‘Over 1,000 Indians now have net worth of Rs 1,000cr’

NEW DELHI: For the first time ever, over 1,007 individuals in the country have a net worth of Rs 1,000 crore, the IIFL Wealth Hurun India Rich List 2021 released on Thursday showed.
The report said that India experienced a glorious decade with the richest individuals cumulatively adding Rs 2,020 crore per day — the fastest wealth creation ever experienced by the country.
Out of these 1,007 individuals, 13 of them have more than Rs 1 lakh crore of wealth.
Even amid the pandemic situation which battered the economy, total wealth increased by 51 per cent while average wealth was 25 per cent higher.
Further, 894 individuals saw their wealth increase or stay the same, of which 229 new faces. Number of billionaires also jumped to 237 till September 15 this year.
“The number of entrants in IIFL Wealth Hurun India Rich List has grown 10 times 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 individuals,” Anas Rahman Junaid, managing director and chief researcher at Hurun India said.
He also noted that the wealth of rich listers fell by 30 per cent within 2 months of the Covid pandemic as economic activities came to a standstill owing to the lockdown.
However, pent up demand accompanied with timely government policies, accentuated investors interest and the Nifty and sensex jumped to all-time highs.
“The bull-market valuation multiples, resulted in 9 out of 10 people in the list witnessing either an increase or retention in their wealth compared to last year, while 116 individuals doubled their wealth,” he added.
Besides, wealth creation has become more decentralised as the number of cities jumped from 10 a decade ago to 76. At this rate, it is expected that the each of the planned 100 smart cities will have a rich lister within 5 years.
India has third largest no. of billionaires
The report further noted that India is third in the world, when it comes to no. of 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 what it was 10 years ago. India is also the second fastest growth in the world after China.
Mukesh Ambani retained No. 1 spot for 10th year
Reliance Industries chairman Mukesh Ambani emerged to be richest Indian for the 10th consecutive year.
With 9 per cent jump, his total wealth stood at Rs 7,18,000 crore.
RIL became the first Indian company to cross the Rs 16 lakh crore market valuation.
According to Hurun Global 500 most valuable companies 2021, within four decades of operation, RIL has become the 57th most valuable company in the world.
Others in top 5
Adani Group chief Gautam Adani moved up two places to the second place in the latest rankings. He is now the second richest Asian after Ambani, overtaking China’s bottled water producer Zhong Shanshan.
HCL Technologies founder Shiv Nadar retained the third spot with 67 per cent rise in his wealth. The company became third IT firm to break through the $10 billion revenue mark.
Hinduja Group’s SP Hinduja & family held the fourth place with Rs 2,20,000 crore up 53 per cent, while ArcelorMittal chief LN Mittal with Rs 1,74,400 crore held the fifth place.
Four new faces in top 10
The top ten list this year has four new faces, led by steel tycoon Lakshmi Mittal of ArcelorMittal, Kumar Mangalam Birla of the Aditya Birla Group, along with California based Jay Chaudhry of cloud computing and cyber security firm Zscaler.
Richest woman
Among the women, the third generation Godrej family member Smita V Crishna is the richest woman in the list with Rs 31,300 crore (down 3 per cent), followed by Kiran Mazumdar-Shaw (who is also the richest self-made woman in the list) with Rs 28,200 crore, down 11 per cent.
Mumbai preferred city for biggest wealth creators
Mumbai justified its name as the financial capital being home to 255 of the 1,007 super-rich creating 38 more in the year.
The national capital held the second spot by adding 39 to take the number to 167 and Bengaluru with 85, added 18 more in the year.
Gujarat added 15 rich listers to overtake Tamil Nadu to the fourth place in the list.
Pharma minted most no. of billionaires
With 130 individuals on the list, the report said that pharmaceutical sector minted the most number of billionaires.
While, chemicals and petrochemicals comprised 98 and 81 were from software and services.
Out of the 130 individuals in pharma sector, 40 of them were billionaires.
The sector witnessed 43 per cent growth in wealth during 2021, up from 36 per cent in 2020.

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