Mukesh Ambani (64) remained the richest Indian for the 10th year in a row with Rs 7.2 lakh crore. The rise in commodity prices has enabled magnates including Lakshmi Mittal (71) and Kumar Mangalam Birla (54) to be part of India’s top 10. Vaccine king Cyrus S Poonawalla of Serum Institute of India, whose assets rose 74% to Rs. 1,63,700 crore is at 6th place.
brother of gautam adani Vinod Shantilal Adani, who owns a trading business in Dubai, also made it to the top 10 ahead of Birla, his wealth increasing three times to Rs 1.31 lakh crore.
India’s rich have witnessed the fastest pace of wealth creation in the last decade with assets worth Rs 2,020 crore every day for the last 10 years. Hurun, which compiles a list of the super-rich in India in partnership with IIFL Wealth Management, has highlighted the trends of the last decade in this year’s rankings.
“The number of people entering the IIFL Wealth Hurun India Rich List has increased from just 100 ten years ago to 1,007 today. At this rate, in five years, I expect the list to grow to 3,000 individuals. The development of the IIFL Hurun India Rich List is a reflection of India’s economic growth story,” said Anas Rehman Junaid, MD and lead researcher, Hurun India.
According to Junaid, a decade ago, the cut-off to be among the top 10 in India was Rs 30,800 crore, which has increased to Rs 1,21,600 crore. However, the cut-off to enter the top 100 has increased nine times from Rs 1,800 crore to Rs 16,800 crore. Pharma has been the largest contributor to wealth creation with 130 individuals on the pharma-rich list, followed by chemicals (98) and software (81).
With the addition of 59 new billionaires, the number has gone up to 237. Another interesting finding is that, unlike a decade ago, wealth creation is no longer limited to large cities and includes people from Haridwar to Thiruvananthapuram, who account for the total number of cities. at 76.
According to Anirudh Taparia, Joint CEO, IIFL Wealth, most of the billionaires largely invest in equities and fixed income securities. Also, most of their money is invested in India where wealth creation is fastest. “They can invest Rs 10 out of Rs 100 abroad, but most of it is invested back in the country,” he said.
Plus, the new age billionaires who have built wealth through startups are giving back a lot to startups. “They are investing back in the ecosystem. They are far more comfortable taking on this particular risk, where there is a lot of liquidity,” Taparia said. There have also been a lot of pre-IPO investments recently, he added.
Other trends include declining age. From the youngest billionaire Shivinder Mohan Singh at 34 ten years ago, the youngest ever has come down to 23 eternal disobedience Bharat Pay has made it to this list. Another trend was the entry of professional managers, 14 of whom made it to the rich list. Furthermore, self-made billionaires now occupy two-thirds of the list, up from less than half a decade ago.
A global new entrant in the top ten is Jay Choudhury (62) of a California-based enterprise cloud security firm. zasklar. The sector which has not done well in the last 12 months is jewelery in which 12 businessmen have been left out of the list of the rich. Anil Ambani, Vijay Mallya, businessmen who have been out for a decade Venugopal Dhoot, Rana Kapoor, Nirav Modi, Mehul Choksi and Malvinder Mohan Singh and Shivinder Mohan Singh.
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