MUMBAI, 10 OCTOBER, 2023 (GPN): Today, Tuesday Hurun India and 360 ONE Wealth released it’s much awaited and sought after report, the “360 ONE Wealth Hurun India Rich List 2023”, According to Hurun, India added two new billionaires every three weeks in the last year and today has 259 billionaires, a 4.4-fold growth in 12 years.

As per the Hurun India Rich List 2023 , there are 1,319 individuals in India with a net worth of more than 1,000 crore rupees, up by 216 over last year. The cumulative wealth of those listed is 109 lakh crores more than the combined GDP of Singapore, UAE, and Saudi Arabia.

Amid concerns about inequities, the report stated that 51 people had their fortune quadruple this year, compared to 24 the previous year.

Mumbai topped the India Rich list with 328 individuals, followed by New Delhi (199) and Bengaluru (100); for the first time, it said, adding that Tiruppur debuted in the top 20 cities producing the most newcomers.

With a fortune of Rs 3,000 crore, industry veteran Manish Kejriwal of Kedaara Capital has become the first person from the private equity sector to make the list of richest Indians.

This is the 12th annual edition of the list, unveiling the wealthiest individuals in the country. During this period, the wealth of Reliance Industries Chairman Mukesh Ambani has surpassed Adani Group’s Gautam Adani to become the richest Indian. Mukesh Ambani’s wealth has increased from Rs 165,100 crore in 2014 to a whopping Rs 808,700 crore, registering an incredible four-fold surge. As per this report, Gautam Adani has a wealth of Rs 474,800 crore.

Adani was Rs 3 lakh crore ahead of Ambani in 2022, but owing to the Hindenburg Research Report experienced a substantial decline. However, Ambani overcame the deficit and surpassed it in 2023, when his fortune was Rs 3.3 lakh greater.

Adani (61), has risen from sixth in 2019 to second in 2023, with his wealth increasing fivefold. In the last five years, Ambani’s wealth has expanded 2.1 times, while Poonwalla and family’s wealth has tripled.

Cyrus S Poonawalla (82), the founder of Serum Institute of India, is at number three in the list, with a total wealth of Rs 2.78 lakh crore. Shiv Nadar of HCL Technologies has retained his fourth position with Rs 2.28 lakh crore. Gopichand Hinduja, Dilip Shanghvi, L N Mittal, and Kumar Mangalam are also included in the top list.

Only two of the top ten individuals on the list saw their fortunes erode. According to data, Adani’s fortune has decreased by 57%, while Radhakishan Damani’s wealth has decreased by 18%.

Poonawalla & family saw the biggest absolute gains in the recent year, with an addition of Rs 73,100 crore.

Zepto founder Kaivalya Vohra, 20, is the list’s youngest member. Byju’s founder, Byju Raveendran, left the list as a result of investor markdowns.

The pharmaceutical industry had the most entrepreneurs on the list, with 133, followed by chemicals and petrochemicals and industrial products, which had 109 and 96 entrepreneurs, respectively.

Radha Vembu of Zoho surpassed Falguni Nayar of Nykaa to become the wealthiest self-made Indian woman on the list. Meanwhile, Confluent founder Neha Narkhede, 38, is the list’s youngest self-made woman.

Ratan Tata is the most followed entrepreneur in India, with 12.6 million followers on X, followed by Anand Mahindra, who has roughly 10.8 million followers.

Even though the average wealth of those on the list fell by 9.3%, their cumulative worth climbed by 8.5%.

Mahendra Ratilal Mehta of Precision Wires India made his debut on the list at the age of 94.

Yatin Shah, Co-Founder, 360 ONE & Joint CEO, 360 ONE Wealth, said, “This year’s list highlights the immense entrepreneurial spirit of the country, with 64% being self-made. It’s a privilege for us at 360 ONE Wealth to partner with Hurun on this annual showcase of India’s wealthiest individuals, highlighting their contributions to the nation’s economic growth.”

“With 1,319 individuals now possessing ₹1,000 crore or more, we are witnessing a remarkable surge, up by 76 per cent over the last five years,” he added

Yatin Shah also stated that the cumulative wealth of the listers has increased to Rs 109 lakh crore, surpassing the combined GDP of Singapore, UAE, and Saudi Arabia.

Anirudha Taparia, Co-Founder & Joint CEO, 360 ONE Wealth said, “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of around Rs 20,000 crore. With 262 new entrants spanning 30 industries and 61 cities, the 360 ONE Wealth Hurun India Rich List 2023 reflects a dynamic and diverse economic landscape.”

Anas Rahman Junaid, MD and Chief Researcher, Hurun India said, “The trends in 360 ONE Wealth Hurun India Rich List 2023 prove that India is a ‘shining moon’ in a global economy that is exploring every avenue for a soft landing to avoid recession. While the China Rich List remained stagnant this past year, India welcomed 278 fresh faces and an impressive 38 new billionaires, even in what’s termed a ‘challenging year.’ This surge in billionaire emergence is the second most prolific since the inception of our list. As the global economy steadies, we anticipate an even swifter ascent in India’s wealth trajectory.”

“From Tata to Birla, India has fostered some of the world’s most esteemed family business dynasties. Nearly 60% of the 360 ONE Wealth Hurun India Rich List is poised for intergenerational wealth transfer within the next decade. With the backing of professional managers and investors, the emerging leaders in these families are set to accelerate wealth creation in these businesses. The Indian wealth creation narrative is genuinely inspiring, with 66% of the list being self-made, a significant increase from 54% five years ago. Additionally, 67% of the new entrants this year are self-made individuals. The powerful wealth creation engine, propelled by first-generation entrepreneurs, contributes to 57% of the cumulative wealth on the list,” he added.

The report found that cumulative wealth in the list increased by 8.5 percent, while average wealth has decreased by 9.3%. About 1,054 individuals saw their wealth increase or stay the same, of which 278 are new faces, whilst 264 saw their wealth drop and there were 55 dropouts.

Interestingly, India has 259 billionaires, up 38 compared to last year. In terms of segment-wise contribution Industrial Products, Metals & Mining added the greatest number of new entrants to the list, Pharma was still at number one seeing 133 entrants to the list. Kaivalya Vohra (20), Founder, Zepto was the youngest in the list, indicating the impact of the start-up revolution.

DLF’s Rajiv Singh and family secured the top spot among real estate developers on the Hurun India Rich List 2023, boasting a wealth of Rs 78,900 crore. They were followed by Mangal Prabhat Lodha and the family of Macrotech Developers, holding a wealth of Rs 52,800 crore. Chandru Raheja and the family of K Raheja Corp claimed the third position with a wealth of Rs 45,700 crore.

Within the real estate sector, 52 individuals out of 1,319 names with a net worth over Rs 3,000 crore were recognized, with 11 newcomers added to the list in the past year. The collective value of the real estate industry witnessed a remarkable 27 percent growth, as reported by the list.

Among notable real estate developers, Niranjan Hiranandani of Nidar claimed the fourth position, amassing a wealth of Rs 38,600 crore. The fifth spot was secured by Arjun Menda and family of RMZ, holding a wealth of Rs 37,000 crore, followed by realtor Vikas Oberoi of Oberoi Realty, who possessed a wealth of Rs 28,700 crore.

Other prominent names in the rich list included Jitendra Virwani of Embassy Office Parks, ranking sixth with a wealth of Rs 22,700 crore. Raja Bagmane of Bagmane Developers was valued at Rs 22,600 crore, according to the list.

Rank	Name	Wealth (in Rs crore)	Change	Company	Age	Residence
1	Mukesh Ambani and Family	808,700	2%	Reliance Industries	66	Mumbai
2	Gautam Adani and Family	474,800	-57%	Adani	61	Ahmedabad
3	Cyrus S Poonawalla & Family	278,500	36%	Serum Institute of India	82	Pune
4	Shiv Nadar & Family	228,900	23%	HCL	78	New Delhi
5	Gopichand Hinduja & Family	176,500	7%	Hinduja Group	84	London
6	Dilip Shangvi	164,300	23%	Sun Pharmaceuticals	67	Mumbai
7	LN Mittal & Family	162,300	7%	ArcelorMittal	73	London
8	Radhakishan Damani & Family	143,900	-18%	Avenue Supermarts	68	Mumbai
9	Kumar Mangalam Birla & Family	125,600	5%	Aditya Birla	56	Mumbai
10	Niraj Bajaj & Family	120,700	7%	Bajaj Auto	69	Pune