The report sees 233 new additions to the IIFL Wealth Hurun India Rich List 2019. Pharma continues to contribute to the new addition, followed by food & beverages, jewellery, and software & services.
Mukesh Ambani, chairman of India’s second-most valued firm Reliance Industries, continues to top the ‘IIFL Wealth Hurun India Rich List 2019’ for the eighth consecutive year with a total net worth of around Rs 3.8 lakh crore.
The 8th edition of the report, released by Hurun Report India and IIFL Wealth Management on Wednesday, said 953 individuals crossed the threshold of Rs 1,000 crore across 41 industries feature in The IIFL Wealth Hurun India Rich List 2019. Last year, 831 individuals had crossed the Rs 1,000-crore mark. The number has gone up despite the carnage in the markets and declining shareholder wealth.
London-based SP Hinduja & family, worth Rs 1.86 lakh crore, retains the second rank in the list. With a wealth of Rs 1.17 lakh crore, Azim Premji, the founder of Wipro, rises to the third spot. LN Mittal, chairman & CEO of ArcelorMittal, is the fourth richest with wealth of Rs 1.07 lakh crore. Gautam Adani stormed into the top five with a total wealth of Rs 94,500 crore.
Anas Rahman Junaid, MD & chief researcher, Hurun Report India, said: “With all the conversation around economic slowdown and overheating of economy — the IIFL Wealth Hurun India Rich List of 2019 celebrates the growing tribe of Indian wealth creators — both in India and abroad.
Sample this, while the number of dollar billionaires has merely grown by 2 as compared to 2016; the number individuals with Rs 1,000 crore has increased by a third in the past two years – from 617 to 953. This indicates that wealth is getting generated across the “bottom end” of the top of the pyramid.”
Among the top 10 people in the rich list, LN Mittal and family and Dilip Sanghvi saw fall in their ranks. According to the report, Shanghvi has witnessed a 20% drop in his wealth owing to allegations of questionable governance practices. The pricing pressure in the US generics markets, coupled with an allegation of whistleblower complaint, dented the Sun Pharma’s valuation. Since 2016, Dilip Shanghvi lost `50,000 core in net worth and slips to the 10th place in 2019 from second in 2016.
Yatin Shah, co-founder and executive director, IIFL Wealth Management, said: “Around 53% of the names featured in the IIFL Wealth Hurun India Rich List 2019 are those who have inherited wealth. This could only happen with a strong focus on not only wealth creation but also wealth preservation. With the India story gaining momentum, supported by a young and an aspirational demography, the potential of wealth management in the country has merely scratched the surface. Given the list as an indicator, the Indian wealth management industry is poised for an exponential growth as India gears up to emerge as a $5 trillion economy”.
The report sees 233 new additions to the IIFL Wealth Hurun India Rich List 2019. Pharma continues to contribute to the new addition, followed by food & beverages, jewellery, and software & services. It is also interesting to note that all the top five fastest creators of wealth are from unicorns such as Udaan, Byjus and Oyo.