The wealth of India's super-rich hits $1.1 trillion on a wave of investment

India's stock market is on a tear, with investors flocking to IPOs and mutual funds at a record pace. The BSE Sensex index has surged 30% year-on-year, taking the combined wealth of India's 100 richest people past the trillion-dollar mark for the first time, reaching $1.1 trillion, up 40% from the previous year.

A staggering wealth increase

More than 80% of the billionaires on the list saw their wealth grow, with 58 adding at least $1 billion to their net worth. The list is topped by Mukesh Ambani, chairman and managing director of Reliance Industries. His fortune reached $119.5 billion, up $27.5 billion from 2023. He continues to consolidate his position as India's richest person, despite recently drawing attention to the lavish wedding of his youngest son, Anant Ambani.

Infrastructure tycoon Gautam Adani recorded the biggest gain in wealth this year. After a short-selling attack by Hindenburg Research last year, Adani staged a spectacular recovery, adding $48 billion to his net worth, taking his total fortune to $116 billion and holding on to the second spot on the list.

For the first time, Savitri Jindal, head of the OP Jindal Group, rose to third place, replacing tech tycoon Shiv Nadar, who dropped to fourth. Both are among the billionaires who saw their fortunes increase by more than $10 billion over the past year.

Stock Market Boosts Billionaires’ Wealth

A strong wave of IPOs and mutual fund inflows have created a favorable environment for Indian billionaires to continue to expand their fortunes. The BSE Sensex hit a record high, reflecting investor confidence in India’s rapidly growing economy.

The growing wealth of Indian billionaires not only reflects the robustness of the economy but also reflects the trend of wealth concentration in large conglomerates. As the market continues to grow, these tycoons could continue to consolidate their position on the global wealth rankings.