Indian industrialist Gautam Adani has made headlines recently due to a significant rise in his wealth despite past setbacks. Following the release of a controversial report by American firm Hindenburg Research, which initially triggered a dramatic fall in Adani Group’s stock prices, many doubted whether the conglomerate could recover. However, Gautam Adani and his group have not only weathered the storm but have demonstrated remarkable resilience and strength by turning the tide.
According to the latest Hurun India 2024 report, despite the negative publicity that ensued from the Hindenburg report, Gautam Adani’s net worth witnessed a staggering increase of ₹5,65,503 crore, bringing his total wealth to ₹11.6 lakh crore — a remarkable 95% rise over the last year.
Staggering 95% Wealth Increase
The Hurun India 2024 report highlighted that following Hindenburg’s allegations, Gautam Adani has emerged like a phoenix, claiming the top position in this year’s rankings. His wealth has surged by 95% compared to last year, solidifying his status as one of the wealthiest individuals in India.
Recent Wealth Growth
Notably, Adani has experienced the highest net worth increase among the world’s top ten billionaires over the past five years, with a phenomenal rise of ₹10,21,600 crore since the Hindenburg crisis. This growth can be attributed to the climbing stock prices of all his companies within the Adani Group.
Stock Price Surge
For instance, Adani Ports recorded a remarkable 98% increase in stock value. Meanwhile, other energy-based companies like Adani Energy, Adani Gas, Adani Transmission, and Adani Power have experienced an average rise of about 76%. Furthermore, in August 2024, MSCI’s decision to lift restrictions on Adani Group’s securities signals a return to normal operations, suggesting a stable outlook for major stocks such as Adani Enterprises, Adani Ports, and Ambuja Cements.
Impact of the Hindenburg Report
Prior to this recovery, Hindenburg targeted the Adani Group, alleging significant financial malpractices. According to their report, the group suffered a substantial market loss of approximately $150 billion, with some of its companies experiencing up to an 80% decline in stock prices. Stock values across the Adani Group plummeted with average declines exceeding 50%. However, by February 2023, the share prices began to rebound, surpassing pre-Hindenburg levels for nearly all companies, except for a few.
Significant Growth Since 2020
Interestingly, Gautam Adani’s and his family’s net worth has increased nearly eightfold over the past five years. In 2020, he ranked as the fourth richest businessman in India but has since ascended to the top position. Adani now leads the wealth rankings, followed closely by Mukesh Ambani’s family, whose net worth stands at approximately ₹10,14,700 crore after a 25% increase over the last year. Other prominent figures in the wealth rankings include:
| Rank | Name | Net Worth (₹ Crore) |
|---|---|---|
| 1 | Gautam Adani | 11,61,800 |
| 2 | Mukesh Ambani | 10,14,700 |
| 3 | Shiv Nadar (HCL) | 3,14,000 |
| 4 | Cyrus Poonawalla | 2,89,800 |
| 5 | Dilip Sanghvi | 2,80,000 |
Wealth Dynamics Among Billionaires
The Hurun India Rich List 2024 indicates that there are currently 1,539 individuals in India with a net worth of at least ₹1,000 crore. Collectively, their wealth has seen a 46% increase, while the average wealth experienced a 25% growth. Out of these, 1,334 individuals have seen an increase or stable status in their wealth, including 272 new entrants, while 205 individuals experienced a decline, and 45 have fallen off the list. Notably, India now hosts 334 billionaires, with an addition of 75 new billionaires compared to the previous year.
