The Hurun Report India and IIFL Wealth Management Ltd on Wednesday released 8th edition of the list in which 953 individuals, who crossed the threshold of Rs 1,000 crore across 41 industries feature in The IIFL Wealth Hurun India Rich List 2019.
Ambani continues to top the list for the eighth consecutive year, with a total net worth of Rs 380,700 crores.
London-based SP Hinduja & family, worth Rs 186,500 crores, retains the second rank in the list.
With a wealth of Rs 1,17,100 crore, Azim Premji, the founder of Wipro, rises to the third spot. LN Mittal, Chairman & CEO of ArcelorMittal, is the 4th richest with a wealth of Rs 1,07,300 crore. Gautam Adani stormed into the top 5 with a total wealth of Rs 94,500 crore.
Interestingly, while the number of Indians in the 2019 edition of IIFL Wealth Hurun India Rich List has grown from 831 in 2018 to 953, the number of $Billionaires have reduced from 141 to 138.
The combined wealth of the top 25 in the list equates to 10% of India’s GDP and that of 953 accounts for 27% of the same.
Interestingly, while the cumulative wealth for this year shows an increase of 2% compared to last year; the average wealth shows a decline of 11%.
344 individuals or more than a third of this year’s list witnessed wealth reduction and another 112 could not meet the threshold of Rs 1000 crore.
Speaking at the launch of the report, Anas Rahman Junaid, MD & Chief Researcher, Hurun Report India, said, “With all the conversation around economic slowdown and overheating of economy – the IIFL Wealth Hurun India Rich List of 2019 celebrates the growing tribe of Indian wealth creators – both in India and abroad.”
With 246 individuals or 26% of the list, Mumbai comes on top when it comes to the residence of India’s top entrepreneurs, followed by New Delhi (175) and Bengaluru (77).
There are 82 NRIs on the coveted list of which 76 are self-made. With 31 individuals, USA is the most preferred country for NRIs, followed by the UAE and the UK.
With a net worth of Rs 7,500 crore, Ritesh Agarwal (25) of Oyo Rooms is the youngest selfmade entrepreneur and the wealthiest under 40 years (age) is Divyank Turakhia (37) of Media.net.
The list includes 152 women. Roshni Nadar of HCL technologies is the richest woman followed by Smita V Crishna of Godrej Group with a net worth of Rs 31,400 crore. With a net worth of Rs 18,500 crore, Kiran Mazumdar-Shaw of Biocon retains the crown of the richest self-made woman in India.
“With the India story gaining momentum, supported by a young and aspirational demography – the potential of wealth management in the country has merely scratched the surface,” said Yatin Shah, Co-founder & Executive Director, IIFL Wealth Management Ltd.