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Mukesh Ambani richest Indian for eighth straight year

Gautam Adani stormed into the top 5 with a total wealth of Rs 94,500 crore.

Sep 25, 2019, 05.10 PM IST
Mumbai: Mukesh Ambani continues to be the richest Indian for the eighth year in a row, says a report.

Ambani, chairman of India’s most valued firm Reliance Industries, came on top of ‘IIFL Wealth Hurun India Rich List’ for the eighth straight year, with a total net worth of Rs 3,80,700 crore.

London-based SP Hinduja & family, worth Rs 1,86,500 crore, retains the second rank in the list. With a wealth of Rs 1,17,100 crore, Azim Premji, founder of Wipro, rose to the third spot.

LN Mittal, Chairman & CEO of ArcelorMittal, is the fourth 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.

However, while the number of Indians in the 2019 edition of IIFL Wealth Hurun India Rich List has grown from 831 in 2018 to 953 this year, the number of billionaires in US dollar terms have reduced from 141 to 138.

The combined wealth of top 25 in the list is equal to 10 per cent of India’s GDP and that of 953 accounts for 27 per cent of the same.

Interestingly, while the cumulative wealth for this year shows an increase of 2 per cent compared with the last year, the average wealth shows a decline of 11 per cent.

Around 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 1,000 crore.

“Around 53 per cent of the names featured in the IIFL Wealth Hurun India Rich List 2019 are those who have inherited wealth. This could only happen with a strong focus on not only wealth creation but also wealth preservation,” said Yatin Shah, Co-founder & executive director, IIFL Wealth Management.

“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. Given the list as an indicator, the Indian wealth management industry is poised for an exponential growth as India gears up to emerge as a $5 trillion economy,” said Shah.

Around 246 individuals or 26 per cent of the list reside in, followed by New Delhi (175) and Bengaluru (77).

The aforementioned cities contribute only 35 per cent of the new additions, compared with 59 per cent of the same last year.

There are 82 non-resident individuals (NRIs) on the IIFL Wealth Hurun India Rich List 2019, of which 76 per cent are self-made.

With 31 individuals, the US 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 of Oyo rooms, at 25 years of age, is the youngest self-made entrepreneur and the wealthiest under 40 years (age) is Divyank Turakhia (37) of Media.net.

Across 16 self-made, under 40 individuals, the average age and wealth is 35 years and Rs 4,200 crore, respectively.
A total of 152 women with an average age of 56 years have featured in the IIFL Wealth Hurun India Rich List 2019. Roshni Nadar (37) of HCL technologies is the richest woman followed by Smita V Crishna (68) of Godrej Group with a net worth of INR 31,400 crore. With a net worth of INR 18,500 crore, Kiran Mazumdar-Shaw of Biocon retains the crown of the richest self-made woman in India.

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