Reliance Industries Limited Chairman Mukesh Ambani has reclaimed the title of India’s richest individual on the Hurun India Rich List 2023, surpassing Gautam Adani, the chairman of the Adani Group.
This shift in rankings comes as a result of significant wealth fluctuations experienced by Gautam Adani, primarily due to the Hindenburg Research report.
The findings were revealed in the Hurun India Rich List 2023, jointly released by Hurun India and 360 ONE Wealth. This marks the 12th annual edition of the list, showcasing the wealthiest individuals in India.
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The 360 ONE Wealth Hurun India Rich List 2023, jointly released by Hurun India and 360 Wealth, has unveiled the country’s wealthiest individuals, with Mukesh Ambani and Family securing the top spot with a net worth of over Rs 808,700 crore.
They were closely followed by Gautam Adani and Family with Rs 474,800 crore and Cyrus Poonawalla and Family with Rs 278,500 crore.
Over 1,300 Indians with net worth over Rs 1,000 crore
One of the standout findings of this year’s list is that a remarkable 1,319 individuals boast a net worth exceeding Rs 1,000 crore, an increase of 219 individuals, including 278 new entrants.
Breaking new ground, this year’s cumulative wealth of the 360 ONE Wealth Hurun India Rich listers has surged to an impressive Rs 109 lakh crore, surpassing the combined GDP of Singapore, UAE, and Saudi Arabia.
The report also highlights that while cumulative wealth on the list increased by 8.5 per cent, the average wealth of individuals decreased by 9.3 per cent.
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Among the listees, 1,054 individuals witnessed their wealth grow or remain stable, including 278 newcomers, while 264 individuals saw a decline in their wealth, and 55 individuals dropped out of the list.
Another observation in the report is the presence of 259 billionaires in India, marking a rise of 38 compared to the previous year.
In terms of contributions by industry segment, Industrial Products and Metals & Mining have seen the highest number of new entrants to the list, with Pharma continuing to hold the top spot, welcoming 133 new entrants.
The list includes Kaivalya Vohra (20), Founder of Zepto, as the youngest member, underscoring the impact of India’s startup revolution.
Yatin Shah, Co-Founder of 360 ONE & Joint CEO of 360 ONE Wealth, expressed, “This year’s list underscores the remarkable entrepreneurial spirit in our country, with 64% of individuals being self-made. We are privileged to partner with Hurun to showcase India’s wealthiest individuals and recognize their contributions to the nation’s economic growth.”
Anirudha Taparia, Co-Founder & Joint CEO of 360 ONE Wealth, noted, “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, with some experiencing an astonishing 1,000 per cent surge. Construction and engineering have emerged as the top gainers in the top 100 list, closely followed by pharmaceuticals with a cut-off of around Rs 20,000 crore. With 262 new entrants spanning 30 industries and 61 cities, the 360 ONE Wealth Hurun India Rich List 2023 reflects a dynamic and diverse economic landscape.”
Anas Rahman Junaid, MD and Chief Researcher at Hurun India, said, “The trends in the 360 ONE Wealth Hurun India Rich List 2023 reveal that India stands as a ‘shining moon’ in a global economy exploring every avenue to avoid recession. Despite being considered a ‘challenging year,’ India welcomed 278 new faces and a remarkable 38 new billionaires, marking the second-highest number of billionaire additions since the list’s inception. As the global economy stabilizes, we anticipate even more rapid wealth growth in India.”
“From Tata to Birla, India has nurtured some of the world’s most esteemed family business dynasties. Nearly 60 per cent of the 360 ONE Wealth Hurun India Rich List is poised for intergenerational wealth transfer within the next decade. India’s wealth creation story is truly inspiring, with 66 per cent of the list being self-made, a significant increase from 54 per cent five years ago.”
