Hurun List 2023: Mukesh Ambani Emerges as richest Indian

Hurun India, in collaboration with 360 Wealth, has unveiled the highly anticipated 360 ONE Wealth Hurun India Rich List 2023. This prestigious ranking showcases the financial prowess of India's elite, with Mukesh Ambani & Family reigning supreme as the richest, boasting a staggering net worth exceeding Rs 808,700 crore. The list also introduces interesting dynamics, revealing that 1,319 individuals have amassed fortunes exceeding Rs 1,000 crore, including 278 new entrants.

Record-Breaking Cumulative Wealth:

In a historic milestone, the cumulative wealth of individuals on the 360 ONE Wealth Hurun India Rich List has surged to a remarkable Rs 109 lakh crore. This figure surpasses the combined GDP of nations like Singapore, UAE, and Saudi Arabia, underlining the extraordinary wealth amassed by India's elite.

Wealth Trends and Dynamics:

The report discloses key trends in India's wealth landscape, with cumulative wealth on the list growing by 8.5%, despite a 9.3% decrease in average wealth. Notably, 1,054 individuals witnessed an increase or stabilization in their wealth, welcoming 278 newcomers. Conversely, 264 individuals experienced a decline in wealth, resulting in 55 dropouts from the list.

Rise in Billionaires and Diverse Segments:

India has seen a surge in billionaires, with their count reaching 259, marking a notable increase of 38 compared to the previous year. In terms of segment-wise contributions, Industrial Products and Metals & Mining emerged as key sectors, ushering in the highest number of new entrants.

The pharmaceutical sector, holding the top position, welcomed 133 new entrants. Kaivalya Vohra (20), the Founder of Zepto, stood out as the youngest entrant, exemplifying the impact of the startup revolution.

Top 10 Richest Indians in 2023:

Here are the top 10 wealthiest individuals in India in 2023:

• Mukesh Ambani & Family: Rs 808,700 crore (2% increase)

• Gautam Adani & Family: Rs 474,800 crore (57% decrease)

• Cyrus S Poonawalla & Family: Rs 278,500 crore (36% increase)

• Shiv Nadar & Family: Rs 228,900 crore (23% increase)

• Gopichand Hinduja & Family: Rs 176,500 crore (7% increase)

• Dilip Shangvi: Rs 164,300 crore (23% increase)

• LN Mittal & Family: Rs 162,300 crore (7% increase)

• Radhakishan Damani & Family: Rs 143,900 crore (18% decrease)

• Kumar Mangalam Birla & Family: Rs 125,600 crore (5% increase)

• Niraj Bajaj & Family: Rs 120,700 crore (7% increase)

Industry Insights and Growth:

Yatin Shah, Co-Founder of 360 ONE, emphasized that 64% of the list's members are self-made entrepreneurs, reflecting the nation's entrepreneurial spirit.

Notably, certain entrepreneurs have witnessed extraordinary wealth growth, with some experiencing a remarkable 1,000% surge. Construction and engineering sectors demonstrated significant gains in the top 100 list, closely followed by pharmaceuticals with a cut-off of approximately Rs 20,000 crore.

Intergenerational Wealth Transfer and Self-Made Success:

Anas Rahman Junaid, MD, and Chief Researcher at Hurun India, highlighted the impending intergenerational wealth transfer, with nearly 60% of the 360 ONE Wealth Hurun India Rich List expected to transition wealth within the next decade. Furthermore, the narrative of wealth creation in India is inspiring, with 66% of the list being self-made individuals, marking a significant increase from 54% five years ago. This year, 67% of new entrants are self-made individuals, contributing to 57% of the cumulative wealth on the list.

Relevant and latest facts for the above news:

• The Hurun Rich List is an annual ranking of the wealthiest individuals in India.

• The list is based on net worth, which is calculated as the value of all assets minus all liabilities.

• The list is compiled by Hurun India, a research and media company.

• The 360 ONE Wealth Hurun India Rich List 2023 is the 12th edition of the list.

• The list features 1,319 individuals with a net worth of over Rs 1,000 crore.

• The cumulative wealth of the listers has grown to Rs 109 lakh crore, more than the combined GDP of Singapore, UAE, and Saudi Arabia.

• India has 259 billionaires, up 38 from last year.

• Industrial Products, Metals & Mining added the greatest number of new entrants to the list.

• Kaivalya Vohra (20), Founder, Zepto is the youngest in the list.

• 64% of the individuals on the list are self-made.

Conclusion:

The 360 ONE Wealth Hurun India Rich List 2023 is a testament to the growing wealth and entrepreneurial spirit in India. The list features a diverse range of individuals from various industries, and the cumulative wealth of the listers has grown significantly over the past year.