individuals (HNIs) in India. According to a report by Goldman Sachs Research, this number is expected to grow to 100 million by 2027. The rapid growth of HNIs in India is driven by the country’s strong economic growth and increasing wealth accumulation among the affluent population.
What industries do most of the Indian billionaires belong to?
Top Indian billionaires come from diverse industries, but a significant number of them are involved in technology, pharmaceuticals, manufacturing, and financial services. Some notable examples include Mukesh Ambani (Reliance Industries), Azim Premji (Wipro), Dilip Shanghvi (Sun Pharmaceuticals), and Uday Kotak (Kotak Mahindra Bank). These industries have been key drivers of India’s economic growth in recent years.
How has the list of the top 10 richest Indians changed over the last decade?
Over the last decade, the list of the top 10 richest person in India has seen some changes, with new entrants and shifts in rankings. However, Mukesh Ambani has consistently remained at the top. Notable newcomers include Gautam Adani, who has rapidly climbed the ranks due to his company’s growth. Some individuals, such as Azim Premji and Lakshmi Mittal, have seen their rankings fluctuate over the years.
What are some common traits among the top 10 richest people in India?
The top 10 richest person in India share some common traits:
Strong entrepreneurial spirit,
Innovative thinking,
The ability to identify and capitalise on growth opportunities.
Many of them have built their wealth through starting and growing successful businesses in various sectors. They also set up foundations and donated significant portions of their wealth to charitable causes.
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