Gautam Adani, chairman of Adani Group, earned a whopping Rs 1,612 crore per day in 2021 to overtake Reliance’s Mukesh Ambani — who earned Rs 210 crore per day during the same time period — to be titled the richest Indian for the first time, according to IIFL Wealth Hurun India Rich List 2022.
Last year, Ambani was ahead of Adani’s wealth by Rs 2 trillion but in 2022, Adani is ahead of Ambani by `3 trillion — signifying a Rs 5 trillion catch-up. Adani’s current wealth stood at a staggering Rs 10.94 trillion — up about 15% in the last one year — as compared with Ambani’s Rs 7.95 trillion, whose wealth was up about 11% in the same time-frame. These were the two richest families in India. Serum Institute’s Cyrus S Poonawalla and family came third on the list with a wealth of Rs 2.06 trillion.
“In 2012, Adani’s wealth was hardly one-sixth of Ambani’s, and no one could imagine that he would overtake Ambani to become the richest man in India in 10 years. From an Indian wealth-creation perspective, 2022 will be remembered for Adani’s meteoric rise… The cumulative wealth growth of the IIFL Wealth Hurun India Rich List 2022, excluding Adani, is only 2.67%, compared to the overall 9%,” Anas Rahman Junaid, MD and chief researcher, Hurun India, said.
Overall, Hurun India found 1,103 individuals with Rs 1,000 crore, the first time it has broken the 1,100 mark. For the first time since its launch, the cumulative wealth of IIFL Wealth Hurun India Rich List grew to over Rs 100 trillion — more than the combined gross domestic product (GDP) of Singapore, the United Arab Emirates and Saudi Arabia.
With 126 entrepreneurs, the pharmaceutical sector contributed the most individuals to the list, followed by chemicals and petrochemicals (102) and software and services (84).
Financial capital Mumbai continues to lead the pack with about 283 rich-listers, followed by New Delhi (185) and Bengaluru (89). The richest families in the three cities were Mukesh Ambani’s, Shiv Nadar’s and finally, Byju Raveendran’s, respectively.
Further, at a time when funding in the startup ecosystem seems to be slowing and valuations dropping by about 30%, several founders from the community marked their entry into the Rich List. The youngest ever to feature was Kaivalya Vohra, co-founder of Zepto, aged 19, with a personal wealth of about Rs 1,000 crore, as the Y Combinator-backed quick commerce company saw its valuation jump by over 50% to $900 million, when it raised $200 million in May.
His co-founder, Aadit Palicha, aged 20, was another new entrant to the list, with a personal wealth of Rs 1,200 crore. Other entries to the rich list, from the world of startups, were Alakh Pandey, 30, and Prateek Maheshwari, co-founders of edtech unicorn PhysicsWallah (PW), who each had a personal wealth of Rs 4,000 crore.
Beauty and fashion e-commerce platform Nykaa’s Falguni Nayar dethroned Biocon’s Kiran Mazumdar Shaw to be the richest self-made Indian woman in the IIFL Wealth Hurun India Rich List 2022. Falguni Nayar and family had a personal wealth of Rs 38,700 crore. Further, 37-year old Neha Narkhede, co-founder of Confluent, a streaming data technology company, was the youngest self-made woman entrepreneur on the list,with a personal wealth of Rs 4,700 crore.
Other prominent names from the startup world were Zerodha’s Nikhil Kamath with a personal wealth of Rs 17,500 crore and CRED’s Kunal Shah whose personal wealth stood at Rs 15,000 crore. Decacorn, Swiggy’s founder, Sriharsha Majety was 448 on the list of 1,036 after he had a personal wreath of Rs 3,600 crore.
Overall, for the first time, 100 startup founders, with a cumulative wealth of about Rs 5 trillion, feature in the rich list. They had an average age of 40. Overall, there were about 1,036 families on the rich list.
“It is getting harder to make the top of the IIFL Wealth Hurun India Rich List 2022. The cut-off to the India Top 100, since inception, for example, is up 18-fold to Rs 17,600 crore. To make it to the India Top 10 is next to impossible, with a massive `1.19 trillion required. Assuming that for every one Hurun rich lister we have found, we have probably missed two, it is likely that India today has 3,000 individuals worth Rs 1,000 crore,” Hurun’s Junaid concluded.