Indian billionaire business magnate, and the chairman, managing director of Reliance Industries Ltd, Mukesh Ambani has made Rs 90 crore every hour since the March lockdown, shows the IIFL Wealth Hurun India Rich List 2020.
According to the report, Ambani’s personal wealth increased by Rs 2,77,700 crore to Rs 6,58,400 crore, as he clinged to the richest Indian title for the ninth year in a row. Ambani’s wealth is now more than the combined wealth of the next five in the list.
According to Hurun, Ambani is the only Indian to feature among the top 5 on its global rich list.
The chairman and managing director at the Reliance Industries Ltd saw his total wealth increasing 73% in last 12 months, making him the richest man in Asia. After the Hurun Billionaire List was introduced in 2013, the numbers of billionaires in India has grown three times to 179.
According to Hurun India, there are 828 individuals in India with more than Rs 1,000 crore wealth today, up three-fold over the numbers five year ago. The combined wealth of India’s richest stood at $823 billion, which was one-third of India’s GDP and over the combined GDP of Pakistan, Bangladesh, Sri Lanka, Afghanistan and Bhutan.
“A 28 per cent of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking his meteoric success post diversifying from oil to telecom and retail. A further 21 per cent of the additional wealth has been generated by pharmaceuticals, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19," said MD and Chief Researcher at Hurun India, Anas Rahman Junaid.
Hinduja brothers that is SP Hinduja and his three brothers, had a combined wealth of Rs 1,43,700 crore and are second on the list. HCL Founder Shiv Nadar with Rs 1,41,700 crore ranked third, followed by Gautam Adani & family at fourth spot and Azim Premji at fifth spot, Hurun report stated.
The founder of Avenue Supermarts, Radhakishan Damiani debuted in the top10 wealthiest individuals ranking. Followed by stellar IPO of Happiest Minds, the founder Ashok Soota, 77, with a wealth of Rs 3,700 crore.
The IIFL Wealth Hurun India Rich List 2020 is accumulated by the Hurun Research Instute, utilising a cut-off of 31st August 2020 when the dollar exchange rate was 73.67. The list connects with Indians only.
“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 or more wealth,” Junaid stated.
In the group of 823 who made it to the list, 627 witnessed an increase in their wealth in 2020. There were 162 new entries on the list, of which 76% are self-made. As many as 229 of the people who featured on the latest list saw their wealth shrink during the year.
“Self-made Indian entrepreneurs on the list are up at 64 per cent from 54 per cent of five years ago. As many as 90 per cent businesses on the list are family run, indicating the success of family-run entrepreneurship In India,” the report stated.
With an assects of Rs 32,400 crore, Smita V Crishna is the richest woman on the list. And with Rs 31,600 crore wealth, that has risen 71 % in last one year, Biocon’s Kiran Mazumdar comes next in the list.
With 217 individuals, Mumbai topped the rich list followed by New Delhi (128) and Bengaluru (67). New Delhi lost five rich listers, Mumbai gained 41 even as Chennai surpassed Kolkata on the list.