India has witnessed the addition of 25 new billionaires, as reported by the latest Forbes list. Surpassing all other nations, the United States leads with 67 Americans joining the billionaire ranks, while China secures the second position, nearly doubling its number of new billionaires from the previous year to 31. The ongoing bull run in the Indian stock market has resulted in a record-breaking presence of 200 Indians on Forbes' 2024 list of the World's billionaires, a notable increase from 169 individuals the previous year. The combined wealth of these billionaires is rapidly approaching a trillion dollars, reaching a record total of $954 billion, which marks a significant rise of 41% from $675 billion the preceding year, surpassing the total of $750 billion recorded in 2022.
With the soaring shares of his conglomerate Reliance Industries, Mukesh Ambani's net worth has witnessed a remarkable surge to $116 billion from $83 billion, elevating him as the first Asian to surpass the $100 billion mark on the World's Billionaires list. Ambani retains his position as the ninth richest individual globally and continues to hold the titles of India's and Asia's wealthiest person. Notably, the wealth of more than two-thirds of Indian billionaires on the list has expanded expanded compared to the previous year.
Among the new entrants on the Forbes list are Dr Naresh Trehan, a renowned cardiovascular and cardiothoracic surgeon who has transitioned into a healthcare entrepreneur, owning and managing the Medanta chain of hospitals. Ramesh Kunhikannan, the founder of Kaynes Technology, has also been included, having supplied electronic systems for India's moon mission in August.Additionally, Renuka Jagtiani, who oversees the Middle East retailing giant Landmark Group, inherits her fortune from her late husband, Micky Jagtiani. The list also features financial services veterans Raamdeo Agrawal and Motilal Oswal, who co-founded the Motilal Oswal Financial Services. Vijay Agarwal, the managing director of Action Construction Equipment, makes his debut on the Forbes billionaire list.
Dr. Naresh Trehan
Dr. Naresh Trehan, the Chairman and Managing Director of Medanta The Medicity, is a distinguished cardiovascular and cardiothoracic surgeon, recognized for his achievements in the medical field. He has received prestigious honors such as the Padma Bhushan and the Padma Shri from the Indian Government, underscoring his significant contributions. With an impressive track record of over 48,000 successful open heart surgeries, Dr. Trehan's expertise is widely acknowledged.
After completing his medical education at King George Medical College, Lucknow, Dr. Trehan gained valuable experience at New York University Medical Centre from 1971 to 1988. Subsequently, he returned to India, founding the renowned Escorts Heart Institute and Research Centre in 1988. In 2009, he established Medanta, a prominent healthcare institution, where he holds a substantial stake in Global Health Ltd, the company operating the hospital chain. Dr. Trehan's entrepreneurial endeavors have also reflected in his significant net worth, estimated at $1.4 billion.
Motilal Oswal
Motilal Oswal serves as the Managing Director and CEO of Motilal Oswal Financial Services Ltd. (MOFSL). A chartered accountant by profession, he co-founded the company in 1987 alongside co-promoter Raamdeo Agrawal, who is a CA. Mr. Oswal has contributed significantly to the financial sector, having held positions on the Governing Board of the Bombay Stock Exchange (BSE), Indian Merchant’s Chamber (IMC), and various committees of BSE, NSE, SEBI, and CDSL. His net-worth is estimated at $1.3 billion.
Established initially in 1987 as a modest sub-broking unit with just two individuals, Motilal Oswal Financial Services Ltd. (MOFSL) has evolved into a comprehensive financial services firm. Presently, the company offers a diverse array of financial products and services encompassing Private Wealth, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking Private Equity, Commodity Broking, Currency Broking, and Home Finance.
Vijay Agarwal
In 1995, Vijay Agarwal established Action Construction Equipment, a company specializing in manufacturing construction equipment. He serves as the chairman and managing director of the company, which produces hydraulic mobile cranes, tower cranes, loaders, tractors, and agri-harvesters, all marketed under the brand name Ace. Alongside him, his wife Mona and son Sorab are actively involved in the business, holding positions on the board of directors.
Action Construction Equipment boasts an impressive clientele including industry giants like the Tata Group, Larsen & Toubro, and the Mahindra Group. Dissatisfied with a monthly paycheck of Rs 30,000, Vijay Agarwal, an alumnus of FMS, embarked on his entrepreneurial journey by leaving his position at Escorts in 1995 to pursue his vision.
The inception of Agarwal's company, Action Construction Equipments Ltd, took place in January 1995, under a tent in Faridabad, near his previous workplace. With a modest investment of just Rs 15 lakh sourced from his savings and provident fund, Agarwal initiated his entrepreneurial endeavor. Today, his net worth stands at an estimated $1.5 billion, a testament to his success and entrepreneurial acumen.
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