IIFL Wealth Hurun India Rich List 2022 – Key Highlights

HURUN INDIA FINDS 1,103 INDIVIDUALS WITH INR 1,000 CRORE, UP BY 96, FIRST TIME TO BREAK THROUGH THE 1,100 MARK, AN INCREASE OF 62% OVER THE LAST FIVE YEARS.

FOR THE FIRST TIME SINCE THE LAUNCH OF HURUN LISTS, CUMULATIVE WEALTH OF IIFL WEALTH HURUN INDIA RICH LISTERS GROWS TO INR 100 LAKH CRORE – MORE THAN THE COMBINED GDPOF SINGAPORE, UAE AND SAUDI ARABIA.

ADDING INR 1,600 CRORE PER DAY OVER THE LAST YEAR, AND WITH A WEALTH OF INR 10,94,400 CRORE, GAUTAM ADANI (60), OVERTAKES MUKESH AMBANI (65), TO SECURE THE RICHEST INDIAN TITLE FOR THE FIRST TIME.

A 5 LAKH CRORE CATCHUP: IN 2021, MUKESH AMBANI WAS AHEAD OF ADANI’S WEALTH BY INR 2 LAKH CRORE, WHEREAS IN 2022, ADANI IS AHEAD OF AMBANI BY INR 3 LAKH CRORE.

ADDING INR 41,700 CRORE TO REGISTER A CUMULATIVE WEALTH OF INR 205,400 CRORE, CYRUS POONAWALLA (81) STORMS INTO THIRD POSITION IN IIFL WEALTH HURUN INDIA RICH LIST 2022.

A TEENAGER DEBUTS THE LIST! THE YOUNGEST ON THE LIST IS 19-YEAR-OLD KAIVALYA VOHRA WHO FOUNDED ZEPTO. THE YOUNGEST, TEN YEARS AGO, WAS 37 AND TODAY, IS 19, INDICATING THE IMPACT OF THE STARTUP REVOLUTION.

FOR THE FIRST TIME, 100 STARTUP FOUNDERS, WITH A CUMULATIVE WEALTH OF INR 5,06,000 CRORE AND AVERAGE AGE OF 40, FEATURE IN IIFL WEALTH HURUN INDIA RICH LIST 2022,

PHARMA TYCOON DILIP SHANGHVI (66) AND BANKING MAGNATE UDAY KOTAK (63), OF KOTAK MAHINDRA BANK REENTERED TOP 10 OF THE IIFL WEALTH HURUN INDIA RICH LIST 2022 AT THE EXPENSE OF JAY CHAUDHARY (63) AND KUMAR MANGALAM BIRLA (55).

12 INDIVIDUALS WORTH INR 1 LAKH CRORE OR MORE, DOWN FROM 13 IN LAST YEAR’S IIFL WEALTH HURUN INDIA RICH LIST.

221 DOLLAR BILLIONAIRES, DOWN 16 AS COMPARED TO LAST YEAR, AND 4 TIMES SINCE HURUN INDIA STARTED TEN YEARS AGO.

A RECORD 735 ENTREPRENEURS OR 67% ARE SELF-MADE IN THE LIST, UP FROM 659 LAST YEAR, AND UP FROM 54% FIVE YEARS AGO. 79% OF NEW FACES THIS YEAR ARE SELF-MADE.

WITH 126 ENTREPRENEURS, PHARMACEUTICAL SECTOR CONTRIBUTED THE MOST INDIVIDUALS TO IIFL WEALTH HURUN INDIA RICH LIST 2022 FOLLOWED BY CHEMICALS & PETROCHEMICALS (102) AND SOFTWARE & SERVICES (84). 24 SAW WEALTH DOUBLE IN THE LIST, LED BY 5 FROM TEXTILES FOLLOWED BY 4 FROM INDUSTRIAL PRODUCTS.

PRANNOY ROY AND WIFE RADHIKA ROY OF NDTV ENTERED THE LIST (681 RANK) WITH A COMBINED WEALTH OF INR 2,000 CRORE AFTER ADANI ENTERPRISES ACQUIRED A STAKE AND   ANNOUNCED AN OPEN OFFER FOR THE COMPANY.

ALAKH PANDEY, POPULARLY KNOWN AS 'PHYSICS WALLAH' AND HIS CO-FOUNDER PRATEEK BOOB DEBUTED IN THE LIST AND BOTH ARE RANKED AT 399TH POSITION WITH A WEALTH OF INR 4,000 CRORE ON THE BACK OF THEIR STARTUP-PHYSICS WALLAH, TURNING UNICORN.

602 INCREASED THEIR WEALTH, OF WHICH 149 ARE NEW FACES.

415 SAW THEIR WEALTH GO DOWN. 50 DROPOUTS. 4 PASSED AWAY.

WITH THE SUCCESSFUL LISTING OF THE BEAUTY AND WELLNESS E-COMMERCE PLATFORM-NYKAA, FALGUNI NAYAR(59) OVERTAKES ‘BIOTECH QUEEN’ KIRAN MAZUMDAR-SHAW (68) TO BECOME THE RICHEST SELF-MADE INDIAN WOMAN IN THE IIFL WEALTH HURURN INDIA RICH LIST 2022.

CO-FOUNDER OF CONFLUENT, A STREAMING DATA TECHNOLOGY COMPANY, NEHA NARKHEDE AGED 37 IS THE YOUNGEST SELF-MADE WOMAN ENTREPRENEUR IN THE LIST.

FOR THE FIRST TIME, GURUGRAM DEBUTED IN THE TOP 10 CITIES PRODUCING MOST NUMBER OF ENTRANTS. WITH 283 INDIVIDUALS, MUMBAI TOPS IIFL WEALTH HURUN INDIA RICH LIST 2022 FOLLOWED BY NEW DELHI (185) AND BENGALURU (89). MUMBAI ADDED 28 AND CONTINUES TO PULL AWAY FROM OTHER CITIES.

IIFL WEALTH HURUN INDIA RICH LIST 2022 ADDED A RECORD OF 149 NEW FACES, FROM 32 INDUSTRIES AND 36 CITIES.

14 PROFESSIONAL MANAGERS MADE IT TO THE LIST. WITH INR 12,100 CRORE, CALIFORNIA-BASED THOMAS KURIAN, 62, IS THE RICHEST, WHO ENCASHED HIS STAKE IN ORACLE; WITH INR 6,500 CRORE, IGNATIUS NAVIL NORONHA, 47, OF AVENUE SUPERMARTS IS THE RICHEST CEO BASED IN INDIA TO FEATURE IN THE IIFL WEALTH HURUN INDIA RICH LIST 2022.

WITH AN INCREASE IN WEALTH OF 376%, RAVI MODI OF VEDANT FASHIONS IS THE BIGGEST GAINER IN THE LIST FOLLOWED BY FALGUNI NAYAR & FAMILY (345%) AND RAFIQUE ABDUL MALIK & FAMILY (240%) OF METRO BRANDS, A MULTI-BRAND FOOTWEAR RETAIL CHAIN. ADANI AND AMBANI ARE THE BIGGEST GAINERS IN TERMS OF ABSOLUTE WEALTH.

65 FOUNDERS OF 37 UNICORNS MADE IT TO THE IIFL WEALTH HURUN INDIA RICH LIST 2022.

13 PEOPLE BORN IN THE 90S MADE IT TO THE IIFL WEALTH HURUN INDIA RICH LIST 2022 - ALL SELF-MADE.

        CHEMICALS IS THE FASTEST GROWING INDUSTRY, ADDING 20 NEW FACES.

THE AVERAGE AGE OF THE LIST IS 63, UNCHANGED FROM LAST YEAR. THE AVERAGE AGE OF WOMEN IN THE LIST IS 61

WITH 118 LAKH FOLLOWERS ON TWITTER, RATAN TATA, 84, IS THE MOST FOLLOWED ENTREPRENEUR FROM IIFL WEALTH HURUN INDIA RICH LIST 2022 ON INDIAN SOCIAL MEDIA, FOLLOWED BY ANAND MAHINDRA WITH 9.7 MILLION FOLLOWERS.

STAR SIGNS: ADDING 32% WEALTH, CANCER RETAINS THE TOP SPOT FOR THE SECOND CONSECUTIVE YEAR FOLLOWED BY VIRGO AND LIBRA, WHO OVERTOOK GEMINI AND TAURUS RESPECTIVELY. OVERALL, SCORPIO AND VIRGO MADE THE BEST ENTREPRENEURS IN INDIA, LEADING THE WAY WITH 9.5% OF THE LIST EACH, FOLLOWED BY LEO.

THE WORLD’S LARGEST RICH LIST PROVIDER HURUN LAUNCHES THE 11^TH ANNIVERSARY EDITION OF HURUN INDIA RICH LIST, IN ASSOCIATION WITH IIFL WEALTH.

IIFL WEALTH and HURUN INDIA release IIFL Wealth Hurun India Rich List 2022

Mumbai, 21 September 2022: Hurun India and IIFL Wealth today released the IIFL Wealth Hurun India Rich List 2022. This list refers to individuals residing or born and bred in India. This is the 11^th annual ranking of the richest individuals in India. Wealth calculations are a snapshot as of 30^th August 2022.

1,103 individuals,(up by 96) across 122 cities,(up by 3) have INR 1,000 crore in the IIFL Wealth Hurun India Rich List 2022. Cumulative wealth has increased by 9.4%, while average wealth has decreased by 1%. 602 individuals saw their wealth increase or stay the same, of which 149 are new faces, whilst 415 saw their wealth drop and there were 50 dropouts. India has 221 billionaires, down 16 compared to last year. While Chemicals and Financial Services added the greatest number of new entrants to the list, Pharma is still at number one and has contributed 126 entrants to the list. The youngest on the list is aged 19, four years younger than the youngest last year.

Commenting on the launch, Yatin Shah, Co-Founder & Joint CEO, IIFL Wealth, said, “IIFL Wealth Hurun India Rich List 2022is a comprehensive overview of a plethora of factors that have significantly contributed to the rising wealth of India and we are proud to associate with the same Despite the slump in economy owing to geo-political challenges, volatility in global financial markets, and sharp spike in oil prices, India has successfully made an impression on the world’s economy/wealth map. Pharmaceuticals, chemical & petrochemicals, IT, and financial services amongst others are some of the key sectors substantially contributing to wealth creation. It is exhilarating to see the entrepreneurial ecosystem of India contribute a significant amount to this list with the rising number of women entrepreneurs and uptick in self-made entrepreneurs. There are 65 founders of 37 unicorns along with 14 professional managers who have emerged as the cornerstone of wealth creation this time in the list.”

Commenting on the launch, Anirudha Taparia, Joint CEO, IIFL Wealth, said, “While the COVID-19 pandemic reckoned the global economy, India is on the path of recovery owing to the collaborative efforts of the policymakers, the RBI, Government’s focus on capital spending, acceleration in digitization and start of the private capex cycle. For us, it is encouraging to note that the IIFL Wealth Hurun India Rich List 2022 has only grown, mirroring the improved and optimistic sentiments of emerging entrepreneurs, and industry leaders. Gurugram debuted in the top 10 cities producing most number of entrants and we have a record addition of 149 new faces to the list from 32 industries and 36 cities. This is yet a reflection of the scope of growth among emerging sectors as well as beyond-metro cities. This report not only offers an analysis of the various facets of our nation’s wealth creators but further provides detailed perspective on India’s strong fundamentals and quality of human capital. As part of our long-standing association with Hurun India Rich List, we believe that in the current challenging global macro-economic scenario, India is a beacon of hope and it will continue to attract flows and long term foreign investment.”

Commenting on the launch, Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said, “The trends in IIFL Wealth Hurun India Rich List 2022 prove that India has taken booster shots against the global crisis. Be it Ukraine War or inflationary pressures, the Indian growth story continues against all odds as 149 individuals entered the IIFL Wealth Hurun India Rich list of 1,103 who cumulatively have a wealth of INR 100 lakh crore. India also gave a new number two, Gautam Adani, to the Hurun Global Rich List.”

“The unprecedented wealth creation in the past five years in India, when other countries are stalling and are in a recessionary mode, reaffirms India as the ‘engine of growth’ for the global economy. Remember, the new additions to IIFL Wealth Hurun India Rich List have occurred at a time when valuations are at a low, both in the listed and privately held companies. The number of entrants to the list has increased by 60% in the past five years. India is best-positioned to capitalize on robust domestic demand, a stable political landscape, favourable demographics, and a sustainable external debt. The next 25 years belong to India- and as the Prime Minister proclaimed; it is Amrit Kaal for the country.”

“From an Indian wealth creation perspective, 2022 will be remembered for Adani’s meteoric rise. Briskly expanding his commodity trading company into a coal–to–port-to-energy conglomerate, he is the only Indian to have built not one, but seven companies with a market cap of one lakh crore. The cumulative wealth growth of the IIFL Wealth Hurun India Rich List 2022 excluding Adani is only 2.67%, compared to the overall 9%.”

“In 2012, Adani’s wealth was hardly one-sixth of Ambani’s wealth and no one could imagine that he would overtake Ambani to become the richest man in India in ten years. This is a reflection of the dynamism and structural transformation of the Indian economy. The success of a first-generation entrepreneur like Adani exemplifies the potential for growth in an economy that is witnessing economies of scale in many unexploited sectors and the paradigm shift in the generation of new wealth.”

“Be it Tata or Birla, India has just nurtured some of the most respected family business houses in the world. Almost 60% of the IIFL Wealth Hurun India Rich List is going to witness intergenerational wealth transfer in the next 10 years. The young leaders of the family, supported by some of the brightest professional managers and investors, will turbocharge wealth creation in family businesses.”

“What makes the Indian wealth creation story truly inspirational is that 67% of the list is self-made, up from 54% five years ago. Also, 79% of the new faces this year are self-made as well. The wealth creation engine of first-generation entrepreneurs and professional managers is on full throttle and is an important driver for India’s GDP to swiftly reach US$5 trillion mark.”

“India’s bench strength or the pipeline of entrepreneurs can be understood best from the start-up ecosystem, which is the third largest in the world with more than 80,000 start-ups. It has the third-highest number of Unicorns and Gazelles in the world. IIFL Wealth Hurun India Rich List 2022 has 100 entrants from 59 start-ups and going forward, the share of start-ups is likely to increase manifold. This has resulted in more young entrepreneurs entering the IIFL Wealth Hurun India Rich List. For instance, the youngest ten years ago was 37, last year was 23 and this year is 19.”

“The IPOs of some of the high-profile startups realigned the valuation spread between institutional and retail investors. Having said the aforementioned, we believe the startup wealth creation will continue, although with “new rules in the game”.

“Wealth creation has also become more decentralised and dispersed. Over the last decade, the number of Indian cities in the rich list jumped to 82, up from 10. At this rate, I expect to see each of the government’s planned 100 smart cities to have a rich lister within five years.”

“The list has become more ‘inclusive’. The number of women in the list is 55 this year, up from 13 ten years ago.”

“On the back of strengthening US Dollar, the number of dollar billionaires has come down by 16 to 221. If calculated at last year’s exchange rate, the number of dollar billionaires would have increased by 3 to 241.”

“Post-pandemic, some of the COVID winners such as generic pharma, diagnostics and Software & Services faced headwinds. While pharma and diagnostics dropped mainly on account of subdued demand post covid, Software & Services industry has taken a beating due to fears of a recession in the developed markets that house most of the outsourcing clients.”

“Hospitality, Real Estate and Textile registered a solid comeback on the back of post covid demand surge. For instance, the occupancy and average room rate have moved higher than the pre-pandemic level and the industry is estimated to remain buoyant on pent-up demand. India’s super wealth creation stories are broad-based and not driven by any single sector. For instance, the Top 10 in the IIFL Wealth Hurun India Rich List 2022 come from diverse sectors, 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 resilience of India Inc. during global chaos can be best illustrated through a comparison of the indices. The broader NIFTY has held its own and performed better than its global peers in the twelve months to September 8, 2022. The index has only dropped around 6% when compared to NASDAQ's 23% and NIKKEI's 29%. The resilience of Indian companies, the future potential and the new shoots suggest a golden future for the nation”

“UPI is a phenomenal success. India has the highest fintech adoption rate and the fastest growing fintech market in the world. India has 16 fintech unicorns and 17 entrants in the IIFL Wealth Hurun India Rich List 2022. Good regulation and a huge market - 80 million Indians made their first digital transaction after 2020 and 190 million are still unbanked- makes it the breeding ground for new wealth creation.”

“Likewise, the Open Network for Digital Commerce (ONDC) is going to be a game-changer in India. ONDC will democratize the buyer-seller platform and save millions with the digitization of the supply chain. SMEs, MSMEs, D2C brands and even Kirana shops can join the platform to extend their reach. I expect government’s ONDC initiative is a moonshot for accelerated wealth creation for entrepreneurs from retail, logistics and tech stack that are built on/ for ONDC.”

“EV is another ecosystem that has the potential to contribute new entrants to IIFL Wealth Hurun India Rich List. For instance, in Hurun China Rich List 2021, the greatest number of entrants hailed from the EV sector. Currently, the only entrants from the EV ecosystem in the list are the founders of Ola Electric and Revolt (RattanIndia Enterprises). If India catches up with even 50% of China in terms of EV adoption, there would be dozens of entrants from the sector in the IIFL Wealth Hurun India Rich List.

“IIFL Wealth Hurun India Rich List tells the story of India’s economy, its current state and future trend by listing out the most successful entrepreneurs in India. The list chronicles the wealth creation story of young entrepreneurs, professional managers and business leaders who focus on value creation. I believe the India story is the most promising wealth creation story currently.

“Hurun Report’s mission is promoting entrepreneurship through its lists and research. The stories of the people from the IIFL Wealth Hurun India Rich List 2022 tell the story of the Indian economy. Hurun India has managed to bring the cut-off of the Hurun India Rich List down to INR 1,000 crore from INR 1,800 crore ten years ago. This enables Hurun India to tell exciting stories about local heroes from smaller cities and towns - stories that might otherwise get missed.”

“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 INR 17,600 crore. To make it to the India Top 10 is next to impossible, with a massive INR 1,19,400 crore 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 INR 1,000 crore”,  concluded Anas Rahman Junaid, MD and Chief Researcher, Hurun India. 

Top 10 Wealthiest Individuals

Dilip Shanghvi and Uday Kotak re-entered the India Top 10 this year replacing Kumar Mangalam Birla of Aditya Birla Group and Jay Chaudhary of Zscaler. Gautam Adani has surged ahead to the top spot beating Mukesh Ambani with wealth more than doubling (116%) in the last year. He is ahead of the second-ranking Ambani by more than INR 3,00,000 crore. Vaccine maker Cyrus S Poonawalla & family also moved up three ranks after their wealth increased by 25% year-on-year. Three families, Shiv Nadar & family, SP Hinduja & family and LN Mittal & family, have reported a decline in wealth but still find a place in the top ten.

Four individuals still make the India Top 10 after ten years, led by Mukesh Ambani and followed by LN Mittal, Dilip Shanghvi and Shiv Nadar.

Table 1: Top 10 in IIFL Wealth Hurun India Rich List 2022

↑ Rank increase yoy ↓ Rank decrease YoY - No Rank change yoy * New to Top 10

Source: IIFL Wealth Hurun India Rich List 2022

Top 10 – 5-year comparison

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 are the most obvious, as they moved up in ranking. Gautam moved up from the 8th rank in 2018 to the number one spot when his wealth increased 15.4 times, while his brother Vinod moved up from the 49th spot to the sixth ranking. 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 wealth increased 3.8 times in the last five years.

 Table 2: IIFL Wealth Hurun India Rich List 2022 – Top 10 wealth growth over five years

Source: IIFL Wealth Hurun India Rich List 2022

Fuelled by acquisitions and organic growth, Gautam Adani (60), has moved into the top spot and is the richest man in India with a wealth of INR 10,94,400 crore. His wealth has more than doubled (116%) in the last one-year and in absolute terms, he added INR 5,88,500 crore. In the last five years, the first-generation entrepreneur’s wealth has increased by 1440%. The combined market value of the Adani group’s seven publicly traded companies, all of which carry the industrialist’s name, has increased significantly in the past few years. The mining-to-energy conglomerate has promised to invest US$70bn in green energy and become the world’s largest renewables producer.

For the first time in ten years, Mukesh Ambani (65), has lost the top ranking despite his wealth increasing by 11% in an eventful year which saw many headwinds including the Russia-Ukraine war. His wealth is pegged at INR 7,94,700 crore and has increased by 115% in the last five years. Sixty-five-year-old Ambani has stepped down from the telecom arm of Reliance Industries, handing the reins to his son Akash and setting the stage for a leadership transition at his energy-to-retail conglomerate. His telecom arm, Jio has been aggressively investing in services like internet broadband and forging ties with handset makers to launch low-cost smartphones and providing 5G services.

Cyrus S Poonawalla (81) of Serum Institute of India has moved three ranks after his wealth increased by 25% or INR 41,700 crore in the last year. His privately held company is the world's biggest vaccine maker and has recently developed the country's first cervical cancer shot that will hit the market soon. Apart from COVID shots, the SII's Indian plants make vaccines for diphtheria, BCG, measles, rubella and other conditions. He is also considering setting up its first manufacturing plant in Africa as he looks to expand globally.

Shiv Nadar (77), of HCL, moved down one rank to the fourth spot after his wealth declined by 21% to INR 1,85,800 crore. His wealth has increased by 400% or INR 1,48,400 crore in the last five years. A pioneer in India’s tech industry, Nadar started HCL, India’s third-largest IT services company, in the 1970s as a hardware firm that made computers. The company gradually began offering software services to global clients and has since become a key player in India’s IT services industry. Roshni Nadar Malhotra took over HCL after her father stepped down in 2020.

With INR 1,75,100 crore, Radhakishan Damani (67), of Avenue Supermarts, moved up two ranks to take the fifth spot. In the last five years, the wealth of Damani has increased by 280% or INR 1,28,800 crore. Damani controls Avenue Supermarts, a Mumbai-based retail chain specializing in low-priced consumer goods. The publicly traded business sells food, clothing and other consumer products in more than 200 DMart shops across India. Born in Mumbai, India, Damani earned hundreds of millions of dollars from stock market investments. He exited the stock market in 2000 and began building a retail business by buying cheap land in Navi Mumbai. He opened the first DMart store in 2002.

The wealth of Vinod Adani increased by 28% or INR 37,400 crore in the last year and he moved up two ranks to claim the sixth position in the Top 10 Wealthiest Individuals list. In the last five years, his wealth has increased by 850% or INR 1,51,200 crore. Residing in Dubai, Adani manages trading businesses in Dubai, Singapore and Jakarta. He is the elder brother of Gautam Adani.

SP Hinduja & family (86), moved down three positions to the seventh rank in the list after their wealth declined by 25% to INR 1,65,000 crore. Century-old Indian conglomerate Hinduja Group is present in eleven sectors including automotive, oil & speciality chemicals, banking & finance, IT & ITeS, cyber security, healthcare, trading, infrastructure project development, media & entertainment, power, and real estate. The brothers are based between Mumbai, London and Geneva.

LN Mittal & family (72), dropped three ranks to the eighth position in the list with his wealth declining by 13% to INR 1,51,800 crore. The London-based steel maker’s wealth has grown by 35% in the last five years backed by strong demand from the construction, infrastructure and renewable energy sectors.

Dilip Shanghvi (66), who is the founder and head of India’s largest drug maker Sun Pharmaceutical Industries, moved up two ranks to the ninth rank with his wealth increasing by 12% to INR 1,33,500 crore. In the last five years, his wealth has moved up by 50% or INR 43,800 crore as the pharma major expanded its global operations

Uday Kotak (63), head of India's Kotak Mahindra Bank, moved up two ranks to claim the tenth position in the Top 10 when his wealth increased 3% to INR 1,19,400 crore in the last year. The banker has seen his wealth increase by 50% or INR 40,800 crore in the last five years.

Richest Indian Professional Managers

India has proved itself to be the progenitor of some of the most brilliant professional managers in the world. Professional managers in the list consist of individuals who joined the business after it has been founded, helped it grow and these managers were given stock options from which they have created their wealth.

Leading the list is Jayshree Ullal of Arista Networks with a wealth of INR 16,600 crore. She led the company to a historic and successful IPO in June 2014 from zero to a multibillion-dollar business. Thomas Kurian of Oracle is in the second position and is followed by Nikesh Arora of Palo Alto Networks.

Table 3: IIFL Wealth Hurun India Rich List 2022 – Top 10 Richest Indian Professional Managers

Source: IIFL Wealth Hurun India Rich List 2022

Other notable entrants

Aadit Palicha and Kaivalya Vohra of Zepto debuted in IIFL Wealth Hurun India Rich List 2022. Kaivalya Vohra, 19, and his partner Aadit Palicha, 20, are also the youngest start-up founders in the Hurun India Future Unicorn Index 2022. Quarantined in their Mumbai homes after dropping out of Stanford, the two felt the urgent need for quick and contactless delivery of essentials.

With a wealth of INR 2,700 crore Rangarajan S (64) of Data Patterns (DP), is the first defence and aerospace entrepreneur to feature in the list. Rangarajan started DP in 1985 using personal computers in non-data processing applications. Along the way, he supplied products to many industries till DP decided to pitch to ISRO for a navigation system. The Chennai-based company now makes nanosatellites to ground receiving systems, avionics for Tejas light combat aircraft; launch control systems for Sukhoi 30 aircraft; actuator pins for torpedoes; rugged display systems for helicopters; electronic warfare systems; electronic intelligence and communication intelligence receivers (ELINT and COMINT); landing support radars. And, of course, critical parts for the BrahMos missile programme.

The IPO Stars:

Backed by the IPO of digital analytics company, LatentView Analytics, which was oversubscribed by 326 times, A V Venkatraman, 52, debuted in the list with a wealth of INR 5,500 crore.

Backed by a stellar IPO of Aether Industries, which manufactures speciality chemicals, Ashwin Desai, (71), registered a wealth of INR 10,300 crore and debuted in IIFL Wealth Hurun India Rich List 2022.

With INR 4,300 crore, Rakesh Kumar Verma, 71, of CE Info Systems (IPO subscribed by 154 times) secured the 371rd spot in IIFL Wealth Hurun India Rich List 2022.

Where They Live

Home to 26% of the list – Mumbai is the preferred city for India’s biggest wealth creators, followed by New Delhi and Bengaluru. Mumbai registered a net increase of 28 individuals followed by New Delhi which registered a net increase of 18.

With 335 and 185 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in IIFL Wealth Hurun India Rich List 2022.

Table 4: Top 20 Cities of Residence of IIFL Wealth Hurun India Rich Listers 2022

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20

Source: IIFL Wealth Hurun India Rich List 2022

Table 5: State of Residence of IIFL Wealth Hurun India Rich Listers 2022

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20 ^Union Territory

Source: IIFL Wealth Hurun India Rich List 2022

Table 6: Indian diaspora

Source: IIFL Wealth Hurun India Rich List 2022

UAE, UK & USA are the preferred countries for migration

There are 94 NRIs in the IIFL Wealth Hurun Indian Rich List 2022. 88% of them are self-made. With 48 individuals, the USA is the most preferred country for NRIs, followed by the UAE and the UK. With INR 169,000 crore, Vinod Shantilal Adani & family of Adani Group is the wealthiest NRI. With a fortune of INR 70,000 crore, Jay Chaudhry is the wealthiest NRI living in the USA.

Table 7: IIFL Wealth Hurun India Rich List 2022 – Richest Non-Resident Indians

Source: IIFL Wealth Hurun India Rich List 2022

Biggest Gainers

In absolute terms, Gautam Adani made the most gains in the last one year. His wealth has more than doubled (116%) in the last one year and in absolute terms, he added INR 5,88,500 crore.

Table 8: IIFL Wealth Hurun India Rich List 2022 – The Biggest Gainers (y-o-y) in absolute terms

Source: IIFL Wealth Hurun India Rich List 2022

Ravi Modi of Vedant Fashions was the biggest gainer this year. A category leader in the branded Indian wedding and celebration wear market with a pan-India presence, Vedant Fashions, the owner of ethnic wear brand Manyavar gained the most in percentage terms, as it grew 376% to INR 32,400 crore.

Falguni Nayar & family’s flagship company, Nykaa also grew by 345% in the last year to report a wealth of INR 38,700 crore.

Table 9: IIFL Wealth Hurun India Rich List 2022 – The Biggest Gainers in percentage terms

Source: IIFL Wealth Hurun India Rich List 2022

Major Changes over the last 5 years

This section presents the data pertaining to some of the major individual rank changes that have occurred in the list over the course of 5 years. Gujarat Fluorochemicals Limited (GFL) is an Indian Chemicals Company with over 30 years of expertise in Fluorine Chemistry. GFL holds domain expertise in Fluoropolymers, Fluoro specialities, Refrigerants and Chemicals. It has grown by 2000% in the last five years and tops the list of gainers in percentage terms.

Table 10: IIFL Wealth Hurun India Rich List 2022 – The Biggest Gainers in percentage terms in five years

Source: IIFL Wealth Hurun India Rich List 2022

Divi's Laboratories has also benefitted from the demand for active pharmaceutical ingredients and intermediaries and has grown 1713% in the last five years.

PI Industries, the country’s second-largest agrochemical maker by market capitalisation, has greatly benefitted from exports. It has grown 1488% in the last five years and reports a wealth of INR 27,000 crore.

Table 11: IIFL Wealth Hurun India Rich List 2022 – The Biggest Gainers by Wealth Gain in five years

Source: IIFL Wealth Hurun India Rich List 2022

New to Top 100

Fourteen individuals entered the Top 100 of IIFL Wealth Hurun India Rich List 2022. Falguni Nayar and Ravi Modi entered the Top 100, as their companies were listed and values were unlocked. Falguni Nayar saw her wealth increase by 345% and her rank moved up by 169 to the 33^rd. Likewise, Ravi Modi saw his wealth increase by 376% and he moved up 205 ranks to claim the 41^st position in the list.

As an industry, the biggest gainer in the list is chemicals and is followed by pharmaceuticals.

Table 12: New to Top 100

Source: IIFL Wealth Hurun India Rich List 2022

New to the List!

IIFL Wealth Hurun India Rich List 2022 added a record 149 new faces, from 32 industries and 36 cities. The Chemicals & Petrochemicals sector contributed the greatest number of new entrants with 20 new additions, followed by Financial Services (17) and Software & Services (12).

Table 13: Top 10 new additions

Source: IIFL Wealth Hurun India Rich List 2022

Major Rank Changes over the last 5 years

This section presents the data pertaining to some of the major individual rank changes that have occurred in the list over the course of 5 years. Interesting to note that none of the biggest gainers featured in the Hurun India Rich List 2012.

Table 14: Biggest Rank Changes

Source: IIFL Wealth Hurun India Rich List 2022

Industry analysis

With 126 individuals in the list, Pharmaceuticals leads the list followed by Chemicals & Petrochemicals with 102 individuals and Software & Services with 84 individuals.  Industries that added the greatest number of new entrants to the list were Chemicals & Petrochemicals, Financial Services and Software & Services. Financial services added 16 individuals to the list as digitalization has helped in the financial inclusion of a large section of the population. Chemicals & Petrochemicals is another sector which is growing at an amazing pace as exports and domestic demand increased post-pandemic and major countries are seen de-risking and adopting a China + 1 policy. 27% of IIFL Wealth Hurun India Rich List 2022 sell services and 73% sell physical products. 58% of IIFL Wealth Hurun India Rich List 2022 are consumer-facing and 42% are B2B.

The Textiles, Apparel & Accessories industry saw the maximum wealth creation at 41%, possibly due to the post-pandemic demand and listing gains. It added 7 new faces to the list.

Table 15: IIFL Wealth Hurun India Rich List 2022 – Industry breakdown

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: IIFL Wealth Hurun India Rich List 2022

Pharmaceuticals continue to rule-1^st

The Pharma sector contributes the highest to the list with 126 entries and India is now an acknowledged supplier of generic drugs to the world. There are 8 new additions to the list while 12 lost the status to be featured in the list. The pharma industry has also greatly benefited from the pandemic-induced need for vaccines and increased focus on drugs. Four from the pharmaceutical sector lost their dollar billionaire status. There are 56 individuals in the list deriving their wealth from listed pharma companies, of which 79% saw their wealth declining cumulatively by INR 93,400 crore

Cyrus S Poonawalla & family lead the pharma entrepreneurs with his wealth increasing by 25% in the last year to touch INR 2,05,400 crore. Dilip Shanghvi of Sun Pharmaceutical saw his wealth increase by 12% to INR 1,33,500 crore.

Table 16: IIFL Wealth Hurun India Rich List 2022 – Top 5 Pharma entrepreneurs

Source: IIFL Wealth Hurun India Rich List 2022

Chemicals & Petrochemicals retains position- 2^nd

With 20 new additions, the Chemicals & Petrochemicals industry continues to be a leader in wealth creation and has 102 entrants. There are 23-dollar billionaires from this sector. Ashwin Dani & family of Asian Paints lead the industry despite his wealth remaining flat at INR 71,600 crore. Sri Prakash Lohia of Indorama is ranked second despite his wealth declining marginally by 1% to INR 48,600 crore and ranked third in the classification is Madhukar Parekh of Pidilite, who reported a 17% increase in wealth to INR 31,600 crore. Sailesh Chimanlal Mehta & family of Deepak Fertilisers & Chemicals more than doubled his wealth (113%) to INR 4,900 crore and became the biggest gainer from this sector. Vivek Abhay Vakil, Nehal Abhay Vakil and Bhairavi Abhay Vakil debuted in the list after the demise of their father Abhay Vakil of Asian Paints.

Table 17: IIFL Wealth Hurun India Rich List 2022 – Top 5 Chemical entrepreneurs

Source: IIFL Wealth Hurun India Rich List 2022

Software & Services -3^rd

Software & Services continues to hold on to the third position by contributing 84 entrants to the list. Despite sluggish demand, the software & services sector saw 12 new additions in the last one year. There are 21-dollar billionaires from this sector. The software ecosystem in the country has grown substantially over the years and has matured. Last year, valuations of the listed software & servicescompany have taken a beating due to fears of a recession in the advanced markets. Shiv Nadar and Family lead the Software & Services segment with a wealth of INR 1,85,800 crore. His wealth has declined by 21% in the last year. Jay Chaudhry of Zscaler is at the second rank in the segment with a wealth of INR 70,000 crore despite his wealth declining by 42% (INR 51,600 crore) in the last year and exited from the Top 10. Radha Vembu saw her wealth increase by 32% to INR 30,500 crore. AV Venkatraman of LatentView Analytics is the richest new entrant in this sector with a wealth of INR 5,500 crore. Girish Mathrubootham of Freshworks saw his wealth decline by 71% (INR 4,600 crore) to INR 1,900 crore.

Table 18: IIFL Wealth Hurun India Rich List 2022 – Top 5 Software entrepreneurs

Source: IIFL Wealth Hurun India Rich List 2022

Financial Services- 4^th

Financial Services overtakes Automobile & Auto Components and Construction & Engineering to take the fourth spot with 17 new entrants taking the total tally to 61. The industry also increased the cumulative wealth by 4.7%. There are eight new entrants in the list from fintechs- CRED, Upstox and OneCard- in the industry. The industry contributes 11-dollar billionaires to the list. Vijay Shekhar Sharma of Paytm saw his wealth decline by 74% to INR 4,900 crore after shares of his fintech tumbled post-listing.  Husband-Wife duo of Ruchi Kalra and Ashish Mohapatra have two unicorns Oxyzo Financial Services and OfBusiness in the fintech segment.

Table 19: IIFL Wealth Hurun India Rich List 2022 – Top 5 Financial Services

Source: IIFL Wealth Hurun India Rich List 2022

Automobile & Auto Components-5^th

The Automobile & Auto Components industry added 7 new entrants to the list and has a total tally of 60. Total wealth from the industry segment has also increased by 17% in the past one-year driven by strong exports and a revival in domestic demand. In the top rank in the segment is Niraj Bajaj & Family with a wealth of INR 1,12,700 crore, which has increased by 9% in one year. Vikram Lal & Family of Eicher Motors have seen their wealth increase by 16% to INR 54,300 crore and Anand Mahindra & family of Mahindra & Mahindra are at the third spot with a wealth of INR 34,800 crore.

Table 20: IIFL Wealth Hurun India Rich List 2022 – Top 5 Automotive entrepreneurs

Source: IIFL Wealth Hurun India Rich List 2022

Industrial Products-6th

The industrial products industry added 9 new individuals to take the total tally to 47. The combined wealth of the listers in the segment has increased by 34% over the review period.

Construction & Engineering -7^th spot

The Construction & Engineering industry is ranked at the seventh spot with 43 entrants, down by 4 from last year and the combined wealth of the industry entrants has also declined by 9.2%. Bhadresh Shah of AIA Engineering leads the segment with a wealth of INR 16,200 crore and has seen his wealth increase by 20% in the last year. Pitchi Reddy of Megha Engineering & Infrastructures is at the second spot with a wealth of INR 12,600 crore. He is followed by PV Krishna Reddy of the same company with an estimated wealth of INR 12,100 crore.

Real Estate - 7^th spot

The real estate sector contributed 43 entrants, including one new addition to the list in the last one year and the combined value of the real estate industry has grown by 18%.

Textiles, Apparels & Accessories-9^th

The textile, Apparels & Accessories industry saw its combined wealth increase by 41% from 41 entrants who found a spot in the list.

Food & Beverages-10^th

With 37 entrants to the list, food & beverages retained the 10^th rank. Consumer preference towards packaged and healthy foods helped food & beverages companies to register a 22% increase in wealth compared to last year.

Jewellery-10^th

The Jewellery industry is ranked at the tenth spot along with Food & Beverages with 7 new entrants and a total of 37 entrants. India is the second largest market for gold after China and has one of the most vibrant jewellery manufacturing industry in the world. The cumulative wealth increase in the industry is 34% y-o-y.

 Table 21: Top 5 industries producing the highest number of new entrants

Source: IIFL Wealth Hurun India Rich List 2022

Billion-dollar Startups

Although the industry analysis gives a reasonably good overview of the contemporary business landscape, the rise of Indian Unicorns shows the future and potential for exponential wealth creation in India. 60 entrepreneurs on the list are founders of unicorns and three are founders of gazelles, defined as most likely to ‘go unicorn’ within two years.

According to Hurun India Future Unicorn List 2022, India is ranked third in terms of the number of Unicorns featured in the list at 87. IIFL Wealth Hurun India Rich List 2022 features founders from 34 Indian Unicorns and three Gazelles. The cumulative wealth contributed by the Indian Unicorn and Gazelle listers to the rich list increased by 35% to INR 3,14,000 crore.

Age distribution

More than 85% of the billionaires on the list are above the age of 50 with the majority of them, 32.5% in the age group of 61-70. 11% of the billionaires are in the age group of 41-50, while 4.4% of the list belongs to the age group of 31-40. Only 0.7% of the rich in the list are below the age of 30.

Chart 1: IIFL Wealth Hurun India Rich List 2022 – Age distribution

Source: IIFL Wealth Hurun India Rich List 2022

Intergenerational wealth

More than a quarter or 280 of the entrants on the list are second-generation. The second-generation entrepreneurs in the list are led by Mukesh Ambani, aged 65. There are 52 billionaires in the list who are the third generation, and 13 in the list are the fourth generation. 12 entrepreneurs in the list belong to the fifth generation of their family and currently lead the family business. VC Burman of the Burmans is the richest in the category of entrepreneur who is from the fifth generation to head the family business.

Table 22: IIFL Wealth Hurun India Rich List 2022 – Generations

Source: IIFL Wealth Hurun India Rich List 2022

Obituaries

With an average age of 70 years, three individuals from the IIFL Wealth Hurun India Rich List 2021 passed away during the period under review.

Hurun India remembers the contributions of Cyrus Pallonji Mistry, 53, (Shapoorji Pallonji), Rakesh Jhunjhunwala, 62, (Rare Enterprises), Abhay Vakil & family, 70, (Asian Paints) and Bhupinder Singh Jauhar, 63, (Jamna Auto Industries).  Six individuals in the list inherited the INR 66,800 crore wealth in 2022.

Stats: Cut-offs

Table 23: Table analysing cut-off required for India’s Top 10, 50, 100 and 500

Source: IIFL Wealth Hurun India Rich List 2022

Stats: Number of Individuals

The threshold to make the 2022 rich list was INR 1,000 crore, with a total of 1,103 individuals, up by 96 from last year. The number of dollar billionaires down by 16 this year to 221 individuals.

Table 24: Number of individuals by various thresholds in IIFL Wealth Hurun India Rich List over the years

Source: IIFL Wealth Hurun India Rich List 2022

Mergers and Acquisitions (M&A)

·       Subroto Bagchi & family (INR 1,600 crore) and N Krishnakumar & family (INR 1,500 crore). Mindtree and L&T Infotech announced a merger to create an efficient and scaled up IT services provider in a US$3.3 billion all-stock deal.

·       Reliance Industries Limited spent US$ 132 million to pick up a 54% stake in Addverb Technologies, an Indian robotics start-up.

·       Adani group acquired Swiss cement major Holcim’s stake in Ambuja Cements and its subsidiary ACC for US$ 10.5 billion.

·       Nykaa has announced the acquisition of an 18 % stake in clean beauty brand Earth Rhythm for INR 42 crore, a 60% stake in Nudge Wellness for INR 4 crore.

·       Sajjan Jindal & family’s (INR 54,500 crore) JSW Energy unit to buy Mytrah Energy's renewable assets for INR 10,530 crore.

·       Peyush Bansal and Neha Bansal’s (INR 2600 crore) Lenskart acquires majority stake in Japanese eyewear brand Owndays for US$ 400 Million.

·       Tata Motors EV subsidiary acquires Ford's Sanand plant for INR 726 crore.

·       Deepinder Goyal’s (INR 2,400 crore) Zomato acquired quick-commerce start-up Blinkit for a total consideration of INR 4,447 crore.

·        PVR (Ajay Bijli & family) and INOX Leisure (Vivek Kumar Jain & family) announced the merger to create the largest multiplex chain in the country with a network of more than 1,500 screens.

·       Dinesh Chandra Agarwal (INR 4,200 crore) and Brijesh Agrawal (INR 2,800 crore) IndiaMART acquires Busy Infotech for INR 500 crore.

·       ArcelorMittal buys Brazilian steel company CSP for US$ 2.2 billion.

Other points of interest

·       Mukesh Ambani gifted 22-storey building worth INR 1500 crore to his friend and right- hand man Manoj Modi.

·       Adani family pledges INR 60,000 crore towards charity.

·       Ashok Kumar Chaturvedi & family (INR 2,800 crore) of UFlex-Asepto to set up India’s first U-shape paper straw line.

·       Sumant Sinha & family (INR 2,300 crore) of ReNew Power is planning to build a green hydrogen project in Egypt’s Suez Canal Economic Zone.

·       Producer of Hindi film Brahmastra, Namit Malhotra is ranked 752 in the list with a wealth of INR 1,700 crore.

·       M Sivasamy, who is ranked 584 with a wealth of INR 2,400 crore, made his fortunes from exporting insecticide-treated mosquito net Duranet.

·       Narotam Sekhsaria, who founded Ambuja Cements (ACL) in 1983, entered the list with a wealth of INR 2,300 crore derived from his stake in Nykaa. Holcim acquired management control of ACL in 2006 and later Adani acquired it.

Table 25: Companies Producing the Highest Number of Rich Listers

Source: IIFL Wealth Hurun India Rich List 2022

Social Media

Ratan Tata has the highest number of followers amongst all others in the IIFL Wealth Hurun India Rich List 2022. His Twitter following rose by 18 lakhs in one year.

Table 26: Social Media Followers of IIFL Wealth Hurun India Rich List 2022

Source: IIFL Wealth Hurun India Rich List 2022

Star Signs

People born under Cancer sign had a great year, almost doubling their wealth, followed by Geminis, Taurus and Pisces. Overall Virgos and Scorpios led the way, with the highest number of entries on this year’s list, followed by Aries. Over a period of 5 years, Cancer rich listers created the most wealth, followed by Sagittarius and Aries.

Table 27: Key Star Signs based on Cumulative Wealth increase in IIFL Wealth Hurun India Rich List 2022

 Source: IIFL Wealth Hurun India Rich List 2022

Table 28: Key Star Signs in IIFL Wealth Hurun India Rich List 2022

Source: IIFL Wealth Hurun India Rich List 2022

Methodology

The IIFL Wealth Hurun India Rich List 2022 has been researched and compiled by the Hurun Research Institute for the tenth year running. The cut-off used was 31^st August 2022 when the rate of exchange to the US dollar was INR 79.50. The list relates to individuals born or brought up in India irrespective of their current residence or passport.

Valuing the wealth of India’s richest is as much an art as it is a science. Sure, Hurun Research has missed some, but our endeavor has been to develop the most comprehensive report of its kind with an objective to identify and acknowledge India’s top entrepreneurs and business owners. The source of wealth includes both inherited and self-made wealth. Hurun Report’s team of researchers have travelled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists and investors.

Hurun Research only uses publicly-available data. For unlisted companies, Hurun Research’s valuation is based on the most recent investor round, as well as a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, EV to EBITDA and also other methodologies including Discounted Cash Flow, Tobin’s Q and First Chicago.

Top 100: IIFL Wealth Hurun India Rich List 2022. For the full list, please refer to www.hurunindia.net