Mukesh Ambani no longer India's richest person, this businessman took over, he is…

This is a major in India’s wealth distribution as the Adani Group boss Gautam Adani and his family clinch the top position in the 2024 Hurun India Rich List displacing Mukesh Ambani. This is a great leap for Adani as he was only ranked fourth in this list just four years ago.

As per the 2024 Hurun India Rich List, Adani’s family has seen its wealth increase by a phenomenal 95% in the last one year and the family has a mind-boggling Rs 11.6 lakh crore. This steep rise is even more impressive considering that Adani had to overcome a lot of obstacles in the wake of the Hindenburg report that cast doubts over his business dealings. However, the wealth of Adani has not only come back to its original state but has grown to levels that have never been seen before.

The increase in the Adani’s wealth is mainly due to the increase in price of the shares of various companies of the Adani Group. For instance, Adani Ports saw its share price skyrocket by 98% due to better operational performance and the company’s plans to acquire new ports and container terminals. Energy sector specific firms in the group including Adani Energy, Adani Gas, Adani Transmission and Adani Power saw an average of 76% uplift in share price.

This recovery and growth have been further supported by MSCI’s decision to remove the restriction on Adani Group securities in its August 2024 review. This suggests that operations are back to normal and key stocks such as Adani Enterprises, Adani Ports, and Ambuja Cements are stabilizing.

Mukesh Ambani who was earlier at the top of the list now stands second with a wealth of Rs 10.14 lakh crore. HCL Technologies’ Shiv Nadar and family are at the third position with total assets of Rs 3. 14 lakh crore, Cyrus S Poonawalla of Serum Institute of India ranking fourth and Dilip Shanghvi of Sun Pharmaceutical Industries ranking fifth.