Saturday, 05 Oct, 2024
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The Fortune India list saw 29 new billionaires emerging from sectors such as FMCG, pharma, and tech, collectively adding Rs 4.09 lakh crore. Mukesh Ambani of Reliance Industries tops the rankings with Rs10.5 lakh crore, while Gautam Adani follows with Rs 10.4 lakh crore.
India's wealthiest have breached the $1 trillion mark, with their combined fortune hitting $1.19 trillion (Rs 99.86 lakh crore), according to Fortune India’s 2024 ranking, produced with Waterfield Advisors. The list now features 185 ‘dollar billionaires,’ up from 142 in 2022, marking a 50 per cent surge in collective wealth from $832 billion.
More significantly, the report highlights a remarkable growth in wealth despite global economic challenges and a 5 per cent depreciation of the rupee against the dollar. These billionaires now control almost 33.81 per cent of India's nominal GDP, which is projected to reach Rs 295.36 lakh crore in 2023-24, growing 9.6 per cent from the previous year.
The list welcomed 29 new billionaires from sectors like fast-moving consumer goods (FMCG), pharma, and tech, contributing Rs 4.09 lakh crore. Mukesh Ambani of Reliance Industries leads with Rs 10.5 lakh crore, followed by Gautam Adani.
Adani's wealth nearly doubled to Rs 10.4 lakh crore during this period, despite headwinds from allegations by US short-seller Hindenburg Research, the report mentioned.
Despite controversies and fluctuations in market value, most of Adani's ventures have been performing well. The group's infrastructure businesses, including Adani Power, Adani Green Energy, Adani Total Gas, Adani Energy Solutions, and Adani Ports & SEZ (APSEZ), reported an EBITDA of Rs 65,725 crore by June 2024, marking an 83 per cent increase from Rs 44,779 crore in June 2023.
Meanwhile, emerging infrastructure sectors under Adani Enterprises, such as solar and wind equipment manufacturing, airports, and roads, saw a 70 per cent rise in EBITDA to Rs 92,991 crore. The group has cemented its position as India's largest thermal power and renewable energy producer, as well as the leading port and logistics operator.
The market capitalisation of 11 listed Adani Group companies surged by 74 per cent year-on-year to Rs15.93 lakh crore in FY24, up from Rs 9.15 lakh crore in FY23, according to Fortune India data. Despite a slight decrease in revenues, which fell from Rs 3.33 lakh crore in FY23 to Rs 3.09 lakh crore in FY24, the business showed strong performance. Profit after tax increased by 62 per cent, rising from Rs 25,050 crore to Rs 40,676 crore.
Notably, the equity market has been a key driver of this wealth surge, with benchmark indices reaching record highs and delivering a compound annual growth rate (CAGR) of 15.94 per cent from FY23 to FY24. This growth has led to an increase in the average wealth of billionaires, rising from Rs 46,729 crore in 2022 to Rs 53,978 crore in 2024.
Additionally, the top 10 list includes the Mistry family, Shiv Nadar, Radhakishan Damani, Sunil Mittal & family, and Azim Premji, among others. Notably, the Jindal family matriarch and chairperson of the Jindal Group was the only woman in the top 10, securing the fourth spot with a wealth of $33.06 billion.
Separately, Mumbai has been named the "billionaire capital of Asia," surpassing Beijing in billionaire numbers, according to the 2024 Hurun India Rich List. Mumbai has emerged as the billionaire capital of Asia, boasting 92 billionaires, surpassing Beijing's 91. Over the past year, Mumbai added 26 new billionaires, while Beijing lost 18. Globally, Mumbai ranks third in billionaire population, behind New York (119) and London (97). Delhi follows with 68 billionaires, while Bengaluru, India's IT hub, ranks third in the country with 27 billionaires.
India has outpaced China in terms of net billionaires, according to the list. India saw a 29 per cent increase in billionaires, while China experienced a 25 per cent decrease. Furthermore, Mumbai, with 92 billionaires, ranks third globally, behind New York (119 billionaires) and London (97 billionaires). Over the past year, Mumbai added 26 new billionaires, bringing its total billionaire wealth to $445 billion.
The report highlights a steady increase in India’s billionaire count, growing from 109 in 2014 to 259 in 2023. The list also revealed that India minted a new billionaire every five days in 2024.
