2020 edition of IIFL Wealth Hurun India Rich List

• MUKESH AMBANI, CONTINUES TO BE THE RICHEST INDIAN FOR NINETH CONSECUTIVE YEAR. HE IS THE ONLY INDIAN TO FEATURE IN THE TOP 5 IN THE HURUN GLOBAL RICH LIST.

• TOP 100 INDIVIDUALS IN THE LIST ACCOUNT FOR NEARLY 64% WEALTH OF THE IIFL WEALTH HURUN INDIA RICH LIST 2020.

 

• 627 INCREASED THEIR WEALTH, OF WHICH 162 ARE NEW ENTRANTS 

• 64% SELF MADE, OF WHICH 2% ARE PROFESSIONAL MANAGERS

• BACKED BY STELLAR IPO OF HAPPIEST MINDS, THE FOUNDER ASHOK SOOTA, 77, WITH A WEALTH OF INR 3,700 CR , DEBUTS THE LIST

• CUMULATIVE VALUE OF THE LIST IS USD 821 BILLION (INR 60,59,500 CR), AN INCREASE OF USD 140 BILLION (INR 10,29,400 CR), COMPARED TO THAT OF 2019. 

• PHARMACEUTICALS, CHEMICALS & PETROCHEMICALS AND SOFTWARE & SERVICES ACCOUNT FOR 27% OF THE LIST. 

• RICHEST WOMAN IN THE LIST IS SMITA V CRISHNA, FOLLOWED BY KIRAN MAZUMDAR-SHAW.

• 20% OF THE INDIVIDUALS WHO REGISTERED A WEALTH OF MORE THAN INR 10,000 CRORE RESIDE OUTSIDE OF INDIA.

• WITH 217 INDIVIDUALS, MUMBAI TOPS THE LIST FOLLOWED BY NEW DELHI (128) AND BENGALURU (67).

• USA IS THE MOST PREFERRED COUNTRY BY NRIS, FOLLOWED BY THE UAE AND THE UK

• RICH LIST ENTRANTS BORN UNDER THE ARIES ZODIAC SIGN HAD THE BEST YEAR AND REGISTERED A 55% INCREASE IN CUMULATIVE WEALTH, FOLLOWED BY THOSE UNDER THE SCORPIO SIGN AT 52%.

MUMBAI, 29 SEPTEMBER, 2020 (GPN): Hurun Report India and IIFL Wealth Management Ltd. today released the Ninth Edition of IIFL Wealth Hurun India Rich List 2020. The List compiles the richest individuals in India having a wealth of INR 1,000 crore or more as on 31st August 2020. In the 2020 edition, IIFL Wealth Hurun India Rich List showcases 828 Indians.

Mukesh Ambani, Chairman of India’s most valued firm Reliance Industries, continues to top the IIFL Wealth Hurun India Rich List 2020 for the ninth consecutive year, with a total wealth of INR 6,58,400 crore. His total wealth has surged by 73% in the last 12 months, propelling him to become the richest individual in Asia and fourth richest person in the world.

London-based Hinduja brothers (SP Hinduja, along with his three brothers) with a joint wealth of INR 1,43,700 crore bagged the second position. HCL-Founder Shiv Nadar with a wealth of INR 1,41,700 crore ranked third, followed by Gautam Adani & family at fourth spot and Azim Premji at fifth spot. Radhakishan Damani, the founder of Avenue Supermarts, debuted in the top 10 wealthiest individuals ranking in the IIFL Wealth Hurun India Rich List 2020.

Top 10 Individuals

Rank	Name	Wealth INR Cr	Change	Company	Age	Residence
1-	Mukesh Ambani	6,58,400	73%	Reliance Industries	63	Maharashtra
2–	Hinduja brothers	1,43,700	-23%	Hinduja	–	Maharashtra, UK, Switzerland
3 (↑2)	Shiv Nadar & family	1,41,700	34%	HCL	75	Delhi
4 (↑2)	Gautam Adani & family	1,40,200	48%	Adani	58	Gujarat
5 (↓2)	Azim Premji	1,14,400	-2%	Wipro	75	Karnataka
6 (↑2)	Cyrus S Poonawalla	94,300	6%	Serum Institute of India	79	Maharashtra
7* (↑6)	Radhakishan Damani & family	87,200	56%	Avenue Supermarts	65	Maharashtra
8 (↓1)	Uday Kotak	87,000	-8%	Kotak Mahindra Bank	61	Maharashtra
9 (↑2)	Dilip Shanghvi	84,000	17%	Sun Pharmaceutical Industries	64	Maharashtra
10 (↓1)	Cyrus Pallonji Mistry	76,000	-1%	Shapoorji Pallonji	52	Maharashtra
10 (↓1)	Shapoor Pallonji Mistry	76,000	-1%	Shapoorji Pallonji	55	Monaco

↑ Rank increase yoy ↓ Rank decrease YoY – No Rank change yoy * New to Top 10

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

Commenting on the launch, Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said,

“The IIFL Wealth Hurun India Rich List is a barometer of the Indian economy, helping us understand which industries have gone up, innovated or gone down. The stories of these entrepreneurs tell the stories of India’s modern businesses.”

“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.” 

“With rising new wealth creators such as innovative startups, family businesses with strong professional management, investors who believe in the India story, and a demographic advantage that is inferior to none, the India’s wealth creation story is still yet to reach the half-way mark.”

“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 INR 1,000 Cr”, continued Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Speaking at the launch, Yatin Shah, Executive Director, IIFL Wealth & Asset Management said, “The IIFL Wealth Hurun India Rich List 2020, is a testament to our belief in the India growth story. Despite these unprecedented times, it is encouraging to note that the IIFL Wealth Hurun India Rich List 2020 has only grown. The sentiment among entrepreneurs and industry leaders has improved in recent months. India is witnessing multiple themes playing out simultaneously, which include rising wealth creation in Tier 2 and Tier 3 cities, change in behaviour of wealthy families with wealth preservation dominating investment decisions.”

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.”

The cut-off for the top 10 rose by 6% to INR 76,000 Cr this year, a 10% increase compared to the previous year. The cumulative wealth of IIFL Wealth Hurun India Rich Listers have increased by 20% compared to that of last year. 84 individuals have migrated from India and are NRIs. 19 saw their wealth double year on year. 

OTHER HIGHLIGHTS

All three of Udaan founders became the highest gainers in terms of wealth as compared to the 2019 edition – with increase of 274% in each of their wealth. Chigurupati Krishna Prasad (65), of Granules India, also registered a 218% jump in the wealth to INR 3,500 crore. With a wealth of INR 4,500 crore, Ritesh Agarwal (26) of Oyo Rooms is the youngest person on the list and with a wealth of INR 5,400 Crore, Dharam Pal Gulati (96) of MDH is the oldest on the list.

Nearly 5% of the list (40 individuals) is comprised of women. 10 out of these 40 women are self-made. The richest woman in the list is Smita V Crishna, 69, of Godrej with INR 32,400 crore, followed by Kiran Mazumdar-Shaw, 67, of Biocon with a wealth of INR 31,600 crore also the richest self-made woman in India. The average age of women on the list is 61 years.

Being home to 217 individuals that comprise 26% of the list, Mumbai is the residential capital of India’s wealthy, followed by New Delhi and Bengaluru. In the year 2020, Mumbai registered an increase of 41 individuals from the rich list, while New Delhi lost 5 of them. More than half of the new additions in IIFL Wealth Hurun India Rich List 2020 are contributed by top three cities this year – this was 36% last year. 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. 

USA, UAE & UK are the preferred countries for migration. 84 NRIs who feature in the IIFL Wealth Hurun Indian Rich List 2020. With 37 individuals, USA is the most preferred country by NRIs, followed by the UAE and the UK, which are home to 18 and 14 individuals, respectively.

The IIFL Wealth Hurun India Rich List 2020 has been researched and compiled by the Hurun Research Institute for the ninth year running, using a cut-off of 31 August 2020 when the rate of exchange to the US dollar was INR 73.67. The list relates to Indians only, defined as born or brought up in India.

Methodology   

The IIFL Wealth Hurun India Rich List 2020 has been researched and compiled by the Hurun Research Institute for the seventh year running, using a cut-off of 31 August 2020 when the rate of exchange to the US dollar was INR 73.67. The list relates to Indians only, defined as born or brought up in India.

Valuing the wealth of India’s richest is as much an art as it is a science. Sure, Hurun Report has missed some, but our endeavor has been to develop the most comprehensive report of its kind with an objective to identify and acknowledge India’s top entrepreneurs and business owners. The source of wealth includes both inherited and self-made wealth. Hurun Report’s team of researchers have traveled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers and all possible sources of information. 

For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, EV to EBITDA and also other methodologies including Discounted Cash Flow, Tobin’s Q and so on. In certain cases of early-stage companies, Hurun Report has used the First Chicago Method for valuation. ENDS

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Information Subject to Change: The information given in this document is not exhaustive and is subject to change without notice.

Hurun Report Disclaimer

This report has been prepared by the Hurun Report. All the data collection and the research has been done by the Hurun Report. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information contained in this report has been obtained from sources which are considered reliable. By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun Report. Hurun Report does not guarantee the accuracy, adequacy or completeness of any information contained in the report and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report under the credit to it assumes any liability towards the user with respect to its information. Hurun Report shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report. Hurun Report shall not be liable to any user of this report (and expressly disclaim liability) for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen.

About IIFL Wealth

IIFL Wealth Management Ltd (IIFL Wealth) is one of the leading wealth management companies in India and serves the highly specialized and sophisticated needs of high net worth and ultra-high net worth individuals, family offices and institutional clients.

IIFL Wealth recognises that incremental innovation is vital to develop a holistic products platform that serves the evolving needs of entrepreneurs, business leaders and the wealthy in India. 

IIFL Wealth helps India’s wealthy to preserve, protect and grow their legacy. A deep understanding of clients results in a comprehensive range of tailored wealth management solutions for the discerning clients.

The company is investment and financial advisor to more than 6,300 influential families in India and abroad. It is the first pure wealth management company to get listed on the leading stock exchanges of India.

IIFL Wealth has more than INR 185,000 crore of assets under management, and 29 offices with 900+ team strength and has won more than 110 awards of repute. The competitive positioning and growth prospects of the company have been endorsed by way of investments from General Atlantic, Ward Ferry, Rimco Mauritius, Amansa Holdings Steadview and HDFC Standard Life Insurance among others. 

About the Hurun Report      

Hurun Report is a leading luxury publishing and events group established in London in 1998 with a strong presence in China and India. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally.

Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a USD20m early-stage venture capital fund with investments into tech, media, retail and education.

About Hurun India

“Promoting Entrepreneurship Through Lists and Research”

Hurun India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted Pan-India.

Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2020, a ranking of the 2,816 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the ninth India Rich List which ranks the 828 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur. For the full details, please refer to on www.hurunindia.net.

The Hurun India Philanthropy List ranks the most generous individuals in India and is now on its 5th anniversary. Indians give much more generously than many have previously understood. 

The Hurun Real Estate Rich List ranks the top real estate developers in the country and is now on the 4th anniversary.

In 2018, Hurun Report launched the Hurun India Women Rich List, aimed at celebrating the success stories of some of the most amazing women wealth creators and inheritors. 

In 2019, Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. This we believe is a watershed moment in the art history of India, where we expect more entrepreneurs to start collecting. 

In 2019, Hurun Luxury Consumer Survey was debuted to understand and speak about spending habits of ultra-high net worth individuals. 

In 2020, Hurun India Unicorn Index was debuted to track and speak about the top young wealth creators of the country.

For the full details, please refer to on www.hurunindia.net. ENDS