The Hurun India Rich List 2024 and Residency by Investment

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RIF Trust on Indian UHNWIs

The Hurun India Rich List 2024 is out, recognizing Indians with a net worth of at least ₹1,00,000 ($120 million). In this article, we share the UHNWI names and faces making up the Hurun top 10. We will also discuss how Residency by Investment can help you work your way up the list.

Our Regional Director – India Binu Varghese emphasizes the importance of the Hurun India Rich List:  “The release of this list in India is an event.” “Everybody wants to see who’s moved up and who’s moved down.”

Binu points out that investing in a new residency “is like using a jetpack to ascend. Many people are still using a ladder.”

“Residency by Investment gives you extra mobility. The savviest entrepreneurs use that to expand their business. It helps them to grow in new markets.”

The Hurun India Rich List 2024 in Figures

In terms of records, the 2024 edition of Hurun is breaking all of them. This is the first time since launching in 2011 that the list numbers more than 1,500 entries. That’s a 150% increase on the Hurun India Rich List 2017.

There are now 356 $ Indian billionaires. That’s 6 times more than the first list 13 years ago. There are 272 new entries in 2024, with 1334 previous occupants moving up, 205 descending, 45 dropping out, and 5 dying.

In terms of base, 386 of the Rich List are in Mumbai. This is where you’ll find RIF Trust’s Indian office, one of 13 worldwide. You’ll find 217 entries in New Delhi and 104 in Hyderdabad.

Anas Rahman Junaid, Hurun India Founder and Chief Researcher celebrates the 2024 numbers: “India continues to score Gold in the ‘Wealth Creation Olympics’.”

“The number of billionaires in 2024 Hurun India Rich List hits triple century, with all the top 20 sectors adding new faces to the list! The top 20 sectors all added new faces, showcasing the unstoppable spirit of Indian entrepreneurs as they drive growth across the board.”

Hurun India Rich List 2024 10-6

In 10th-place is the Mumbai-based 69-year-old Niraj Bajaj and family. The family business is Bajaj Auto, manufacturer of auto rickshaws, motorbikes, and scooters. Bajaj’s wealth grew to ₹1,62,800 Cr, a rise of 35%.

9th position goes to Azim Premji, 79, and family from Bengaluru. They own Big Tech’s Wipro,  which has bounced back in North America. A $1 billion commitment to AI development will see the Premiji wealth swell beyond the current ₹1,90,700 Cr.

In 8th spot on the 2024 Hurun India Rich List is 69-year-old Radhakishan Damani and family. More than doubling their richness since 2019, it’s grown to ₹1,90,900 Cr. A majority shareholder of Avenue Supermarts, parent company of DMart, is the key factor behind his Top 10 standing.

Falling 2 places to 7 is Gopichand Hinduja, at 84 the oldest top 10er, and family. The Hinduja Group, a conglomerate spanning 11 sectors, dates back to colonial times. A 9% growth in fortunes results in Hinduja’s resources reaching ₹1,92,700 Cr.

In at 6 is 57-year-old Kumar Mangalam Birla and family, up 3 places thanks to a 87% spike in richness. This values them at ₹2.35,200 Cr. The chair o another conglomerate, the Aditva Birla Group, Birla’s business now operates in 40 countries across 6 continents.

2024 Hurun 5-1

Climbing one position to 5 is The Reluctant Billionaire, Dilip Sanghvi, 68. His Sun Pharmaceutical company’s 2023 was a record financial year for them. Sanghvi enjoys the security of  ₹2,49,900 Cr.

Slipping one spot to 4 is Pune’s 83-year-old Cyrus S. Poonawalla and family. Their wealth comprises ₹2,89,800 Cr. The pandemic was a boom period for his Serum Institute, the world’s leading manfacturer of vaccines, including for COVID-19, and polio.

Trading places in 3rd position is Shiv Nadar, 79, and family from New Delhi. He founded HCLTech, that has developed into an IT multinational, in 1991. This has seen Nadar and family amass a ₹3,14,000 Cr fortune.

Down from 1st place in 2nd is 67-year-old Mukesh Ambani and family. Their resources amount to ₹10,14,700 Cr. Their Fortune 500 Reliance Industries spans energy, retail, and telecommunications.

Taking top spot in the Hurun India Rich List 2024 is Gautam Adani, 62, and family from Ahmedabab worth ₹10,161,800. A college droput, Adani cut his teeth in Mumbai’s diamond trade. The Adani Group count mining as one of their specialities, along with others ranging from infrastructure to sea and airport management.

Residency by Investment for Growth

The USA is where most of the richest non-resident Indians (NRIs) live, 46 in total. The highest placed of these is 71-year-old Rakesh Gangwal and family who run Interglobe Aviation out of Miami, earning themselves a ₹3,7,400 Cr fortune. If you want to add American consumers to your customer base, we recommend investing in a EB-5 Visa.

23 NRIs, up 3, reside in the United Arab Emirates, where the top ranking NRI is Vivek Chaand Sehgal, 67, and family who live in Dubai. Their Samvardhana Motherson International Ltd, an automotive component launched in 1986 as a joint venture with Japan’s Sumitomo Group, and has resulted in the family being valued at ₹6,2,600 Cr. A UAE Golden Visa can see you grow your business in the Middle East.

There are 17 NRIs, also +3, based in the United Kingdom, with the most prominent being 74-year-old LN Mittal and family. ₹1,60,900 worth of riches stems from ArcelorMittal, a steel production company headquartered in Luxembourg City. If you want to follow in the entrepreneurial footsteps of the Mittal family, we suggest you apply for the UK Innovator Founder Visa.

How to Invest in a New Residency in 2024

Becoming an Indian UHNWI takes a whole lot of blood, sweat, and tears. There’s also a good deal of luck involved in amassing a fortune. But, as the saying goes, you make your own luck and you can load the dice in your favour with Residency by Investment.

To repeat, the three most popular programmes for growing your wealth are the UAE Golden Visa, the UK Innovator Founder Visa, and the US EB-5 Investor Visa. But to diversify your business and enhance your mobility, there are other programmes you should consider. They include the Canadian Start-up Visa and the golden visas available in Portugal and Spain.

We’re here to help with everything related to Residency by Investment. Our expert staff can go through the benefits and requirements of the various programmes. So, contact us now and we’ll show you how to invest in a new residency that one day could see you make the Hurun India Rich List.