M3M HURUN GLOBAL RICH LIST 2023 - INDIAN BILLIONAIRES IN THE CONTEXT OF THE WORLD

WORLD LOST 5 BILLIONAIRES EVERY WEEK FOR LAST YEAR. BILLIONAIRES DOWN FOR SECOND TIME ONLY IN TEN YEARS. WORLD HAS 3112 BILLIONAIRES, DOWN 269. 

CHINA LEADS THE M3M HURUN GLOBAL RICH LIST 2023  FOLLOWED BY USA . BETWEEN THEM, CHINA AND USA HAVE 53% BILLIONAIRES IN WORLD. INDIA THIRD WITH 187, DOWN 28. GERMANY OVERTOOK UK FOR FOURTH PLACE WITH 144 BILLIONAIRES.

445 DROPOFFS, LED BY CHINA , FOLLOWED BY USA  AND INDIA .

176 NEW FACES, LED BY CHINA , FOLLOWED BY USA  AND INDIA .

WITH A WEALTH OF US$82BN, MUKESH AMBANI (66) OVERTAKES GAUTAM ADANI (61), TO BAG THE RICHEST INDIAN TITLE.  MUKESH AMBANI, WHO IS ASIA’S RICHEST IS THE ONLY INDIAN TO ENTER THE TOP 10 IN 2023 M3M HURUN GLOBAL RICH LIST.

WITH A NET LOSS OF US$28BN, GAUTAM ADANI SLIPPED TO THE SECOND SPOT. GAUTAM ADANI LOST INR 3,000 CRORES EVERY WEEK OVER THE LAST YEAR.

WITH 187 BILLIONAIRES RESIDING IN INDIA AND 16 NEW ADDITIONS, INDIA CONTINUES TO BE THE THIRD LARGEST BILLIONAIRE PRODUCING NATION IN THE WORLD; THE NUMBER RISES TO 217 IF INDIAN ORIGIN BILLIONAIRES ARE ADDED.

OVER THE LAST FIVE YEARS, INDIAN BILLIONAIRES IN 2023 M3M HURUN GLOBAL RICH LIST ADDED CIRCA US$361 BN TO THEIR CUMULATIVE WEALTH – THIS IS EQUIVALENT TO HONG KONG’S GDP

MUMBAI IS HOME TO 66 BILLIONAIRES, FOLLOWED BY NEW DELHI (39) AND BENGALURU (21)

HEALTHCARE SECTOR MINTED THE MOST NUMBER OF INDIAN DOLLAR BILLIONAIRES, FOLLOWED BY CONSUMER GOODS AND CHEMICALS ON THE OTHER HAND FINANCIAL SERVICES, HEALTHCARE AND RETAIL SECTOR MINTED MORE GLOBAL BILLIONAIRES

WITH A WEALTH OF US$27BN, VACCINE KING CYRUS S POONAWALLA, OF SERUM INSTITUTE OF INDIA, IS THE RICHEST HEALTHCARE BILLIONAIRE IN THE WORLD FOLLOWED BY DILIP SHANGHVI & FAMILY (US$17BN) OF SUN PHARMACEUTICAL INDUSTRIES

WITH A WEALTH OF US$7.1BN, AND ALTHOUGH DOWN 108 RANKS THIS YEAR, ASHWIN S DANI & FAMILY, RANKED 377TH, IS THE RICHEST PAINT ENTREPRENEUR IN THE WORLD

INDIA IS ALSO HOME TO THE RICHEST AVIATION BILLIONAIRES IN THE WORLD. WITH A WEALTH OF US$ 3.6BN AND US$3.3BN RESPECTIVELY, RAKESH GANGWAL AND RAHUL BHATIA AND FAMILY OF “INDIGO” AIRLINES ARE THE WEALTHIEST AVIATION BILLIONAIRES. 

JUMPING 1,005 RANKS OVER THE LAST THREE YEARS, AND WITH A WEALTH OF US$3.3BN BYJU RAVEENDRAN AND FAMILY, RANKED 994ND, OF BYJU’S IS THE SECOND RICHEST ENTREPRENEUR FROM THE EDUCATION SECTOR IN THE WORLD.

DOWN 11 RANKS OVER THE LAST YEAR, GAUTAM ADANI IS THE THIRD RICHEST ENERGY ENTREPRENEUR IN THE 2023 M3M HURUN GLOBAL RICH LIST

WITH A WEALTH OF US$82BN, MUKESH AMBANI IS THE RICHEST TELECOM ENTREPRENEUR IN THE 2023 M3M HURUN GLOBAL RICH LIST

IMPROVING 103 RANKS OVER THE LAST YEAR, AND WITH A WEALTH OF US$4BN, RADHA VEMBU, THE SISTER OF CEO SRIDHAR VEMBU, IS THE SECOND RICHEST SELFMADE WOMEN IN THE WORLD FROM SOFTWARE & SERVICES. 

JUMPING 186 RANKS OVER THE LAST FIVE YEARS, AND WITH A WEALTH OF US$14BN, KUMAR MANGALAM BIRLA & FAMILY, RANKED 136TH, IS THE SECOND RICHEST CEMENT MANUFACTURER IN THE WORLD.

WITH A WEALTH OF US$8.2BN, NUSLI WADIA & FAMILY OF BRITANNIA IS THE RICHEST BISCUIT MANUFACTURER IN THE WORLD. 

ANIL RAI GUPTA & FAMILY OF HAVELLS INDIA, US$3.6BN, IS THE THIRD RICHEST HOUSEHOLD APPLIANCES ENTREPRENUER IN THE WORLD.

IMPROVING 52 OVER THE LAST FIVE YEARS, AND WITH A WEALTH OF US$26BN SHIV NADAR & FAMILY, IS THE THIRD RICHEST SOFTWARE & SERVICES BILLIONAIRE IN THE WORLD. 

WORLD’S LARGEST RICH LIST PROVIDER HURUN LAUNCHES 12TH ANNIVERSARY EDITION OF 2023 M3M HURUN GLOBAL RICH LIST, IN ASSOCIATION WITH M3M INDIA.

Key Global Findings in the 2023 M3M Hurun Global Rich List

3,112 BILLIONAIRES IN THE WORLD, DOWN 8% OR 269 FROM LAST YEAR’S 3,381, BUT STILL UP FROM PRE-COVID IN 2020 AND MORE THAN DOUBLE THE 1,453 OF TEN YEARS AGO.

TOTAL WEALTH DOWN: TOTAL WEALTH DECLINED BY 10% TO US$13.7TN.

ASIA AHEAD OF NORTH AMERICA AND EUROPE. ASIA, WITH 57% OF WORLD’S POPULATION, ACCOUNTED FOR 59% OF NEW FACES, 49% OF BILLIONAIRES AND 39% OF WEALTH. NORTH AMERICA AND EUROPE BETWEEN THEM HAVE 15% OF WORLD POPULATION, 37% OF NEW FACES, 46% OF BILLIONAIRES AND 57% OF TOTAL WEALTH.

SOURCE OF WEALTH. CONSUMER GOODS (9.2%) AND FINANCIAL SERVICES (9.1%) TOP TWO SOURCES OF WEALTH.  HEALTHCARE OVERTOOK RETAIL FOR THIRD PLACE.

GOOD YEAR FOR FERTILISERS AND COMMODITY TRADING, IRON & STEEL AND OIL & GAS, SOFT DRINKS & CONFECTIONARY, CASINOS & HOTELS, SPORTS CLUBS & LUXURY GOODS.

BAD YEAR FOR SEMICONDUCTORS, CLOUD SOLUTIONS, CYBER SECURITY, PAYMENT SYSTEMS, E-COMMERCE, BATTERIES & NEW ENERGY.

FASTEST RISERS IN YEAR. 31 INDIVIDUALS ADDED US$5BN OR MORE, LED BY 13 FROM THE USA, 4 FROM FRANCE AND 3 FROM RUSSIA. BERNARD ARNAULT AND BERTRAND PUESCH FASTEST RISERS, ADDING US$80BN BETWEEN THEM.

82 ARE FORTY OR UNDER, OF WHICH 56 ARE SELF-MADE, DOWN 30 FROM LAST YEAR. 26 INHERITED.

247 SELF-MADE WOMEN, DOWN 22 FROM LAST YEAR. CHINA DOMINATED WITH 81%. OKLAHOMA-BASED ‘ROOFING QUEEN’ DIANE HENDRICKS, 76, OF ABC SUPPLY RICHEST SELF-MADE WOMAN IN WORLD FOR FIRST TIME WITH US$17BN, WHILST FRANCOISE BETTENCOURT MEYERS, 69, OF L’OREAL IS THE RICHEST WOMAN IN THE WORLD WITH US$80BN.

13.7% ARE IMMIGRANT BILLIONAIRES, UP FROM 13.0%. USA LED WITH 114 FIRST-GENERATION IMMIGRANT BILLIONAIRES, FOLLOWED BY 57 IN THE UK AND 54 IN SWITZERLAND. ELON MUSK OF TESLA (BORN IN SOUTH AFRICA) AND SERGEY BRIN OF GOOGLE (BORN IN RUSSIA) ARE THE RICHEST IMMIGRANTS. THE NUMBER OF IMMIGRANT BILLIONAIRES HAS GROWN 50%, FROM 9% FIVE YEAR AGO.

70% SELF-MADE AND 30% INHERITED. SELF-MADE BILLIONAIRES ARE ON THE UP, UP FROM 69% OF THE LIST 5 YEARS AGO. OF THOSE WHO INHERITED THEIR MONEY, 10% HAVE GROWN IT AGGRESSIVELY, EG BERNARD ARNAULT, WHO INHERITED US$15 MILLION, AND TURNED IT INTO US$200BN; OR MUKESH AMBANI OF RELIANCE, WHO INHERITED US$10BN IN 2002, GROWING IT TO CLOSE TO US$100BN OVER 20YRS. 

61% B2C, 39% B2B. 61% MADE THEIR MONEY FROM SELLING TO CONSUMERS, WHILST 39% SELL TO BUSINESSES. 

TWO THIRDS MAKE PHYSICAL PRODUCTS. 63% MADE THEIR MONEY FROM SELLING PHYSICAL PRODUCTS, WHILST 37% SELL SOFTWARE & SERVICES.

OLDEST FAMILIES. 111 ARE BILLIONAIRES FOR 4TH GENERATION OR MORE.

(22 March 2023, Mumbai) Hurun India and M3M India today released the 2023 M3M Hurun Global Rich List, a ranking of the US-Dollar billionaires in the India. Wealth calculations are a snapshot of 14 January 2023. This is the twelfth year of the ranking. This release is to highlight and benchmark India’s position in the 2023 M3M HURUN Global Rich List. 

The Hurun Global Rich List 2023 ranked 3,112 billionaires, down from 3,384 last year, from 2,356 companies and 69 countries. The number of billionaires dropped by 8% and their total wealth dropped by 10% compared with last year. 1,078 saw their wealth increase, of which 176 were new faces. 2,479 saw their wealth decrease or stay the same, of which 445 dropped-off. The average age was 66.

Commenting on the launch, Pankaj Bansal, Director, M3M India said, “At a critical point in history, when India’s GDP is poised to double by the end of the decade, we are excited about celebrating and benchmarking wealth creation in India with the rest of the world. We at M3M are even further excited about the value creation potential of the real estate sector. As Andrew Carnegie also said, “Ninety percent of all millionaire become so through owning real-estate.” For instance, when cumulative wealth of Indian billionaires increased by 80%, the wealth of Indian real estate billionaires increased by 150%. It is amazing to see that all the richie-rich in the M3M Hurun Global Rich List are also deeply involved and engaged in the upliftment of the society at large and part of building and strengthening social fabric of the nation.

As demonstrated by M3M Hurun Global Rich List 2023, although global wealth creation has taken a hit primarily on the back of inflationary concerns, this trend is going to reverse in the short run and accelerate in the long run.”

Commenting on the launch, Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said, “M3M Hurun Global Rich List 2023 tells the story of the current global economy through the eyes of the entrepreneurs.”, concluded Anas Rahman Junaid, MD and Chief Researcher, Hurun India. 

In terms of number of billionaires, India ranks third in the 2023 M3M Hurun Global Rich List. In terms of number of billionaires, China is almost 5 times bigger than India.