India’s Rs 1,000 Cr rich club grows, teen entrepreneur makes debut

Chennai, September 21 (IANS): Regardless of the Covid pandemic, inflation or the Ukraine war, India’s richest grew by 96 people to 1,103 spread across 122 cities and are Rs 1,000 crore or more according to the AIIFL Wealth Hurun India Rich List 2022.

The youngest on the list is Kaivalya Vohra, 19, who founded Zepto, showing the impact of the startup revolution.

The latest list of the rich includes several supporters of startups, including those founded by women.

“Cumulative wealth is up 9.4 percent while average wealth is down 1 percent. 602 people saw their wealth increase or stay the same, of which 149 are new faces, while 415 lost their wealth and 50 dropped out. ‘ according to a statement by IIFL Wealth and Hurun India.

According to the report, India has 221 billionaires, down 16 from last year.

While chemicals and financial services made the most additions to the list, pharmaceuticals is still number one, contributing 126 additions to the list.

“Despite the economic downturn due to geopolitical challenges, volatility in global financial markets and soaring oil prices, India has successfully made its mark on the world economic and prosperity map,” said Yatin Shah, co-founder and joint CEO, IIFL Wealth.

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He said that pharmaceuticals, chemicals and petrochemicals, IT and financial services, among others, are some of the key sectors that contribute significantly to wealth creation.

“There are 65 founders of 37 unicorns along with 14 professional managers who have emerged as cornerstones of wealth creation in the list this time,” Shah said.

“Gurugram debuted in the top 10 cities that produced the most participants and we have a record addition of 149 new faces to the list across 32 industries and 36 cities,” said Anirudha Taparia, Joint CEO, IIFL Wealth.

“The trends in the IIFL Wealth Hurun India Rich List 2022 prove that India has taken booster shots against the global crisis. Be it the Ukraine war or inflationary pressures, the Indian growth story continues against the odds as 149 individuals have been included in the IIFL Wealth Hurun India Rich List out of 1,103 who collectively have wealth of INR 100 lakh crore. India also added a new number two, Gautam Adani, to the Hurun Global Rich List,” commented Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

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According to the list, Adani Group promoter Gautam Adani has risen to the top, beating Reliance Industries’ Mukesh Ambani with his fortune more than doubling in the last year (116 percent).

Adani is ahead of second placed Ambani by more than Rs 3,00,000 crore. Vaccine maker Cyrus S. Poonawalla and his family also rose three notches after their wealth rose 25 percent year-on-year.

Three families, Shiv Nadar and family, SP Hinduja and family and LN Mittal and family have reported a decline in wealth but still find a place in the top ten.

Four people still make it into India’s top 10 after ten years, led by Mukesh Ambani, followed by L, N, Mittal, Dilip Shanghvi and Shiv Nadar.

Other highlights:

* For the first time, 100 startup founders with total wealth of Rs 506,000 crore and average age of 40 years appear in the latest rich list;

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* 12 people worth Rs 1 lakh crore or more, less than 13 in last year’s rich list;

* 221 dollar billionaires, down 16 from last year and 4 times fewer since Hurun India was founded 10 years ago;

* A record 735 entrepreneurs on the list, up from 659 last year;

* New Delhi Television Ltd (NDTV) two promoters Prannoy Roy and his wife Radhika Roy joined the list with combined assets of Rs 2,000 crore after Adani Group acquired a stake and announced an open bid for the broadcasting company;

* Alakh Pandey, popularly known as ‘Physics Wallah’ and his co-founder Prateek Boob have debuted the list with a wealth of Rs 4,000 crore on the back of their unicorn-turned-startup Physics Wallah;

* Neha Narkhede, 37, co-founder of Confluent, a streaming data technology company, is the youngest self-made entrepreneur in the 2022 list;

* Listed by beauty and wellness e-commerce platform Nykaa, 59-year-old Falguni Nayar overtook biotech queen Kiran Mazumdar Shaw as the richest self-made Indian woman in the IIFL Wealth Hurun India Rich List.

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