Combination image of Mukesh Ambani and Gautam Adani. File
| Photo Credit: ANI

Recouping the dent caused by the Hindenburg Research report, Gautam Adani’s networth shot up 95% to ₹11.6 lakh crore last year, which helped him replace Mukesh Ambani to become the richest Indian, a report said on Thursday.

Reliance Industries Chairman and Managing Director Mr. Ambani’s overall networth increased by 25% to ₹10.14 lakh crore, as per the 2024 Hurun India Rich List.

In 2023’s report, Mr. Adani’s wealth declined by 57% to ₹4.74 lakh crore, and Mr. Ambani was way ahead with a fortune of ₹8.08 lakh crore.

It can be noted that Mr. Adani’s net worth declined sharply following various allegations levelled by U.S.-based short seller Hindenburg Research. The conglomerate has denied all the allegations.

In the 2014 edition, Hurun had pegged Mr. Adani’s fortunes at ₹44,000 crore, which made him the tenth richest Indian then.

Shiv Nadar and family of HCL gained one spot to be the third richest with a networth of ₹3.14 lakh crore, while Serum Institute of India’s Cyrus Poonawalla slipped by one notch to the fourth position with a net worth of ₹2.89 lakh crore in 2024.

Sun Pharmaceuticals’ Dilip Shanghvi continued his ascent on the list, securing the fifth richest tag against sixth last year with a networth of ₹2.50 lakh crore.

Radha Vembu of Zoho was the wealthiest among self-made women with a fortune of ₹47,500 crore, while Zepto’s co-founders Kaivalya Vohra and Aadit Palicha, who are in their early 20s, were the youngest on the list with a networth of ₹3,600 crore and ₹4,300 crore, respectively.

46% jump in cumulative wealth

The list, which captures Indians having a net worth of over ₹1,000 crore, grew by 220 individuals to 1,539 people in 2024. The cumulative wealth has seen a 46% jump in the year.

Actor Shah Rukh Khan made his debut on the list with a fortune estimated at ₹7,300 crore, which was much higher than business partner Juhi Chawla with ₹4,600 crore net worth secured second place among the entertainers.

Interestingly, 16 professionals also made it to the list with Arista Networks’ chief executive Jayshree Ullal being the wealthiest at ₹32,100 crore and followed by D-mart chief executive Ignatius Navil Noronha at ₹6,900 crore, according to the list.

Gera Developments’ Kumar Pritamdas Gera’s wealth grew the fastest at 566% in the 2024 list, while Mr. Ambani and Mr. Adani had the biggest growth by quantum, the list said.