Fortunes of India's billionaires skyrocket 40%, crossing $1 trillion mark: Forbes

The top 12 billionaires account for nearly half of the total wealth of the group, the report added.

A latest Forbes report says that the combined wealth of India’s 100 richest tycoons crossed the trillion-dollar mark for the first time this year. Listing out the factors for the surge, the report highlighted investor optimism around the Indian economy after Prime Minister Narendra Modi secured a third term in June. This drove the share market into a rally. The benchmark BSE Sensex soared 30% since fortunes were last measured a year ago, the report added.

According to Forbes analysis, India’s wealthiest now have a collective net worth of $1.1 trillion—more than double their wealth in 2019. In the past 12 months alone, they added $316 billion, marking a nearly 40% increase. Over 80% of the richest Indians saw their wealth grow, with 58 of them adding $1 billion or more to their fortunes. Half a dozen saw their net worth swell by over $10 billion each, including the top five, who collectively gained nearly $120 billion. The top 12 billionaires account for nearly half of the total wealth of the group, the report added.

Mukesh Ambani, chairman and managing director of Reliance Industries, is the second-biggest gainer in dollar terms this year, up $27.5 billion to $119.5 billion, the report added. It also said that Mukesh Ambani remains India’s richest man.