Gautam Adani replaces Mukesh Ambani to become India's richest person: Hurun India Rich List

In 2020, Adani ranked fourth on the list.

His wealth has increased by 95% over the past year, driven by a remarkable rebound following scrutiny from the Hindenburg report.

"Rising like a phoenix after the Hindenburg allegations, Gautam Adani (62) & family have secured the top spot in this year's rankings, with a 95% increase in wealth compared to last year, bringing their total to INR 1,161,800 Cr. As a self-made entrepreneur, Adani has recorded the highest wealth growth within the top 10 over the past five years, adding Rs 1,021,600 Cr, despite the challenges following the report," the Hurun Rich List says.

"All Adani Group companies saw a significant surge in share prices over the past year. For example, Adani Ports experienced a 98% increase, driven by improved utilization levels and the proposed acquisition of new ports and container terminals.

Meanwhile, the energy-focused companies--Adani Energy, Adani Gas, Adani Transmission, and Adani Power-averaged a 76% growth in share price.

"Additionally, MSCI's decision to lift restrictions on Adani Group securities in its August 2024 review indicates a return to normal operations, reflecting a stabilizing outlook for key stocks like Adani Enterprises, Adani Ports, and Ambuja Cements. This year, Hurun has attributed the wealth of the family trust and international companies within the promoter group to Gautam Adani and his family," the report adds.

Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, described India as "emerging as Asia's wealth creation engine," noting a 29% increase in the number of billionaires, while China saw a 25% decline.

Following Gautam Adani and Mukesh Ambani on the list are HCL Technologies' Shiv Nadar and family in third place with Rs 3.14 lakh crore.

Fourth and fifth positions are held by Cyrus S. Poonawalla and family of Serum Institute of India (Rs 2.89 lakh crore) and Sun Pharmaceutical Industries' Dilip Shanghvi (Rs 2.49 crore).

The report highlights that India produced a new billionaire every five days last year, bringing the total to 259 in 2023.

The Hurun India Rich List now includes over 1,500 individuals with a net worth exceeding Rs 1,000 crore, showing a 150% increase compared to seven years ago.

This year's list features 1,539 ultra-rich individuals, up by 220 from last year and marking an 86% jump over the past five years.

The list showcases a diverse group of wealth creators, including family businesses, startup founders, private equity investors, angel investors, next-generation leaders, and film stars.

The youngest billionaire is 21-year-old Kaivalya Vohra, co-founder of the $5 billion startup Zepto, followed by his 22-year-old co-founder Aadit Palicha.