Mumbai, Aug 29 (IANS): As China sees a continuous decline in its number of billionaires, India now has a record 334 billionaires -- up 75 compared to last year -- led by Gautam Adani and family at the very top, the ‘2024 Hurun India Rich List’ said on Thursday.

With a wealth of Rs 11.6 lakh crore, Gautam Adani and family, who saw their wealth grow by a massive 95 per cent, clinched the number one spot in the coveted Huron list.

Mukesh Ambani took the second spot, with a wealth of Rs 10,14,700 crore, followed by Shiv Nadar and the family of HCL Technologies at the third place with a wealth of Rs 3,14,000 crore.

A record 1,539 Indians (up by 220) across 134 cities now have Rs 1,000 crore wealth on average -- a 150 per cent increase from seven years ago -- from family-run businesses and startup founders to private equity investors, angel investors, next-generation leaders, film stars and more.

The country saw one new billionaire every five days last year, according to the list. While China saw a 25 per cent decline in its number of billionaires, India experienced a 29 per cent increase, reaching a record 334 billionaires.

Cumulative wealth has increased by 46 per cent, while average wealth has increased by 25 per cent. About 1,334 individuals saw their wealth increase or stay the same, of which 272 were new faces, whilst 205 saw their wealth drop and there were 45 dropouts.

While real estate and industrial products added the most significant number of new entrants to the list, industrial products are still at number one and have contributed 142 entrants to the list. The youngest on the list is aged 21.

“India continues to score Gold in the ‘Wealth Creation Olympics’. The number of billionaires in 2024 Hurun India Rich List hits a triple century, with all the top 20 sectors adding new faces to the list! The top 20 sectors all added new faces, showcasing the unstoppable spirit of Indian entrepreneurs as they drive growth across the board,” said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.

The pivot in the Indian economy from a services-led to a manufacturing-led model is reflected in the ‘2024 Hurun India Rich List’.

“Industrial products sector entrepreneurs on the list have seen a remarkable 47 per cent CAGR in their cumulative wealth over the past five years -- the highest among all sectors.

“This shift is fueled by several key factors, including the Central government’s significant increase in capital expenditure on infrastructure development, which has risen to 133.3 billion dollars for FY 2024-25, marking an 11.1 per cent jump from the previous year,” said Junaid.

The country’s favourable business environment is further strengthened by over 42 trade agreements and a reduction in corporate tax rates to 15 per cent for new manufacturing units.

These factors have significantly impacted the manufacturing sector, as entrepreneurs in this category on the list have added Rs 28 lakh crore in wealth, accounting for nearly 56 per cent of the total wealth added to the list.

Nearly 70 per cent of the list represents a combined wealth of close to 1.5 trillion dollars -- more than one-third of India’s GDP is on the cusp of intergenerational transition, according to Junaid.

Additionally, 64 per cent of the new entrants this year are self-made individuals.

Over the last decade, the number of Indian cities represented in the rich list has surged to 97 from 95 last year, up from 10 cities since the inception of the list.