Indian Billionaires See Wealth Surge as Mukesh Ambani Rejoins $100 Billion Club
In a remarkable display of financial resilience and market recovery, Indian billionaires have seen a significant surge in their net worth, with Reliance Industries Chairman Mukesh Ambani once again entering the coveted $100 billion club. The wealth revival has been driven by a strong rally in Indian equity markets, beginning in mid-March 2025, fueled by renewed foreign investor interest and easing global trade concerns.
According to Bloomberg data analyzed by Moneycontrol, Ambani emerged as the biggest gainer among Indian billionaires during this period. His net worth soared nearly $20 billion, rising from a March low of approximately $81 billion to over $100 billion. This surge has not only restored his billionaire status but also reinstated him among the world’s top 16 wealthiest individuals. The resurgence in Ambani’s fortune has been attributed primarily to the sharp rebound in shares of Reliance Industries and Jio Financial Services, which have jumped 25% and 29%, respectively, from their lows in March and April. Despite this impressive climb, Ambani's current valuation remains around 20% lower than his all-time peak of $120.8 billion, recorded on July 8, 2024.
Gautam Adani Follows Close Behind
Gautam Adani, India’s second-richest person, also experienced a strong recovery. His net worth rose by $14.5 billion to reach $77.5 billion. However, Adani’s wealth is still 57% below his record high of $120.8 billion, logged on June 3, 2024, indicating that while the market has bounced back, full recovery for some remains elusive.
A Broader Surge Among India’s Richest
Other prominent Indian billionaires have also benefited from the market rally. Dilip Shanghvi, founder of Sun Pharmaceutical, and Sunil Mittal, chairman of Bharti Airtel, each saw their net worth increase by over $4.9 billion. Shanghvi’s net worth climbed to $28.8 billion, just 10% below his peak, while Mittal reached $27.4 billion — a mere 1% shy of his all-time high. Radhakishan Damani, founder of DMart’s parent company Avenue Supermarts; Savitri Jindal, India’s richest woman; and Shiv Nadar, founder of HCL Technologies, also posted substantial gains. Their net worths increased by $4.8 billion, $4.6 billion, and $4.5 billion, respectively, taking them to $31.7 billion, $36.4 billion, and $22.8 billion.
Despite these gains, Damani remains 27% below his record, Jindal is 16% away, and Nadar lags by 18% from their respective all-time highs. Still, their upward trajectory reflects a broader optimism in India’s equity markets and economic outlook.
Full Recovery for Some Billionaires
A select few have managed not just a comeback, but a complete financial rebound. Lakshmi Mittal, chairman of ArcelorMittal, and Uday Kotak, former MD of Kotak Mahindra Bank, have fully recovered from their early-2025 lows. Their current net worths stand at $22.8 billion and $16.6 billion, respectively — new personal highs — after gaining $3.7 billion and $3.1 billion.
The co-founders of InterGlobe Aviation (parent of IndiGo), Rakesh Gangwal and Rahul Bhatia, are nearing their highest ever valuations, each with a net worth around $7.1 billion. Vikram Lal, founder of Eicher Motors, has also set a new personal record, underscoring the widespread nature of the recovery among India’s elite.
Murali Divi, head of Divi’s Laboratories, is just 4% shy of his peak, a strong indication of the pharma sector’s continued resilience.
Those Still Lagging Behind
Despite the optimism, not all Indian billionaires have recovered their wealth. Pankaj Patel of Zydus Lifesciences and KP Singh of DLF are each still 45% below their record valuations, which stood at $12.3 billion and $20.9 billion as of August 2024 and April 2024, respectively.
Cyrus Poonawalla, chairman of Serum Institute of India, is down by 27% from his peak, reflecting ongoing challenges in the healthcare and biotech sectors. Mangal Prabhat Lodha of Macrotech Developers and Nusli Wadia of Britannia Industries are about 22% below their respective all-time highs as well.
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What’s Driving the Wealth Recovery?
The recent spike in wealth for Indian billionaires is closely tied to the rebound in the stock market, which saw sharp corrections earlier in the year due to global uncertainty, inflation concerns, and regulatory headwinds. The turnaround began in mid-March, supported by foreign institutional inflows, better-than-expected earnings reports, and an improved outlook for the Indian economy.
Technology, energy, pharmaceuticals, and infrastructure have been the top-performing sectors, with companies like Reliance, Sun Pharma, and Bharti Airtel leading the charge. This sectoral performance has played a major role in boosting the net worth of many of India’s richest individuals.
Still, heavy users may find themselves charging more frequently than they would with other Galaxy models like the S25+ or Ultra, both of which pack larger battery capacities.
A Look Ahead
While many Indian billionaires have made substantial financial gains in the past few months, the road to full recovery remains uneven. Some, like Ambani, Kotak, and Mittal, have bounced back strongly, while others are still clawing their way up. The future trajectory will largely depend on global economic trends, geopolitical developments, and domestic market performance.
As India continues to attract investor interest and strengthen its position on the global economic stage, more billionaires may soon re-enter or climb higher in the global wealth rankings. However, with volatility still looming, the next few quarters will be crucial in determining whether these gains are sustainable.
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Disclaimer:
This article is based on data analyzed by Moneycontrol and Bloomberg. Moneycontrol is a part of the Network18 group, which is owned by Independent Media Trust — with Reliance Industries as its sole beneficiary. The views expressed here are for informational purposes only and do not constitute investment advice.
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