New and Young Billionaires Emerge in India Amid Growing Wealth Disparity
In 2024, the Hurun India Rich List saw the entry of some of the youngest billionaires in the country, notably Kaivalya Vohra, 21, and Aadit Palicha, 22, co-founders of the quick commerce start-up Zepto. Their success highlights the rapid rise of young entrepreneurs in India’s booming tech ecosystem.
The list also features several individuals who benefited from the recent initial public offering (IPO) surge in the stock markets. Amit Saraf and his family, associated with Juniper Hotels, and Pradeep and Pankaj Ghisulal Rathod, promoters of stationery giant Cello, made their debut on the list, illustrating the diverse sectors contributing to India’s growing billionaire population.
Notably, Hyderabad has overtaken Bengaluru for the first time in terms of the number of rich listers, now ranking third after Mumbai and Delhi. The cumulative wealth of those on the Hurun list reached an astonishing ₹159 lakh crore, surpassing half of India’s gross domestic product (GDP).
This wealth accumulation comes amidst a stark reality—the widening wealth gap in India. The top 1% of Indians now earn 22.6% of the national income, while the bottom 50% share only 15%, reflecting deepening economic inequality.
Mumbai has emerged as the billionaire capital of Asia, surpassing Beijing in 2024, and now accounts for 25% of the continent’s ultra-rich. The entertainment industry also made a mark on the list, with Shah Rukh Khan, bolstered by the success of Kolkata Knight Riders (KKR) and Red Chillies Entertainment, and Hrithik Roshan, with his sportswear brand HRX, both making their debut as billionaires.
Among India’s wealthiest women, Radha Vembu of Zoho leads with ₹47,500 crore, followed by Falguni Nayar of Nykaa and Jayshree Ullal of Arista Networks, each with over ₹32,000 crore. The list also underscores the prominence of self-made billionaires, who constitute 64% of the new entrants, with significant contributions from industries such as real estate and industrial products. Asian Paints, Alkem Laboratories, and Tube Investments of India are among the companies that have produced the highest number of rich listers this year.
