Billionaire Gautam Adani beat Reliance Industries Chairman Mukesh Ambani to become India’s richest person in IIFL Wealth Hurun India Rich List 2022. Adding Rs 1,612 crore per day over the last year, and with a wealth of Rs 10,94,400 crore, Adani’s net worth is now 3 lakh crore more than Ambani’s. From an Indian wealth creation perspective, 2022 will be remembered for Adani’s meteoric rise, visible from the fact that the cumulative wealth growth of the IIFL Wealth Hurun India Rich List, excluding Adani is only 2.67%, compared to the overall 9%, said Hurun India.
Briskly expanding his commodity trading company into a coal–to–port-to-energy conglomerate, Gautam Adani is the only Indian to have built not one, but seven companies with a market cap of Rs 1 lakh crore. After holding on to the richest Indian tag for ten years, Ambani has now falled to the second position in this year’s list with a wealth of Rs 7.94 lakh crore. Despite being dethroned from the first position, Ambani’s wealth grew 11% last year as he added Rs 210 crore to his wealth every day during the period, making him the second-best performer after Adani. Together, Adani and Ambani account for 59% of the total wealth of the top ten richest people in India.
In 2012, Adani’s wealth was hardly one-sixth of Ambani’s wealth. Ten years later, Adani has surpassed Ambani to become the richest man in India. For some more perspective, last year, Ambani was ahead of Adani’s wealth by Rs 1 lakh crore, and in just one year, Adani has beaten Ambani by 3 lakh crore. “Gautam Adani- the richest has interests in power, port, renewables and energy. Mukesh Ambani, who is in the second rank is in telecom and petrochemicals. Cyrus Poonawalla, who is at the third spot is the vaccine king of the world. Then there are pharma, retail, and financial services in the top 10. These entrepreneurs are the global leaders in their respective sectors,” the Hurun report said.
Adding Rs 41700 crore to register a cumulative wealth of Rs 2.05 lakh crore, Cyrus Poonawalla stormed into the third position in the list. Pharma tycoon Dilip Shanghvi and banking magnate Uday Kotak of Kotak Mahindra Bank reentered the top 10, while Jay Chaudhary and Kumar Mangalam Birla exited the top 10. Shiv Nadar & family is ranked fourth with a fortune of Rs 1.85 lakh crore, followed by Radhakishan Damani, Vinod Shaltilal Adani, SP Hinduja & family, LN Mittal & family.
When compared over five years, some of the billionaires have scaled up significantly and surged ahead as their companies created wealth at an unprecedented speed. Gautam Adani and his brother Vinod are the most obvious, as they moved up in ranking. While Gautam Adani moved up from the 8th rank in 2018 to the number one spot as his wealth surged 15.4 times, his brother Vinod moved up from the 49th spot to the sixth sport. Cyrus Poonawalla moved up as the vaccine maker saw his wealth grow 2.8 times in the last five years. Radhakishan Damani saw his ranking move up to 5th from 15th as his net worth increased 3.8 times in the last five years.
Prannoy Roy and his wife Radhika Roy of NDTV reentered the rich list at 681st posting with a combined wealth of Rs 2,000 crore after Adani Enterprises acquired a stake and announced an open offer for the company. The youngest on the rich list is Zepto founder Kaivalya Vohra who is aged 19, four years younger than the youngest last year. It is worth mentioning that ten years ago, the youngest was 37. A total of 1103 individuals are a part of the IIFL Wealth Hurun India Rich List 2022, up by 96 from last year. According to the report, cumulative wealth has increased by 9.4%, while average wealth decreased by 1%.
While 602 individuals saw their wealth increase or stay the same, 415 saw their wealth drop and there were 50 dropouts. India has 221 billionaires this year, down 16 compared to last year. With Rs 2,700 crore, Rangarajan S of Data Patterns is the first defence and aerospace company to feature in the list. There are 94 NRIs in the rich list, 88% of whom are self-made. With a net worth of Rs 169,000 crore, Vinod Shantilal Adani & family of Adani Group is the wealthiest NRI. There are eight 8 eight new entrants on the list from the fintech sector, three from CRED, Upstox and OneCard. More than 82% of the billionaires are above the age of 50, and only 0.6% are below the age of 30, according to the list. Around 280 billionaires on the list are second-generation entrepreneurs.