India's richest individuals have achieved a significant milestone, with their collective wealth surpassing $1 trillion for the first time, according to a report by Forbes. The combined net worth of the 100 wealthiest Indians now stands at $1.1 trillion, marking a more than twofold increase since 2019. This surge in wealth has been largely attributed to strong stock market performance, bolstered by investor optimism following Prime Minister Narendra Modi’s re-election to a third term earlier this year. The BSE Sensex index has risen by 30% over the past 12 months, contributing to the record-breaking fortunes of India's top earners. In the last year alone, these 100 individuals added $316 billion to their collective wealth, reflecting a 40% growth. Leading the Wealth Surge At the forefront of this wealth boom is Mukesh Ambani, chairman of Reliance Industries, who remains India's richest individual. Ambani’s fortune has swelled by $27.5 billion this year, bringing his total net worth to $119.5 billion.  Hot on his heels is Gautam Adani, head of the Adani Group, who has seen a remarkable recovery in his wealth following last year's scrutiny by Hindenburg Research. Adani’s fortune grew by $48 billion, the largest gain of any individual, placing his total net worth at $116 billion. Other notable names include Savitri Jindal, head of the O.P. Jindal Group, who has become the third-richest person in India with a net worth of $43.7 billion, an increase of $19.7 billion in the last year. Jindal’s rise has been fuelled by her group's expansion into sectors such as electric vehicles through partnerships with companies like MG Motor. Shiv Nadar, founder of HCL Technologies, ranks fourth with a fortune of $40.2 billion, while Dilip Shanghvi, the founder of Sun Pharmaceutical Industries, rounds out the top five with a net worth of $32.4 billion. Broader Wealth Gains The wealth surge has been widespread, with over 80% of the 100 individuals on the list experiencing an increase in their fortunes. More than half of these individuals gained at least $1 billion over the last year, and six people saw their wealth grow by more than $10 billion. The Mehta brothers, Sudhir and Samir of Torrent Pharmaceuticals, more than doubled their fortunes to $16.3 billion as their company positioned itself for growth in the healthcare sector. Meanwhile, newcomers such as B. Partha Saradhi Reddy of Hetero Labs and Mahima Datla of Biological E made their debut on the list, reflecting India’s burgeoning pharmaceutical and vaccine production sectors. The wealth threshold to secure a spot on the Forbes list rose to $3.3 billion this year, up from $2.3 billion in 2023. Consequently, 11 billionaires from the previous year dropped off the rankings. Historic Year for India’s Billionaires The year 2024 has been pivotal for India's elite, with their fortunes growing from $799 billion in 2023 to over $1.1 trillion. This wealth increase has been fuelled by a combination of market optimism and India's strengthening economic prospects, leading to a sharp rise in the fortunes of the country’s wealthiest individuals. The landmark achievement of India’s richest signals not just the success of individual business magnates but also growing confidence in the nation’s economic future, as investor sentiment remains buoyant and key sectors such as technology, pharmaceuticals, and infrastructure continue to flourish.