Reliance Industries Ltd.’s Chairman Mukesh Ambani has topped the list of richest Indians for the eighth consecutive year, with a net worth of Rs 3,80,700 crore, according to the latest IIFL Wealth Hurun India Rich List.
London-based SP Hinduja & family, with assets worth Rs 1,86,500 crore, retained the second rank in the list, followed by Wipro Ltd. Founder Azim Premji at the third place with a wealth of Rs 1,17,100 crore.
According to the latest IIFL Wealth Hurun India Rich List, the number of Indians having a net worth of more than Rs 1,000 crore has grown to 953 this year from 831 in 2018; while, the number of billionaires in dollar terms has reduced to 138 from 141.
"The combined wealth of top 25 in the list equates to 10 percent of India's GDP (gross domestic product) and that of 953 accounts for 27 percent," it said.
While the cumulative wealth for this year shows an increase of 2 percent compared to last year, the average wealth shows a decline of 11 percent, the rich list showed.
As many as 344 individuals, or more than a third of this year's rich list, witnessed wealth reduction and 112 others could not meet the threshold of Rs 1,000 crore, it added.
"Globally, the wealth creators drive the growth and therefore play a vital role in shaping the economy. With Indian government setting its sight on $5 trillion GDP mark, we are confident that the size of the India Rich List will easily triple in the next five years," said Anas Rahman Junaid, managing director and Chief Researcher, Hurun Report India.
With 246 individuals, or 26 percent of the list, Mumbai is the absolute capital when it comes to the residence of India's top entrepreneurs, followed by New Delhi (175) and Bengaluru (77).
There are 82 Non-Resident Indians on the Hurun rich list, 76 percent of which are self-made. With 31 individuals, U.S. is the most preferred country for NRIs, followed by the United Arab Emirates and the U.K.
Ritesh Agarwal (25) of Oyo Hotels & Homes is the youngest self-made entrepreneur with a net worth of Rs 7,500 crore. The wealthiest under 40 years of age is Divyank Turakhia (37) of Media.net.
The list includes 152 women with an average age of 56 years.
Roshni Nadar (37) of HCL technologies Ltd. is the richest woman followed by Smita V Crishna (68) of Godrej Group with a net worth of Rs 31,400 crore. Kiran Mazumdar-Shaw of Biocon Ltd., with a net worth of Rs 18,500 crore, is the richest self-made woman in India.
"With the India story gaining momentum, supported by a young and an aspirational demography the potential of wealth management in the country has merely scratched the surface," said Yatin Shah, co-founder and executive director, IIFL Wealth Management Ltd.
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