Latest Forbes list revealed that India has witnessed the addition of 25 new billionaires. United States leads with 67 new entrants, followed by China with 31. India saw a surge in its billionaire count, with 200 individuals making it to the list, up from 169 the previous year. The combined wealth of these billionaires reached $954 billion, marking a 41% increase from the preceding year's $675 billion, surpassing the total of $750 billion recorded in 2022.
Mukesh Ambani, with his conglomerate Reliance Industries, saw a significant increase in his net worth, reaching $116 billion from $83 billion. This makes him the first Asian to surpass the $100 billion mark on the Forbes list. Ambani retains his position as the ninth richest individual globally, as well as India's and Asia's wealthiest person. The wealth of more than two-thirds of Indian billionaires on the list has expanded compared to the previous year.
Read More: Forbes Billionaire Index 2024: Byju Ravindran's Net Worth Drops to Zero
New entrants on the Forbes list include Dr. Naresh Trehan, renowned for his work as a cardiovascular and cardiothoracic surgeon turned healthcare entrepreneur; Ramesh Kunhikannan, founder of Kaynes Technology, which supplied electronic systems for India's moon mission; Renuka Jagtiani, inheriting her fortune from her late husband and overseeing the Middle East retailing giant Landmark Group; and financial services veterans Raamdeo Agrawal and Motilal Oswal, who co-founded Motilal Oswal Financial Services. Vijay Agarwal, managing director of Action Construction Equipment, also makes his debut on the list.
Dr. Naresh Trehan, Chairman and Managing Director of Medanta the Medicity, is recognized for his contributions to cardiovascular surgery. He received honors such as the Padma Bhushan and the Padma Shri from the Indian Government. After gaining experience in the United States, Dr. Trehan founded prominent healthcare institutions in India.
Motilal Oswal, Managing Director and CEO of Motilal Oswal Financial Services Ltd., co-founded the company in 1987. He has contributed significantly to the financial sector and holds positions on various governing boards.
Vijay Agarwal, chairman and managing director of Action Construction Equipment, established the company in 1995, specializing in manufacturing construction equipment. He embarked on his entrepreneurial journey after leaving his previous job and has seen substantial success since then.