Hurun India and 360 ONE Wealth unveiled the 360 ONE Wealth Hurun India Rich List 2023, a comprehensive ranking of the wealthiest individuals in India on Tuesday. This marks the 12th annual edition of this prestigious list, which includes individuals either residing in or hailing from India. The data used for wealth calculations reflects a snapshot as of August 30th, 2023.
The latest list comprises 1,319 individuals, a notable increase of 216 from the previous year, spread across 138 cities, reflecting a rise of 16 cities. These individuals possess a wealth of INR 1,000 crore or more. The cumulative wealth has experienced an 8.5% increase, even though the average wealth has declined by 9.3%. This surge has propelled the total number of entrants beyond the 1,300 mark for the first time, indicating a remarkable 76% growth over the past five years.
Among these individuals, 1,054 witnessed either a growth or stability in their wealth. Notably, 278 newcomers have made their debut on the list. However, 264 individuals experienced a decline in their wealth, and 55 individuals dropped out from the list. India now boasts 259 billionaires, marking a rise of 38 from the previous year.
In terms of sectors, Industrial Products and Metals & Mining sectors welcomed a significant number of new entrants. Nevertheless, the Pharma sector retained its top position, contributing 133 new entrants. Remarkably, the youngest individual on the list is just 20 years old.
In an unprecedented milestone, the cumulative wealth of individuals listed on the 360 ONE Wealth Hurun India Rich List has soared to INR 109 lakh crore. This astonishing figure now surpasses the combined GDP of Singapore, UAE, and Saudi Arabia.
In the race for India’s richest individual, Mukesh Ambani (66) has taken the lead with a staggering wealth of INR 8,08,700 crore, overtaking Gautam Adani (61). This shift represents a remarkable catch-up, as in 2022, Adani had surpassed Ambani’s wealth by INR 3 lakh crore. However, in 2023, Ambani surged ahead by INR 3.3 lakh crore.
Cyrus Poonawalla (82) has retained his position as the third wealthiest individual on the 360 ONE Wealth Hurun India Rich List with a wealth of INR 2,78,500 crore.
In a historic moment, Manish Kejriwal and his family of Kedaara Capital have become the first Indian private equity fund managers to feature on the 360 ONE Wealth Hurun India Rich List, boasting a net worth of INR 3,000 crore.
The list also highlights the impact of the startup revolution, with the youngest entrant being 20-year-old Kaivalya Vohra, the founder of Zepto. This contrasts starkly with ten years ago when the youngest entrant was 37, underscoring the transformative influence of the startup ecosystem.
Tragically, Byju Raveendran of Byju’s has exited the list due to investor markdowns. On a positive note, age has proved no barrier, as evidenced by the inclusion of 94-year-old Mahendra Ratilal Mehta, the founder of Precision Wires India Company, making his debut on the 360 ONE Wealth Hurun India Rich List 2023.
Additionally, the list mourns the passing of Aswin Dani, the prominent figure from Asian Paints, who was not only the world’s richest paint entrepreneur but also the recipient of the Hurun Lifetime Achievement Award 2023.
A noteworthy feature of the list is the presence of 84 startup founders, collectively amassing a wealth of INR 4,23,600 crore, with an average age of 41.
Furthermore, global conglomerate tycoon Kumar Mangalam Birla (56) and automobile magnate Niraj Bajaj (69) from Bajaj Group have re-entered the top 10 of the 360 ONE Wealth Hurun India Rich List 2023, displacing Vinod Shantilal Adani and Uday Kotak (64).
Lastly, the list highlights the remarkable growth in the number of dollar billionaires, now totaling 259 individuals, marking an increase of 38 compared to the previous year and a staggering fourfold rise since the inception of Hurun India twelve years ago.
In a remarkable turn of events, a staggering 871 entrepreneurs, constituting 66% of the list, are self-made, reflecting a substantial increase from last year’s 735 individuals. This figure has surged from 54% five years ago, underscoring the growing trend of self-made success stories. Notably, 67% of the new entrants this year are self-made entrepreneurs.
The pharmaceutical sector stands out by contributing 133 individuals to the 360 ONE Wealth Hurun India Rich List 2023, followed closely by the Chemicals & Petrochemicals sector with 109 entries and the Industrial Products sector with 96 representatives. Strikingly, 51 individuals witnessed their wealth doubling on the list, led by 10 from Industrial Products and 5 from Pharmaceuticals.
Among the entrants, 970 individuals experienced a boost in their wealth, of which 278 are new faces, marking a significant influx of fresh talent. Unfortunately, 264 individuals saw a decrease in their wealth, leading to 55 dropouts, while 11 individuals from the list passed away.
In a notable shift, Radha Vembu (50) of Zoho has overtaken Falguni Nayar (60) to become the wealthiest self-made Indian woman in the 360 ONE Wealth Hurun India Rich List 2023. Among the self-made female entrepreneurs, Neha Narkhede (38), the co-founder of Confluent, a streaming data technology company, holds the distinction of being the youngest entrant.
In a geographical shift, Tiruppur made its debut in the top 20 cities producing the highest number of entrants, with Mumbai leading the list with 328 individuals, followed by New Delhi (199) and Bengaluru (100). Mumbai has added 45 new individuals, solidifying its position as the frontrunner.
The 360 ONE Wealth Hurun India Rich List 2023 welcomed an impressive 278 new faces from 30 different industries and 63 cities, showcasing the diverse entrepreneurial landscape of India.
Additionally, 14 professional managers earned a spot on the list. Jayshree Ullal (62), the CEO of Arista Networks, leads with a wealth of INR 20,800 crore, while Ignatius Navil Noronha (48) of Avenue Supermarts, with INR 5,200 crore, is the richest CEO based in India featured on the list.
The list also highlights notable wealth gains, with Gauri Shankar Agarwala & Family of CMR Green Technologies experiencing a remarkable 321% increase, making them the biggest gainers. Cyrus S Poonawalla and Shiv Nadar also saw substantial gains in terms of absolute wealth.
Furthermore, the list includes 59 founders of 33 unicorn startups, indicating the thriving startup ecosystem in India. Additionally, 14 individuals born in the 90s made it to the list, all of whom are self-made entrepreneurs, showcasing the rise of young, innovative minds in the business arena.
The Industrial Products industry emerged as the fastest-growing sector, adding 33 new faces, led by Ramesh Kunhikannan (59) of Kaynes Technology India.
The average age of individuals on the list remains unchanged at 63 from last year. Among women on the list, the average age is 62.
On the digital front, Ratan Tata (84) boasts the highest social media following among entrepreneurs from the 360 ONE Wealth Hurun India Rich List 2023, with 12.6 million followers on Twitter. He is closely followed by Anand Mahindra, with 10.8 million followers.
Astrologically, Pisces retains its position by adding 35% to the overall wealth, leading the star sign rankings, followed by Taurus and Libra. Virgo emerges as the top zodiac sign among entrepreneurs in India, constituting 9.6% of the list, followed by Scorpio and Pisces.
This comprehensive analysis and celebration of Indian entrepreneurship comes from Hurun, the world’s largest rich list provider, in association with 360 ONE Wealth, marking the 12th anniversary edition of the Hurun India Rich List.