A lot has changed in the last year, but there are few surprises in the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday. Mukesh Ambani, the Chairman of Reliance Industries, has surged to the top spot as India’s wealthiest individual.
India has added 38 billionaires to its rich list, bringing the total tally to 259. While the developed world faces economic challenges, India is solidifying its position as an economic powerhouse. Nearly 65% of individuals on the rich list have amassed a combined wealth of close to $1 trillion, equivalent to the combined GDP of Singapore and the UAE, according to Hurun.
Mukesh Ambani has surpassed Gautam Adani, who dropped to the second spot, despite only a 2% growth in his wealth over the past year. Following Adani’s significant wealth decrease in the previous year, the wealth gap between Ambani and Adani has widened by ₹3,30,000 crore.
The top 10 rankings have experienced considerable changes over the past year, with only Shiv Nadar and Cyrus Poonawala managing to maintain their positions.
Vinod Shantilal Adani, Gautam Adani’s brother, who was the sixth richest Indian last year, has exited the top 10 list this year after his wealth plummeted by 37%.
Another notable departure is Uday Kotak, the Chairman of Kotak Mahindra Bank, who has now slipped to the 11th position in the country’s wealth rankings following a 6% drop in his wealth last year.
Kumar Mangalam Birla & family and Niraj Bajaj & family have made a significant comeback to the top 10 this year, with their wealth increasing by 5% and 7%, respectively.
Here’s the list of the top 10 richest Indians in 2023:
- Mukesh Ambani & family: ₹808,700 crore (2% change)
- Gautam Adani & family: ₹474,800 crore (-57% change)
- Cyrus S Poonawalla & family: ₹278,500 crore (36% change)
- Shiv Nadar & family: ₹228,900 crore (23% change)
- Gopichand Hinduja & family: ₹1,76,500 crore (7% change)
- Dilip Shanghvi: ₹1,64,300 crore (23% change)
- LN Mittal & family: ₹1,62,300 crore (7% change)
- Radhakishan Damani & family: ₹1,43,900 crore (-18% change)
- Kumar Mangalam Birla & family: ₹1,25,600 crore (5% change)
- Niraj Bajaj & family: ₹1,20,700 crore (7% change)
(Source: 360 ONE Wealth Hurun India Rich List 2023)
‘India Shines Bright Amid Global Economic Uncertainty’
The cumulative wealth of 1,319 individuals with assets exceeding ₹1,000 crore in the rich list increased by 8.5% over the past year. However, their average wealth has seen a decline of 9.3%.
The India Rich List welcomed 273 new entrants and 38 new billionaires in the past year, bringing the total number of dollar billionaires to 259, an increase of 38 compared to the previous year.
“The trends confirm that India stands out as a beacon of prosperity in a world grappling with economic challenges. While the China Rich List has experienced a 10% decline in both average wealth and the number of individuals making the list for this year and the previous year, India is closing the gap,” remarked Anas Rahman Junaid, MD and Chief Researcher at Hurun India.
India now boasts 259 billionaires, up by 38 compared to the previous year. Industries such as industrial products and metals & mining have witnessed the highest number of new entrants to the list. The pharmaceutical sector continues to dominate, contributing 133 new entrants.
“Over the past five years, numerous entrepreneurs have seen remarkable wealth growth, with some experiencing an astonishing surge of 1,000%. Construction and engineering, followed closely by pharmaceuticals with a cut-off of ₹20,000 crore, emerge as the top gainers in the top 100 list,” noted Anirudha Taparia, co-founder and joint CEO of 360 ONE Wealth.
Funding Challenges and Founder Wealth
While 264 individuals on the Indian rich list witnessed a decrease in their wealth over the past year, there were 55 dropouts, with the most notable being Byju Raveendran, the founder of edtech company Byju’s, who exited the list due to investor markdowns.
The funding challenges, along with their ripple effects, resulted in a collective wealth decline of ₹85,000 crore for startup founders on the list. Recent policies, such as retrospective GST imposition on gaming companies and the angel tax, could potentially hinder long-term wealth generation by startups, according to Hurun.
Nonetheless, a few IPOs that faced setbacks last year have made a strong comeback. As new-age internet companies increase in value, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth surge by over 70%.
Startup wealth creation is expected to persist, albeit within a changing landscape, as per Junaid.
IPO Success Stories: Public Offerings and New Rich List Entrants
The stock markets have rewarded several public debuts, catapulting their founders into the billionaire club. Ramesh Kunhikannan’s Kaynes Technology had a strong stock market debut, entering the list with a wealth of ₹8,200 crore.
The remarkable listing gains from stock market debuts have brought many company owners onto the rich list, including Jagdish Prasad Chowdhary of Titagarh Wagons, Ranjit Pendurthi of Archean Chemical Industries, and Ajay P Thakker & family of Jupiter Life Line Hospitals.
Pavan Kumar Bajaj and Karan Bajaj of Electronics Mart India, as well as Harsha Engineers’ Harish Rangwala and Rajendra Shantilal Shah, also joined the esteemed list of India’s richest individuals following the surges in their stock prices upon debut.
However, wealth creation in private markets remains a lucrative avenue. Manish Kejriwal of Kedaara Capital became the first Indian Private Equity fund manager to make it onto the list