Mukesh Ambani becomes the richest Indian for 9th successive year

SP Hinduja, along with his three brothers account to a joint wealth of Rs 1,43,700 crore held the second position. HCL-Founder Shiv Nadar with a wealth of Rs 1,41,700 crore ranked third, followed by Gautam Adani & family at fourth spot and Azim Premji at fifth spot.

Mukesh Ambani has maintained his position as the richest Indian for the 9th year running, with a total wealth of Rs 6,58,400 crore. He is now the richest individual in Asia and fourth richest person in the world, being the result of a 73% surge in the last 12 months.

Anas Rahman Junaid, MD and Chief Researcher, Hurun India said, "28% of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking Ambani's meteoric success post diversifying from oil to telecom and retail. A further 21% of the additional wealth has been generated by pharma, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19.”

The Ninth Edition of IIFL Wealth Hurun India Rich List 2020, which was released on Tuesday by Hurun Report India and IIFL Wealth Management Ltd, showcases 828 richest Indians having a wealth of Rs 1,000 crore or more as on 31st August 2020.

Anirudha Taparia, Executive Director, IIFL Wealth & Asset Management commented, “India is a land of entrepreneurs and we are indeed pleased that IIFL Wealth Hurun India Rich List 2020, is able to showcase not just entrepreneurship but various other facets of our nation’s wealth creators. What is even more encouraging is that while the number of wealthy in the top cities have increased, the list features entrepreneurs from 111 cities, which is a testimony of the wealth creation taking place across the country.”

SP Hinduja, along with his three brothers account to a joint wealth of Rs 1,43,700 crore held the second position. HCL-Founder Shiv Nadar with a wealth of Rs 1,41,700 crore ranked third, followed by Gautam Adani & family at fourth spot and Azim Premji at fifth spot. The founder of Avenue Supermarts,Radhakishan Damani made his debut in the top 10 wealthiest individuals ranking.

All three of Udaan founders became the highest gainers in terms of wealth as compared to the 2019 edition – with an increase of 274% in each of their wealth. Chigurupati Krishna Prasad, of Granules India, also registered a 218% jump in the wealth to Rs 3,500 crore. With a wealth of Rs 4,500 crore, Ritesh Agarwal (26 years) of Oyo Rooms is the youngest person on the list and with a wealth of Rs 5,400 Crore, Dharam Pal Gulati (96 years) of MDH is the oldest on the list.

Nearly 5% of the list comprised women. About 10 out of these 40 women are self-made. Smita V Crishna of Godrej with Rs 32,400 crore is the richest woman on the list followed by Kiran Mazumdar-Shaw of Biocon with a wealth of Rs 31,600 crore. The average age of women on the list is 61 years.

“Assuming that for every one Hurun rich lister we have found, we have probably missed two, it is likely that India today has 2,000 individuals with Rs 1,000 crore”, continued Junaid.

More than half of the new additions in IIFL Wealth Hurun India Rich List 2020 are contributed by the top three cities this year Mumbai, New Delhi, Bengaluru. Further, with 248 and 128 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in IIFL Wealth Hurun India Rich List 2020.