India Added 1 New Billionaire Every 5 Days Last Year: Hurun India Report

Reflecting the trend of robust wealth generation, India managed to mint a new billionaire every five days in the last year and took the total number of United States Dollars Billionaires to 334, up by 45 compared to last year, as per the 2024 Hurun India Rich List. With a wealth of Rs 11.6 lakh crore, Gautam Adani and family clinched the number one spot in the list as his wealth grew by 95 per cent last year. 1539 individuals across 134 cities now have Rs 1,000 crore in the latest list.

Mukesh Ambani and family slipped from the first place and with Rs 10.14 lakh crore wealth secured the second spot. Shiv Nadar and family took the third spot with Rs 3.14 lakh crore wealth.

“India is emerging as Asia’s wealth creation engine. While China saw a 25 per cent decline in its number of billionaires, India experienced a 29 per cent increase, reaching a record 334 billionaires. For the first time, the Hurun India Rich List features 1,539 entrants, showcasing a diverse range of wealth creators—from family-run businesses and startup founders to private equity investors, angel investors, next-generation leaders, film stars, and more,” stated Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.

The combined wealth of the Hurun India Rich listers amounts to Rs 159 lakh crore, which is more than the combined GDP of Saudi Arabia and Switzerland, as stated in the report. Mumbai has topped the list with 386 individuals, followed by New Delhi with 217 and Hyderabad with 104 individuals. Hyderabad managed to beat Bengaluru for the first time.

“The pattern of wealth creation in India has become decentralised and widespread. Over the last decade, the number of India Cities represented in the list has surged to 97 from 95 last year, up from 10 cities since the inception of the list. Assuming that for every one Hurun rich lister we have found, we have probably missed two, India today likely has 5,000 individuals worth Rs 1,000 crore,” the report stated.

While the industrial products sector contributed the most individuals (142) to the list, 55 technology start-up founders featured in the list with a cumulative wealth of Rs 2,87,100 crore. Zepto’s Kaivalya Vohra is the youngest on the list as a 21-year-old individual.