 "Rise of the Indian billionaire: Top NRIs on the 2024 Hurun India Rich list")
LN Mittal, Chairman of ArcelorMittal, with an estimated wealth of Rs 1,84,500 crore tops the HSBC Hurun Global Indians List 2024, which has spotlighted the powerful impact of Non-Resident Indians (NRIs) on the global economic landscape, At least 101 NRIs from around the world featured on the prestigious list. These remarkable individuals have reshaped industries, created vast wealth, and are now influencing markets across continents.
As one of the wealthiest NRIs, Mittal has built an empire in the global steel industry, and his company remains the world’s second-largest steel producer.
Coming in at second place is Gopichand Hinduja, Chairman of the Hinduja Group, whose diversified empire spans industries from automotive to healthcare. With a fortune of Rs 1,78,600 Crore, Hinduja’s strategic foresight continues to steer the Group’s growth on the global stage.
The 2024 Hurun India Rich List also celebrates the entrepreneurial spirit of self-made billionaires, with 79% of these top achievers having built their fortunes from scratch. The United States remains the top destination for these NRIs, with 46 entrants followed by the UAE and the UK.
The Top 10 NRIs Featured on the List:
- LN Mittal & Family – Rs 1,84,500 Cr – London – ArcelorMittal
- Gopichand Hinduja & Family – Rs 1,78,600 Cr – London – Hinduja Group
- Anil Agarwal & Family – Rs 1,11,500 Cr – London – Vedanta Resources
- Jay Chaudhry – Rs 1,02,700 Cr – Reno – Zscaler
- Sri Prakash Lohia – Rs 74,200 Cr – London – Indorama
- Yusuff Ali MA – Rs 60,000 Cr – Abu Dhabi – Lulu Group
- Romesh T Wadhwani – Rs 36,900 Cr – Palo Alto – SymphonyAI
- Rakesh Gangwal & Family – Rs 36,700 Cr – Miami – Interglobe Aviation
- PV Ramprasad Reddy – Rs 31,100 Cr – New Jersey – Aurobindo Pharma
- Sunny Varkey – Rs 32,000 Cr – Dubai – Gems Education
These NRIs not only represent financial prowess but also the global reach of Indian-origin leaders who have established themselves as trailblazers across various industries, from technology and pharmaceuticals to education and retail.
LN Mittal, Chairman of ArcelorMittal, ranks eleventh in the 2024 Hurun India Rich List and is recognised as one of the wealthiest non-resident Indians. ArcelorMittal has established itself as the second-largest steel producer in the world, highlighting Mittal's influence and success in the global industry.
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Gopichand Hinduja, Chairman of the Hinduja Group, is prominently featured in the 2024 Hurun India Rich List as one of the wealthiest non-resident Indians, securing seventh place among the top 10. Under his leadership, the Hinduja Group operates in eleven sectors, including automotive, banking, IT, healthcare, and real estate, solidifying its role as a major player in the global market.
Anil Agarwal, Chairman and Founder of Vedanta Resources, ranked 16, is another prominent figure in the 2024 Hurun India Rich List. Under his leadership, Vedanta Resources has evolved into a global natural resources powerhouse, excelling in mining, oil, and gas and driving innovation across the industry.
Jay Chaudhry, CEO, Chairman, and Founder of Zscaler, ranks 21 in the 2024 Hurun India Rich List. A pioneer in cloud security, Chaudhry has been instrumental in establishing Zscaler as a leader in the cybersecurity space, providing innovative solutions that protect organisations against evolving digital threats.
Sri Prakash Lohia, Founder and Chairman of Indorama, ranks 28 in the 2024 Hurun India Rich List. Hailing from India, Lohia has spent most of his professional life in Indonesia since 1974, playing a pivotal role in the global petrochemical industry. He has expanded Indorama’s reach and capabilities across various sectors, including textiles and packaging. His strategic vision has significantly contributed to the company’s growth and its position as a major player in the market.
Yusuff Ali MA, Chairman and Managing Director of Lulu Group, is ranked 40th in the 2024 Hurun India Rich List. The group primarily operates Lulu Hypermarket, a renowned chain of hypermarkets that ranks among the top grocers in many markets. With a diverse workforce of over 65,000 employees from various nationalities, Lulu Group has become a significant player in the retail sector. Lulu International Shopping Malls has also been recognised in the 2024 Grohe-Hurun India Real Estate 100 list, highlighting the group’s ongoing growth and influence.
Romesh Wadhwani, Founder and Chairman of SymphonyAI, ranks 67 in the 2024 Hurun India Rich List. He established SymphonyAI in 2017 as an enterprise AI firm with retail, financial services, and manufacturing operations. Wadhwani has invested US$1 Bn in this predictive and generative AI SaaS company, showcasing his commitment to advancing technology in various industries.
Rakesh Gangwal, Co-founder of Interglobe Aviation, ranks 66 in the 2024 Hurun India Rich List. As a key figure in the aviation industry, Gangwal has played a vital role in establishing Interglobe Aviation as a leading player in the Indian airline sector. A veteran in the aviation industry, he has over four decades of experience, having held key leadership roles at major airlines, including United Airlines and US Airways.
P.V. Ramprasad Reddy, Executive Chairman of Aurobindo Pharma, ranks 72 in the 2024 Hurun India Rich List. The company has established itself as a significant player in the pharmaceutical industry, known for its extensive range of generic medicines and active pharmaceutical ingredients.
Sunny Varkey, Founder and Chairman of Gems Education ranks 85th in the 2024 Hurun India Rich List. Under his leadership, Gems Education’s international education footprint has expanded to 49 schools across the UAE, Qatar, and Egypt, providing high-quality education. Varkey has also diversified the company’s offerings, including significant moves into the automotive industry, further broadening its global reach and impact.
The United States Leads the NRI Wealth Wave
With 46 entrants in the top list, the United States continues to be the preferred destination for Indian-origin wealth. Following closely are UAE and the UK, which also house many of these top-ranked individuals. These global hubs offer a fertile ground for Indian entrepreneurs to expand their horizons and make a lasting impact.
HSBC and Hurun India launched the ‘HSBC Hurun Global Indians List 2024’, ranking the 200 most valuable companies in the world led by Indian-origin leaders. Companies were ranked according to their value, defined as market capitalisation for listed companies and valuations for non-listed companies. The cut-off date used was 29th November 2024. This is the inaugural edition of the list. The objective of the list is to highlight the role played by the Indian diaspora in the global economic landscape. The list includes 226 CEOs, Managing Directors, and
Founders from 200 companies, all based outside of India.
San Francisco tops the list of preferred cities with 37 individuals from the HSBC Hurun Global Indians List 2024, which has a cut-off of US$1 Bn.
Satya Nadella leads the HSBC Hurun Global Indians List 2024, holding the top position with his role as Chairman and Chief Executive Officer of Microsoft. Following him are Sundar Pichai, CEO of Alphabet, and Neal Mohan, Chief Executive Officer of YouTube. The combined value of the top 10 individuals accounts for 73% of the total cumulative value of the list. Notably, five companies in the list belong to the software and services sector.