India's wealthiest have just reached a historic milestone! For the first time ever, their combined fortunes have crossed the one trillion dollars mark as per the Fortune India - Waterfield Advisors 2024 ranking.
The total wealth of India's billionaires has surged to 1.19 trillion dollars, that's 99.86 lakh crore, that's a massive 50% jump from 832 billion dollars in 2022.In 2022, India had 142 billionaires, collectively worth $832 billion. Fast forward to 2024, and we now have 185 billionaires—nearly 34% of India’s GDP lies in their hands.
But where’s this massive surge coming from? A big chunk of it is thanks to the equity markets, which have been on fire! From FY23 to FY24, benchmark indices achieved a CAGR of 15.94%. This has played a major role in skyrocketing the wealth of India’s richest.
So, who’s leading the pack? Well, no surprises here. Mukesh Ambani tops the chart with a staggering $10.5 billion dollars in wealth, closely followed by the Adani Group's Gautam Adani.
Despite headwinds due to allegations made by US short-seller Hindenburg Research, Adani's wealth nearly doubled in this period to a whopping 10.4 trillion dollars.
Besides Ambani and Adani, others in the top 10 list include the Mistry family, Shiv Nadar, Radhakishan Damani, Sunil Mittal & family, and Azim Premji, among others.
Notably, Savitri Jindal, the chairperson of the Jindal Group and the only woman in the top 10, holds a net worth of 33.06 billion dollars, securing the fourth spot.
Let's also take a look at the key sectors that are powering this surge.
Pharmaceuticals, often considered a stable sector, has increased its share from 12.96% in 2022 to 13.34% in 2024, thanks to its role in both local healthcare and global supply chains.
The FMCG sector has also booming, with its value rising from 4.72 lakh crore rupees in 2022 to 6.40 lakh crore rupees in 2024.
Real estate has also grown significantly, more than doubling from 1.97 lakh crore rupees in 2022 to 4.63 lakh crore rupees in 2024, driven by urbanization and demand for luxury homes.
But is the growth of India’s economy really benefiting everyone? Or is it mostly enriching those who are already wealthy?
Well, the answer is no. The report shows that as the country's economy grows, the benefits are largely going to those at the top.
This creates a risk of increased economic inequality, where the richest people continue to gain more power and influence, potentially leaving others behind.
It highlights a key issue with India’s growth model, which aims for economic success while also seeking social equity. This approach can sometimes lead to wealth becoming concentrated in the hands of a few, rather than being more evenly distributed.