Billionaire Gautam Adani has reclaimed his title as the richest Indian, surpassing Mukesh Ambani, according to the 2024 Hurun India Rich List.

Adani’s net worth soared by 95% to 1,161,800 Indian rupees over the past year, recovering from the significant decline triggered by the Hindenburg Research report.

In contrast, Reliance Industries Chairman Mukesh Ambani saw a 25% increase in his wealth, bringing his total to 1,014,700 million Indian rupees. Last year, Adani’s fortune had plummeted by 57% to 4,740,000 million Indian rupees, with Ambani leading the rankings at 8,080,000 million Indian rupees.

The sharp decline in Adani’s fortune was a result of various accusations from the US-based firm Hindenburg Research, which Adani’s conglomerate has categorically denied.

Notably, in the 2014 edition of the Hurun list, Adani’s wealth was valued at just 440,000 million Indian rupees, placing him as the 10th richest Indian at that time.

In this year’s rankings, Shiv Nadar and his family of HCL now hold the third position with a net worth of 314,000 million Indian rupees while Cyrus Poonawalla of the Serum Institute of India has dropped to fourth place with a wealth of 289,800 million Indian rupees.

Dilip Shanghvi of Sun Pharmaceuticals has risen to become the fifth richest individual in India, moving up from sixth place last year, with a net worth of 249,000 million Indian rupees.

In the realm of self-made women, Radha Vembu of Zoho stands out as the wealthiest, boasting a fortune of 475,000 million Indian rupees. Meanwhile, the youngest entrants on the list are Kaivalya Vohra and Aadit Palicha, co-founders of Zepto, with net worths of 36,000 million Indian rupees and 43,000 million Indian rupees, respectively.

The 2024 Hurun India Rich List has expanded, now featuring 1,539 individuals with net worth exceeding 10,000 million Indian rupees, marking an increase of 220 people from last year. The total wealth represented in the list has surged by 46% over the past year.

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Moreover, Bollywood actor Shah Rukh Khan made his first appearance on the list with an estimated fortune of 73,000 million Indian rupees, surpassing his business partner Juhi Chawla, who has a net worth of 46,000 million Indian rupees, placing her second among entertainers.

The list includes 16 professionals, with Arista Networks CEO Jayshree Ullal leading at 321,000 million Indian rupees, followed by D-Mart CEO Ignatius Navil Noronha at 69,000 million Indian rupees.

Gera Developments’ Kumar Pritamdas Gera experienced the fastest wealth growth at 566% while Ambani and Adani recorded the most significant increases in absolute terms, according to the report.