Hurun List: Mukesh Ambani richest Indian, 1,319 citizens with net worth of over Rs 1,000 crore

Hurun India and 360 Wealth today released the 360 ONE Wealth Hurun India Rich List 2023, which saw Mukesh Ambani top the charts with a net worth of over Rs 808,700 crore, followed by Gautam Adani & Family with Rs 474,800 crore and Cyrus Poonawalla & Family with Rs 278,500 crore.

The 12th annual ranking of the richest individuals in India came out with interesting insights such as 1,319 citizens had net worth of over Rs 1,000 crore, up by 219, which includes 278 new entrants.

For the first time since the launch of Hurun lists, the cumulative wealth of 360 One wealth Hurun India Rich listers grows to Rs 109 lakh crore – more than the combined GDP of Singapore, UAE and Saudi Arabia.

The report found that cumulative wealth in the list increased by 8.5 percent, while average wealth has decreased by 9.3%. About 1,054 individuals saw their wealth increase or stay the same, of which 278 are new faces, whilst 264 saw their wealth drop and there were 55 dropouts.

Interestingly, India has 259 billionaires, up 38 compared to last year. In terms of segment-wise contribution Industrial Products, Metals & Mining added the greatest number of new entrants to the list, Pharma was still at number one seeing 133 entrants to the list. Kaivalya Vohra (20), Founder, Zepto was the youngest in the list, indicating the impact of the start-up revolution.

Yatin Shah, Co-Founder, 360 ONE & Joint CEO, 360 ONE Wealth, said, “This year’s list highlights the immense entrepreneurial spirit of the country, with 64% being self-made. It’s a privilege for us at 360 ONE Wealth to partner with Hurun on this annual showcase of India’s wealthiest individuals, highlighting their contributions to the nation’s economic growth.”

Anirudha Taparia, Co-Founder & Joint CEO, 360 ONE Wealth said, “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has 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, Hurun India said, “The trends in 360 ONE Wealth Hurun India Rich List 2023 prove that India is a ‘shining moon’ in a global economy that is exploring every avenue for a soft landing to avoid recession. While the China Rich List remained stagnant this past year, India welcomed 278 fresh faces and an impressive 38 new billionaires, even in what’s termed a ‘challenging year.’ This surge in billionaire emergence is the second most prolific since the inception of our list. As the global economy steadies, we anticipate an even swifter ascent in India’s wealth trajectory.”

“From Tata to Birla, India has fostered some of the world’s most esteemed family business dynasties. Nearly 60% of the 360 ONE Wealth Hurun India Rich List is poised for intergenerational wealth transfer within the next decade. With the backing of professional managers and investors, the emerging leaders in these families are set to accelerate wealth creation in these businesses. The Indian wealth creation narrative is genuinely inspiring, with 66% of the list being self-made, a significant increase from 54% five years ago. Additionally, 67% of the new entrants this year are self-made individuals. The powerful wealth creation engine, propelled by first-generation entrepreneurs, contributes to 57% of the cumulative wealth on the list,” he added.