Nikhil Kamath, 37-year-old co-founder of Zerodha, is India's youngest billionaire, according to Forbes 2024 list. His wealth has been pegged at $3.1 billion. The wealth of his elder brother Nithin Kamath, 44, has been estimated at $4.6 billion. Nikhil Kamath, a school dropout, took up his first job at a call centre later and then began to trade stocks. And later when the Kamath brothers founded Zerodha in 2010 everything changed.
In an interview with South China Post he said: "Timing is everything. People often fail to recognise its importance. I am cognisant of the fact that I have been quite lucky and in the right place at the right time, with great colleagues who have shared my journey.”
On a more personal note, Kamath recalls a pivotal moment from his early career: "I began my professional journey working at a call center, where I was first introduced to the stock markets. As a trader, one of my most cherished memories is making my first profitable trade and realizing the potential of the stock market," he said.
Nikhil Kamath is also the founder of True Beacon, an investment management firm catering to ultra-high net worth individuals.
Indian Billionaires Soar To New Highs
The rally in Indian stock markets over the past one year produced a record crop of 200 Indians on Forbes’ 2024 list of the World’s Billionaires—up from 169 last year. Their combined wealth is approaching a trillion dollars, with a record total of $954 billion—up 41% from $675 billion last year and well exceeding 2022’s total of $750 billion.
With shares of his Reliance Industries conglomerate booming, the net worth of Mukesh Ambani shot up to $116 billion, from $83 billion, making him the first Asian to break into the exclusive $100 billion club on the World’s Billionaires list. Ambani retained his position as the ninth richest person in the world and remains both India’s and Asia’s richest person.
The biggest dollar gainer among Indian billionaires this year is infrastructure and commodities tycoon Gautam Adani, who added $36.8 billion to cement his position as India’s second wealthiest citizen.
New Billionaires
Overall, the wealth of more than two-thirds of the Indian billionaires on the list swelled from last year. Twenty-five new Indian billionaires made their debut. Among them are Naresh Trehan, a leading cardiac surgeon-turned-healthcare entrepreneur, who owns and runs the Medanta chain of hospitals and Ramesh Kunhikannan, founder of Kaynes Technology.
Only four people from last year’s list dropped off this time, including Byju Raveendran, whose firm Byju’s was enveloped in multiple crises and its valuation was marked down to a fraction of its peak $22 billion valuation in 2022.
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