In this article, we will look into the 30 wealthiest people in India. If you want to skip our detailed analysis of the Indian economy, you can go directly to the 5 Wealthiest People in India.
An Outlook of the Indian Economy
According to the Indian Economic Outlook April 2024 report by Deloitte, the country’s economy surpassed expectations with a growth rate of 8.4% in the third quarter of fiscal year 2024. As of 2024, India has a GDP of $3.94 trillion, according to the IMF. The country’s economy has already grown 8.2% on a year-over-year basis. However, the general elections in India and a gradual consumption growth can hinder the trajectory in the fourth quarter, Despite that, the long-term expectations for its economy remain unchanged. India is expected to become the 2nd largest economy in the world by 2100, reaching $70.07 trillion and holding a 15% share of the global economy.
As the global economy moves toward a potential rebound in 2025, India is expected to witness an increase in its capital flows with a boost in investments and exports. However, inflation remains a concern in the country. Deloitte expects the inflation to ease in the second half of the fiscal year 2025. India is one of the top countries with the most billionaires in 2024. It added 88 more billionaires in 2024, experiencing the second-highest increase after the US. As of 2024, the total number of billionaires in India is 271, according to the Global Rich List by Hurun.
Major Corporations in India
Corporations in India play a major role in its economic growth. Some of the biggest names in the Indian market include Reliance Industries Ltd (NSE:RELIANCE), HCL Technologies Ltd (NSE:HCLTECH), Kotak Mahindra Bank Ltd (NSE:KOTAKBANK), and Adani Group.
Reliance Industries Ltd (NSE:RELIANCE) is one of the most valuable companies in India. It is a leading conglomerate, engaged in various businesses including telecom, retail, textile, mass media, and energy, among others. On February 28, the company announced that the FMCG segment of Reliance Industries Ltd (NSE:RELIANCE), Reliance Consumer Products Limited, has partnered with the Sri Lankan beverages and processed food company, Elephant House. As a part of the partnership, Reliance Consumer Products Limited will manufacture, market, and sell beverages under the Elephant House Brand in India. This partnership will help the company expand its portfolio of beverage brands.
HCL Technologies Ltd (NSE:HCLTECH) is a leading IT and consulting company in India. On April 3, the company announced that it has expanded its partnership with Google Cloud to deliver industry-specific solutions with the help of its AI model, Gemini. HCL Technologies Ltd (NSE:HCLTECH) will train 25,000 engineers on Google Cloud’s GenAI technology to provide support to clients in their AI projects. This alliance will initially target sectors including healthcare, telecom, and manufacturing.
Kotak Mahindra Bank Ltd (NSE:KOTAKBANK) is a leading bank in India, founded by one of the wealthiest people in India, Uday Kotak. On January 18, the company announced that it has launched seamless GST payments through UPI, Credit Card, and Debit Card, in addition to the existing Net Banking option. Kotak Mahindra Bank Ltd (NSE:KOTAKBANK) is the first bank to facilitate taxpayers to meet their GST obligations via a digital mode of payment in its GST portal.
Adani Group is a leading diversified holding company with 10 publicly traded companies in its group. Its business segments include infrastructure development, utility, transport, logistics, and energy. On January 17, its leading infrastructure company, Adani Enterprises Ltd (NSE:ADANIENT) announced that it has signed an MoU to establish a 1 GW hyperscale data center infrastructure with the Government of Maharashtra. The project by Adani Enterprises Ltd (NSE:ADANIENT) will be set up with an investment of 50,000 crore INR (≈$60 billion), over the next 10 years. The data center infrastructure will be powered by renewable energy. Adani Enterprises Ltd’s (NSE:ADANIENT) new data center will employ 20,000 people, both directly and indirectly.
With this context, let’s have a look at the wealthiest people in India.
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Methodology
To compile our list of the 30 wealthiest people in India, we consulted the real time billionaire index of Forbes. The wealthiest people in India appear in ascending order of their net worth on our list, as of April 28.
30 Wealthiest People in India
30. Vinod Rai Gupta
Net Worth (2024): $5.3 billion
Vinod Rai Gupta is ranked among the wealthiest people in India. She draws her wealth from Havells India Ltd (NSE:HAVELLS). The company specializes in electrical equipment and appliances, and is run by her son. As of April 28, she has a net worth of $5.3 billion.
29. Mahendra Choksi & family
Net Worth (2024): $5.4 billion
Mahendra Choksi is the son of one of the co-founders of Asian Paints Ltd (NSE:ASIANPAINT). He is the 29th wealthiest person in India, and with his family, has a net worth of $5.4 billion as of April 28.
28. Samir Mehta
Net Worth (2024): $6.4 billion
Samir Mehta draws his fortune from Torrent Pharmaceuticals Ltd (NSE:TORNTPHARM). The company was founded by Mehta’s late father. As of April 18, Mehta’s net worth is $6.4 billion.
27. Sudhir Mehta
Net Worth (2024): $6.4 billion
Sudhir Mehta is the chairman emeritus of the Torrent Group. He is the older brother of Samir Mehta, who runs the pharmaceutical business of the group. As of April 28, Sudhir Mehta has a net worth of $6.4 billion.
26. Benu Gopal Bangur
Net Worth (2024): $6.6 billion
Benu Gopal Bangur has a majority stake in the leading cement producer in India, Shree Cement. The company sells cement branded as Shree Ultra Jung Rodhak, Bangur Cement, and Rockstrong. His net worth is $6.6 billion, as of April 28.
25. Rakesh Mittal
Net Worth (2024): $6.6 billion
Rakesh Mittal is the non-executive director of one of the largest mobile network providers, Bharti Airtel Ltd (NSE:BHARTIARTL). He has a net worth of $6.6 billion, as of April 28.
24. Rajan Mittal
Net Worth (2024): $6.6 billion
Rajan Mittal is the wise chairman of Bharti Enterprises, which owns the leading mobile phone network provider in India, Bharti Airtel Ltd (NSE:BHARTIARTL). He is one of the wealthiest people in India.
23. Murali Divi & family
Net Worth (2024): $6.8 billion
Murali Divi is the founder of Divi’s Laboratories, a generics maker company. She launched the firm 33 years ago as a drug research company. It is among the largest suppliers of active pharmaceutical ingredients in the world. She is ranked 23rd on our list.
22. Rahul Bhatia
Net Worth (2024): $6.8 billion
Rahul Bhatia is the co-founder of one of India’s biggest airlines by market share, Indigo, owned by Interglobe Aviation Ltd (NSE:INDIGO). Bhatia has a net worth of $6.8 billion.
21. M.A. Yusuff Ali
Net Worth (2024): $7.3 billion
M.A. Yusuff Ali is from a village in Kerala, India. He manages the multinational conglomerate, LuLu Group International. The group has 256 hypermarkets and malls in the Gulf area. As of April 28, his net worth is $7.3 billion.
20. Hasmukh Chudgar & family
Net Worth (2024): $7.7 billion
Hasmukh Chudgar founded the leading pharmaceutical company, Intas Pharmaceuticals in 1977. The company operates 15 factories out of which 10 are located in India. Their net worth is $7.7 billion, as of April 28.
19. Vikram Lal & family
Net Worth (2024): $8.0 billion
Vikram Lal & family are ranked 19th on our list of the wealthiest people in India. He owns the motorcycle and commercial vehicle company, Eicher Motors Ltd (NSE:EICHERMOT). As of April 28, their net worth is $8 billion.
18. Gopikishan Damani
Net Worth (2024): $8.0 billion
Ranked 18th on our list, Gopikishan Damani along with his brother controls the leading retail company, Avenue Supermarts Ltd (NSE:DMART) which owns the supermarket chain, D-Mart. His net worth is valued at $8 billion, as of April 28.
17. Rekha Jhunjhunwala
Net Worth (2024): $8.3 billion
Rekha Jhunjhunwala inherited a stock portfolio in Tata Group from her late husband. He is one of the wealthiest people in India and has a net worth of $8.3 billion.
16. Pankaj Patel
Net Worth (2024): $9.2 billion
Pankaj Patel controls the leading pharmaceutical company, Zydus Lifesciences Ltd (NSE:ZYDUSLIFE). With a degree in pharmacy, Patel joined the company in 1976 and took control in 1995. His net worth is $9.2 billion
15. Sunil Mittal
Net Worth (2024): $10.1 billion
Sunil Mittal is the chairperson of Bharti Enterprises. He is the 15th wealthiest person in India, with a net worth of $10.1 billion.
14. Mangal Prabhat Lodha
Net Worth (2024): $10.6 billion
Mangal Prabhat Lodha is a politician and owns the leading property developer, Lodha Group. As of April 28, he has a net worth of $10.6 billion.
13. Azim Premji
Net Worth (2024): $11.7 billion
Azim Premji is the founder chairman and non-executive board member of the leading software services company, Wipro Limited (NYSE:WIT). He is ranked 13th on our list, with a net worth of $11.7 billion, as of April 28.
12. Uday Kotak
Net Worth (2024): $12.3 billion
Uday Kotak owns the leading bank, Kotak Mahindra Bank Ltd Fully Paid Ord. Shrs (NSE:KOTAKBANK). He has a net worth of $12.3 billion, as of April 28.
11. Lakshmi Mittal
Net Worth (2024): $16.1 billion
Lakshmi Mittal is the chairman of the steel and mining company, AcelorMittal. He is the 11th wealthiest person in India, as of April 28.
10. Ravi Jaipuria
Net Worth (2024): $16.6 billion
Ravi Jaipuria is ranked 10th on our list. He manages the RJ Corp, which has a wide range of businesses from beverages and fast food to healthcare. He has a net worth of $16.6 billion, as of April 28.
9. Radhakishan Damani
Net Worth (2024): $20.1 billion
Radhakishan Damani is the owner of the supermarket chain, Avenue Supermarts Ltd (NSE:DMART). As of April 28, he has a net worth of $20.1 billion.
8. Kushal Pal Singh
Net Worth (2024): $20.3 billion
Kushal Pal Singh is a property magnate, who joined a company called DLF started by his father-in-law in 1946. As of April 28, Singh has a net worth of $20.3 billion.
7. Cyrus Poonawalla
Net Worth (2024): $21.0 billion
Cyrus Poonawalla is the founder of Serum Institute, one of the largest vaccine makers by doses. The company produces over 1.5 billion doses annually. He is ranked 7th on our list, with a net worth of $21 billion as of April 28.
6. Kumar Birla
Net Worth (2024): $21.6 billion
Kumar Birla is ranked 6th among the wealthiest people in India. He is the fourth generation head of Aditya Birla Group, which operates business segments including textile, aluminum, telecom, financial services, cement, and paints. He has a net worth of $21.6 billion, as of April 28.
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Disclosure. None. 30 Wealthiest People in India is originally published on Insider Monkey.