Mukesh Ambani, chairman and managing director of Reliance industries has once again secured the top spot on Forbes’ 2024 list of India’s 100 richest tycoons. This year marks a historic milestone, as the collective net worth of the country’s top 100 wealthiest individuals has crossed the trillion-dollar mark for the first time ever, showcasing the growing economic power of India’s business elite.

Mukesh Ambani recently announced bonus shares as a Diwali gift for Reliance investors. According to Forbes, he saw the second-largest gain in wealth over the past year, increasing by 27.5 billion dollars to reach 119.5 billion dollars. His current net worth is 108.3 billion dollars, placing him as the 13th richest person in the world.

The total wealth in 2024 of the top 100 individuals on the Forbes rich list hit a record of 1.1 trillion dollars, a 40 per cent jump from the 799 billion dollars in 2023. Forbes credits this impressive surge to the strong performance of the stock market, as investors poured money into IPOs and mutual funds.

Forbes highlighted that a strong stock market along with increased investments in IPOs and mutual funds has made the wealthy even richer in India. The market has reached a record high, with the BSE Sensex gaining 30 percent since last year. According to Forbes, “As a result, more than 80 percent of those on the list are wealthier, with 58 adding $1 billion or more to their respective net worths.”

Gautam Adani, chairman of the Adani Group, secured the second spot on the list with a combined family wealth of 116 billion dollars. Along with his brother Vinod Adani, they added 48 billion dollars to their fortune, making them the biggest dollar gainers of the year. This impressive rise follows a strong recovery after the Hindenburg report, which had earlier caused a sharp drop in the group’s market value.