00:00Today on Forbes, India's 100 Richest 2024.
00:05Fortunes of Indian tycoons jump 40%, blowing past $1 trillion.
00:13It was a record-breaking year for India's 100 richest tycoons, whose collective wealth
00:17surpassed the trillion-dollar milestone for the first time.
00:22Investor enthusiasm about the India story after Prime Minister Narendra Modi returned
00:26to power for a third term in June, albeit with a coalition, put the stock market on
00:31overdrive.
00:32The benchmark BSE Sensex rose 30% since fortunes were measured a year ago.
00:39India's wealthiest are worth $1.1 trillion, more than twice as rich as they were in 2019.
00:47They added $316 billion, or nearly 40%, in just the past 12 months.
00:53More than 80% of the richest Indians are wealthier, with 58 of them adding $1 billion or more
00:58to their respective net worths.
01:01Half a dozen fortunes swelled by more than $10 billion each, including the top five,
01:06who as a group gained nearly $120 billion.
01:11The top 12 list members account for roughly half the group's combined wealth.
01:16Mukesh Ambani, chairman and managing director of Reliance Industries, who announced a bonus
01:21issue of shares as a Diwali gift to Reliance investors, but was more in the news for hosting
01:26a series of jaw-dropping celebrations for his younger son Anant's wedding, held on to
01:32the top spot.
01:34He's the second biggest gainer in dollar terms this year, up $27.5 billion to $119.5 billion.
01:43The biggest dollar gainer is infrastructure magnate Gautam Adani, who posted a strong
01:48recovery from last year's short-selling attack and recently placed his sons and nephews in
01:53key positions.
01:55With his brother Vinod, he added $48 billion to take the family's net worth to $116 billion,
02:02enough to retain the number two position.
02:06India's richest woman, Savitri Jindal, matriarch of steel-to-power conglomerate OP Jindal Group,
02:12whose son Sajan Jindal recently made an ambitious foray into electric vehicles with MG Motor,
02:18moved up to number three for the first time.
02:22She's one of nine women on the list, up from eight a year ago.
02:26The new woman in the ranks is Mahima Datla, who controls privately held vaccine producer
02:31Biological-E. She's one of four newcomers to the list, a group that includes Bipartha
02:36Sarathi Reddy, founder of Hetero Labs, a maker of generic medicines and pharma ingredients.
02:43There are two other new faces on the list.
02:45One is Harish Ahuja, whose apparel maker Shahi Exports supplies to labels such as H&M and
02:51Calvin Klein.
02:53And India's booming IPO market made Surender Saluja, founder and chairman of Premier Energies,
02:59which makes solar panels and modules, a multi-billionaire after his company got listed in September.
03:06India is the world's pharma factory, and the fortunes of its pharma magnates are flourishing
03:10as they seek a bigger share of global markets.
03:13Dilip Sanghvi, founder of Sun Pharmaceutical Industries, jumped three spots to number five,
03:19with $32.4 billion, on rising demand for its skin treatments for everything from acne to
03:25psoriasis.
03:27Siblings Sudhir and Samir Mehta, whose torrent group flagship Torrent Pharmaceuticals, is
03:32eyeing acquisitions, more than doubled their wealth to $16.3 billion.
03:39Another booming sector is real estate, with strong demand for homes driving up sales.
03:44Four prominent property fortunes on the list were up more than $16 billion combined.
03:50Another notable real estate gainer was Irfan Razak and his siblings, whose Bangalore-based
03:55developer Prestige Estates Projects rode the boom in India's tech capital and is now making
04:01a mark in Mumbai, the country's financial hub.
04:04The family is one of five members who had previously dropped out of the ranks but rejoined
04:09after a hiatus.
04:11The other four made their fortunes in everything from operating airports to making industrial
04:15explosives.
04:17The cutoff to make the ranks jumped to $3.3 billion from $2.3 billion in 2023, helping
04:23push 11 of last year's billionaires out of the ranks.
04:28For full coverage and to see the whole list, check out Nazneen Karmali's piece on Forbes.com.
04:36This is Kieran Meadows from Forbes, thanks for tuning in.
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