Khan's fortune has been steadily rising over his 33-year career in cinema.
"Bollywood's Badshah, Shah Rukh Khan, joins the billionaire club for the first time with a wealth of INR 12,490 crore," Hurun reported.
This ranks him in wealth alongside singer Rihanna and golfer Tiger Woods, above actors Arnold Schwarzenegger and Jerry Seinfeld, and just shy of singer Taylor Swift, who is valued at $1.6bn by Forbes.
He is followed on the list by actress Juhi Chawla and her family ($880m), actor Hrithik Roshan ($260m), filmmaker Karan Johar ($200m), and legendary actor Amitabh Bachchan ($183m).
While acting remains a significant source of his income, analysts say Khan's wealth comes largely from his business ventures.
He co-owns Red Chillies Entertainment, a major production house, and Knight Rider Sports, which owns the IPL franchise Kolkata Knight Riders. Together with film revenues, advertising deals, and international real estate investments, these holdings have helped expand his financial empire.
"Khan's billionaire status is driven mainly by his stakes in Red Chillies Entertainment and Knight Rider Sports," Anas Rahman Junaid, founder and chief researcher at Hurun India, told the BBC.
"As the Indian economy matures and moves to its next stage of wealth creation, we're seeing new centres of value emerge beyond traditional sectors like manufacturing, IT and banking."
In 2023, Khan's blockbuster film Jawan grossed nearly £83.7m at the domestic box office and this year he earned his first National Award for Best Actor for the role.
With nearly 100 million followers across Instagram and X, he also remains one of the country's most influential figures on social media.