This story appears in the October 20, 2014 issue of Forbes Asia.
After the Bharatiya Janata Party’s landslide victory in May’s federal
election, Prime Minister Narendra Modi famously tweeted that “good days
are here.” Indeed, they’re back with a bang for India’s 100 Richest.
For the first time the top 100 are all billionaires, with combined
wealth of $346 billion, up more than a third from 11 months ago.
Propelled by the euphoria, the stock market has gained 28% since
January, though the economy, growing at 5.7% in the last quarter, has
yet to catch up. Food inflation, hardly the concern of the wealthy,
still hovers at close to double digits.
Click here for the full list of India’s Richest
Snatching the biggest bonanza is ports magnate Gautam Adani,
who hails from Modi’s native Gujarat state and is known to be the PM’s
personal friend. Shares of Adani’s companies started soaring ahead of
the elections on hopes of a BJP victory. The gains added close to $4.5
billion to his wealth, more than anyone else. Adani, who jumped 11 spots
to No. 11, has since been on a buying spree: He bought a port in
eastern India from the Tata Group for $900 million and agreed to pay $1
billion for a power plant in southern India.
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