Mukesh Ambani, the Hinduja brothers and Shiv Nadar topped the IIFL Wealth Hurun India Rich List 2020, which ranks individuals with a net worth of Rs 1,000 crore or more as on 31 August.
Mukesh Ambani, chairman and MD of Reliance Industries, ranked at the top on the IIFL Wealth Hurun India Rich List for the ninth consecutive year, with a total wealth of Rs 6,58,400 crore.
Ambani is followed by London-based Hinduja brothers (SP Hinduja, along with his three brothers) with a joint wealth of Rs 1,43,700 and HCL founder Shiv Nadar with a wealth of Rs 1,41,700 crore. Radhakishan Damani, founder of Avenue Supermarts, debuted in the top 10 list this year with a net worth of Rs 87,200 crore that put him at the 7th spot.
Hurun Report India and IIFL Wealth Management Ltd. Tuesday released the ninth edition of IIFL Wealth Hurun India Rich List 2020. The list ranks the richest individuals in India with net worth of Rs 1,000 crore or more as on 31 August 2020. This year, 828 Indians including 50 women, featured on the list. Of them, 64 per cent are self-made, while two per cent are professional managers.
The other Indians among the top 10 with a net worth more than Rs 1,000 crore include Gautam Adani & family (Rs 1,40,200 cr), Azim Premji (Rs 1,14,400 cr), Cyrus S. Poonawalla (Rs 94,300 cr), Uday Kotak (Rs 87,000 cr), Dilip Shanghvi (Rs 84,000 cr) and Cyrus and Shapoor Pallonji Mistry (Rs 76,000 cr).
Ambani’s wealth surges by 73%
In the last 12 months, Mukesh Ambani’s wealth surged by 73 per cent, leading him to become the richest individual in Asia and fourth richest person in the world.
“28 per cent 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 per cent 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,” said Anas Rahman Junaid, managing director and chief researcher at Hurun India.
Nearly five per cent (40 out of 828) individuals on the list are women, and 10 out of 40 of them are self-made.
The richest woman is 69-year-old Smita V Crishna of Godrej, with a net worth of Rs 32,400 crore, followed by 67-year-old Biocon chairperson Kiran Mazumdar-Shaw, with a wealth of Rs 31,600 crore. Shaw is also the richest self-made woman in India. The cut-off for the top 10 rose by six per cent to Rs 76,000 crore this year, a 10 per cent increase compared to the previous year.
Mumbai home to richest Indians
About 26 per cent of the richest individuals (217 out of 828) are from Mumbai, which makes it the residential capital of India’s wealthy, followed by New Delhi and Bengaluru. In 2020, Mumbai registered an increase of 41 individuals on the rich list, while New Delhi lost five of them.
With 248 and 128 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in the rich list. However, 20 per cent individuals who registered a wealth of more than Rs 10,000 crore reside outside India.