- Market Rally: The Indian stock market is experiencing a significant rally in anticipation of the upcoming federal election, widely expected to result in a third term for Prime Minister Narendra Modi.
- Record Number of Billionaires: This rally has led to a record number of 200 Indians making it onto Forbes’ 2024 list of the World’s Billionaires. This is a notable increase from 169 billionaires last year.
- Combined Wealth: The combined wealth of these Indian billionaires is nearing a trillion dollars, reaching a record total of $954 billion. This marks a substantial increase of 41% from the previous year’s total of $675 billion.
Mukesh Ambani’s Wealth Surge:
- Net Worth Increase: Mukesh Ambani, the chairman of Reliance Industries, saw a remarkable surge in his net worth. It shot up to $116 billion from $83 billion, propelled by the booming shares of his conglomerate.
- $100 Billion Club: Ambani became the first Asian to break into the exclusive “$100 billion club” on the World’s Billionaires list. This places him as the ninth richest person globally and continues to make him India’s and Asia’s wealthiest individual.
Recent Deals and Activities:
- Business Ventures: Ambani’s Reliance Industries has been busy inking major deals, such as the $8.5 billion merger between Viacom18 Media (Reliance’s entertainment unit) and Walt Disney Company’s India operations, announced in February.
- Personal Celebrations: Additionally, Ambani recently hosted a lavish three-day gala in Jamnagar to celebrate the upcoming July wedding of his youngest son, Anant. The event, held in March, drew 1,600 guests, including prominent figures such as Mark Zuckerberg, Bill Gates, and Ivanka Trump.
- Celebrity Attendees and Performances: The star-studded event featured performances by Rihanna and several Bollywood superstars. Notably, Ambani’s Reliance owns Network18, which is a licensee of Forbes Media and publishes Forbes India.
Summary:
The Indian stock market’s rally ahead of the federal election has led to a surge in the number of Indian billionaires, with their combined wealth approaching a trillion dollars.
Mukesh Ambani, the chairman of Reliance Industries, experienced a significant increase in his net worth, crossing the $100 billion mark.
Ambani continues to be a major player in the business world, with Reliance Industries involved in major deals and Ambani personally hosting extravagant celebrations for his family.
This reflects the thriving business environment and growing fortunes of India’s wealthiest individuals.