Mukesh Ambani is India's Richest With INR 8,08,700 Crore. But There Are Other Comebacks Too On This Rich List The ultimate rich list is out, and Mukesh Ambani has surged to the top spot, surpassing Gautam Adani, whose wealth more than halved in the last year.
By Kabir Singh Bhandari •
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The ultimate rich list is out, and Mukesh Ambani has surged to the top spot, surpassing Gautam Adani, whose wealth more than halved in the last year. Ambani leads Adani, the second-ranked billionaire, by more than INR 3,30,000 crore, according to the 360 ONE Wealth Hurun India Rich List 2023, which refers to individuals residing or born and bred in India.
The list found that 1,319 individuals had INR 1,000 crore wealth, up by 219, an increase of 76% over the last five years. There are 278 are new faces, with a total of INR 7,28,200 crore; of which Industrial Products is the fastest growing industry, adding 33 new faces followed by Metals and Mining industry adding 29 new faces.
Here are some interesting facts that are part of the exhaustive list:
1. Kumar Mangalam Birla and family and Niraj Bajaj and family made a return to the India Top 10 this year, replacing Vinod Shantilal Adani and family of Adani Group and Uday Kotak of Kotak Mahindra Bank.
2. Vaccine maker Cyrus S Poonawalla and family maintained their position, with a 36% year-on-year increase in wealth. Among the top 10 entrepreneurs, only retail magnate Damani and last year's leader, Gautam Adani, experienced a decline in net worth.
3. After a decade, four individuals have retained their positions in the India Top 10, with Mukesh Ambani leading the list, followed by LN Mittal, Dilip Shanghvi, and Shiv Nadar.
4. Radha Vembu (50) of Zoho overtakes Falguni Nayar (60) to become the richest self-made Indian woman.
5. 12 people born in 90s made to the list, all self-made. Bengaluru -based Kaivalya Vohra, 20, of grocery delivery app Zepto is the youngest self-made and the youngest rich individual. Co-founder of Confluent, a streaming data technology company, Neha Narkhede aged 38 is the youngest self-made woman entrepreneur in India.
6. At the age of 94, Mahendra Ratilal Mehta founder of Precision Wires India company debuted the 360 One Wealth Hurun India Rich List 2023.
7. With 39 entrepreneurs, pharmaceuticals sector minted the greatest number of dollar billionaires followed by Chemicals & Petrochemicals (23) and Automobile & Auto Components (22)
8. With 328 individuals, Mumbai tops the India Rich list followed by New Delhi (199) and Bengaluru (100); for the first time, Tiruppur debuted in the top 20 cities producing the greatest number of entrants.
9. 85% of entrepreneurs listed on the 360 ONE Wealth Hurun Wealth India Rich List are above 50 years old, while only 0.6% are below 30.
10. Entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%, suggesting that startup wealth creation will persist, albeit within a changing landscape."
Commenting on the launch of the list, Yatin Shah, Co-Founder of 360 ONE & Joint CEO, 360 ONE Wealth, said, "With 1,319 individuals now possessing INR 1,000 Crore or more, we are witnessing a remarkable surge, up by 76% over the last five years. The cumulative wealth of our listers has surged to INR 109 Lakh Crore, surpassing the combined GDP of Singapore, UAE, and Saudi Arabia. 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."
Anirudha Taparia, Co-Founder & Joint CEO, 360 ONE Wealth mentioned, "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 ~INR 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. We at 360 ONE Wealth take pride in our role in showcasing the exceptional achievements of India's business leaders."
Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said, "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."
