The report says India has had a glorious decade with the richest individuals adding a total of Rs 2,020 crore per day – the fastest wealth creation ever seen by the country.
Of these 1007 individuals, 13 of them have more than Rs 1 lakh crore in wealth.
Even amid the pandemic situation that hit the economy, total wealth increased by 51% while average wealth was 25% higher.
In addition, 894 individuals saw their assets increase or remain the same, including 229 new faces. The number of billionaires also jumped to 237 through September 15 of this year.
“The number of participants in the IIFR Wealth Hurun India rich list has increased tenfold in 10 years, from just under 100 ten years ago to 1,007 today. At this rate, in 5 years, I expect the list to grow to 3,000 people. “Anas Rahman Junaid, Managing Director and Chief Researcher at Hurun India.
He also noted that the wealth of the rich lists fell by 30% in the 2 months following the Covid pandemic as economic activities came to a halt due to the lockdown.
However, pent-up demand accompanied by timely government policies has heightened investor interest and Nifty and sensex have reached historic highs.
“The bull market valuation multiples allowed 9 out of 10 people on the list to witness an increase or retention in their wealth from last year, while 116 people doubled their wealth “, he added.
In addition, wealth creation has become more decentralized, with the number of cities increasing from 10 ten years ago to 76. At this rate, each of the planned 100 smart cities is expected to have a rich list of smart cities. ‘within 5 years.
India has the third biggest no. billionaires
The report further noted that India is third in the world, when it comes to no. billionaires.
India is adding new billionaires at one of the fastest rates.
At present, there are 237 billionaires in the country, 4 times more than 10 years ago. India is also the second fastest growing in the world after China.
Mukesh Ambani retains No.1 spot for 10th year
Reliance Industries President Mukesh Ambani has become the richest Indian for the 10th consecutive year.
With a jump of 9%, his total wealth stood at Rs 7-18,000 crore.
RIL became the first Indian company to cross the market value of Rs 16 lakh crore.
According to Hurun Global 500 Most Valuable Companies 2021, in four decades of operation, RIL has become the 57th Most Valuable Company in the world.
The others in the top 5
The leader of the Adani group, Gautam Adani, gained two places to climb to second place in the last ranking. He is now the second richest Asian after Ambani, overtaking Chinese bottled water producer Zhong Shanshan.
HCL Technologies founder Shiv Nadar retained third place with a 67% increase in his fortune. The company became the third IT company to break the $ 10 billion mark in revenue.
SP Hinduja & family of the Hinduja group occupied fourth place with Rs 2 20,000 crore, up 53%, while ArcelorMittal boss LN Mittal with Rs 1,74,400 crore occupied fifth place.
Four new faces in the top 10
The top ten list this year features four new faces, led by steel mogul Lakshmi Mittal of ArcelorMittal, Kumar Mangalam Birla of Aditya Birla Group, as well as California-based Jay Chaudhry of cloud computing company and Zscaler Cyber Security.
The richest woman
Among the women, Smita V Crishna, a third generation member of the Godrej family, is the richest woman on the list at 31,300 crore rupees (down 3%), followed by Kiran Mazumdar-Shaw (who is also the richest self-taught woman on the list.) with Rs 28,200 crore, down 11%.
Mumbai, favorite city of the greatest creators of wealth
Mumbai has justified its name as the financial capital home to 255 of the 1,007 super-rich, creating 38 more in the year.
The national capital took second place adding 39 to bring the number to 167 and Bangalore with 85, added 18 more in the year.
Gujarat added 15 rich lists to overtake Tamil Nadu in fourth place on the list.
Pharma hit most not. billionaires
With 130 people on the list, the report says the pharmaceutical industry has hit the most billionaires.
While chemicals and petrochemicals comprised 98 and 81 came from software and services.
Of the 130 individuals in the pharmaceutical industry, 40 of them were billionaires.
The sector experienced a 43% growth in wealth in 2021, up from 36% in 2020.