Why India's Richest Tycoons Are Worth More Than $1 Trillion

Forbes

It was a record-breaking year for India’s 100 richest tycoons, whose collective wealth surpassed the trillion dollar milestone for the first time.   Investor enthusiasm about the India story after Prime Minister Narendra Modi returned to power for a third term in June, albeit with a coalition, put the stock market on overdrive. The benchmark BSE Sensex rose 30% since fortunes were measured a year ago.  Read the full story on Forbes:  https://www.forbes.com/sites/naazneenkarmali/2024/10/09/indias-100-richest-2024-fortunes-of-indian-tycoons-jump-40-blowing-past-1-trillion/  Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1  Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:  https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript  Stay Connected Forbes newsletters: https://newsletters.editorial.forbes.com Forbes on Facebook: http://fb.com/forbes Forbes Video on Twitter: http://www.twitter.com/forbes Forbes Video on Instagram: http://instagram.com/forbes More From Forbes:  http://forbes.com  Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.

Transcript

00:00Today on Forbes, India's 100 Richest 2024.

00:05Fortunes of Indian tycoons jump 40%, blowing past $1 trillion.

00:13It was a record-breaking year for India's 100 richest tycoons, whose collective wealth

00:17surpassed the trillion-dollar milestone for the first time.

00:22Investor enthusiasm about the India story after Prime Minister Narendra Modi returned

00:26to power for a third term in June, albeit with a coalition, put the stock market on

00:31overdrive.

00:32The benchmark BSE Sensex rose 30% since fortunes were measured a year ago.

00:39India's wealthiest are worth $1.1 trillion, more than twice as rich as they were in 2019.

00:47They added $316 billion, or nearly 40%, in just the past 12 months.

00:53More than 80% of the richest Indians are wealthier, with 58 of them adding $1 billion or more

00:58to their respective net worths.

01:01Half a dozen fortunes swelled by more than $10 billion each, including the top five,

01:06who as a group gained nearly $120 billion.

01:11The top 12 list members account for roughly half the group's combined wealth.

01:16Mukesh Ambani, chairman and managing director of Reliance Industries, who announced a bonus

01:21issue of shares as a Diwali gift to Reliance investors, but was more in the news for hosting

01:26a series of jaw-dropping celebrations for his younger son Anant's wedding, held on to

01:32the top spot.

01:34He's the second biggest gainer in dollar terms this year, up $27.5 billion to $119.5 billion.

01:43The biggest dollar gainer is infrastructure magnate Gautam Adani, who posted a strong

01:48recovery from last year's short-selling attack and recently placed his sons and nephews in

01:53key positions.

01:55With his brother Vinod, he added $48 billion to take the family's net worth to $116 billion,

02:02enough to retain the number two position.

02:06India's richest woman, Savitri Jindal, matriarch of steel-to-power conglomerate OP Jindal Group,

02:12whose son Sajan Jindal recently made an ambitious foray into electric vehicles with MG Motor,

02:18moved up to number three for the first time.

02:22She's one of nine women on the list, up from eight a year ago.

02:26The new woman in the ranks is Mahima Datla, who controls privately held vaccine producer

02:31Biological-E. She's one of four newcomers to the list, a group that includes Bipartha

02:36Sarathi Reddy, founder of Hetero Labs, a maker of generic medicines and pharma ingredients.

02:43There are two other new faces on the list.

02:45One is Harish Ahuja, whose apparel maker Shahi Exports supplies to labels such as H&M and

02:51Calvin Klein.

02:53And India's booming IPO market made Surender Saluja, founder and chairman of Premier Energies,

02:59which makes solar panels and modules, a multi-billionaire after his company got listed in September.

03:06India is the world's pharma factory, and the fortunes of its pharma magnates are flourishing

03:10as they seek a bigger share of global markets.

03:13Dilip Sanghvi, founder of Sun Pharmaceutical Industries, jumped three spots to number five,

03:19with $32.4 billion, on rising demand for its skin treatments for everything from acne to

03:25psoriasis.

03:27Siblings Sudhir and Samir Mehta, whose torrent group flagship Torrent Pharmaceuticals, is

03:32eyeing acquisitions, more than doubled their wealth to $16.3 billion.

03:39Another booming sector is real estate, with strong demand for homes driving up sales.

03:44Four prominent property fortunes on the list were up more than $16 billion combined.

03:50Another notable real estate gainer was Irfan Razak and his siblings, whose Bangalore-based

03:55developer Prestige Estates Projects rode the boom in India's tech capital and is now making

04:01a mark in Mumbai, the country's financial hub.

04:04The family is one of five members who had previously dropped out of the ranks but rejoined

04:09after a hiatus.

04:11The other four made their fortunes in everything from operating airports to making industrial

04:15explosives.

04:17The cutoff to make the ranks jumped to $3.3 billion from $2.3 billion in 2023, helping

04:23push 11 of last year's billionaires out of the ranks.

04:28For full coverage and to see the whole list, check out Nazneen Karmali's piece on Forbes.com.

04:36This is Kieran Meadows from Forbes, thanks for tuning in.

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