Hurun India and 360 Wealth jointly unveiled the 360 ONE Wealth Hurun India Rich List 2023 today. The list revealed Mukesh Ambani and his family at the pinnacle with a staggering net worth exceeding Rs 808,700 crore. Following closely were Gautam Adani & Family with Rs 474,800 crore and Cyrus Poonawalla and family with Rs 278,500 crore. This annual ranking, now in its 12th edition, showcases the wealthiest individuals in India and presents intriguing insights.
Mukesh Ambani and Family, with a net worth of 808,700 million dollars and owning 2% of Reliance Industries, reside in Mumbai. In an interesting revelation, the list highlighted 1,319 citizens possessing a net worth exceeding Rs 1,000 crore, marking a significant increase of 219 from the previous tally. Among them, 278 were debutants in this exclusive club.
A noteworthy milestone was achieved this year, with the cumulative wealth of the individuals on the Hurun India Rich List reaching a staggering Rs 109 lakh crore. This impressive figure surpasses the combined GDP of Singapore, UAE, and Saudi Arabia for the first time since the inception of Hurun’s prestigious lists.
The Changing Landscape of Wealth in India, Key Findings from the Report
The report underlined an 8.5% increase in the overall cumulative wealth, juxtaposed with a 9.3% decrease in average wealth. Out of a total of 1,054 individuals, 278 were new additions, witnessing either a growth in wealth or maintaining their existing financial stature. Meanwhile, 264 individuals experienced a decline in their wealth, and 55 dropped off the list altogether.
Interestingly, India currently boasts 259 billionaires, a notable increase of 38 compared to the previous year. In terms of segment-wise contributions, Industrial Products and Metals & Mining have added the highest number of new entrants to the billionaire list. Pharma, on the other hand, continues to hold the top position with 133 new entrants. The youthful Kaivalya Vohra (20), Founder of Zepto, stands out as the youngest billionaire on the list, underscoring the impact of the startup revolution.
Yatin Shah, Co-Founder of 360 ONE and Joint CEO of 360 ONE Wealth remarked, “This year’s list highlights the immense entrepreneurial spirit of the country, with 64% being self-made. It’s a privilege for us at 360 ONE Wealth to partner with Hurun on this annual showcase of India’s wealthiest individuals, highlighting their contributions to the nation’s economic growth.”
Mukesh Ambani, An Integral Figure in India’s Wealth Landscape
Anirudha Taparia, Co-Founder and Joint CEO of 360 ONE Wealth noted, “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of around Rs 20,000 crore. With 262 new entrants spanning 30 industries and 61 cities, the 360 ONE Wealth Hurun India Rich List 2023 reflects a dynamic and diverse economic landscape.”
Anas Rahman Junaid, MD and Chief Researcher at Hurun India shared his insights, stating, “The trends in 360 ONE Wealth Hurun India Rich List 2023 prove that India is a ‘shining moon’ in a global economy that is exploring every avenue for a soft landing to avoid recession. While the China Rich List remained stagnant this past year, India welcomed 278 fresh faces and an impressive 38 new billionaires, even in what’s termed a ‘challenging year.’ This surge in billionaire emergence is the second most prolific since the inception of our list. As the global economy steadies, we anticipate an even swifter ascent in India’s wealth trajectory.”
He further added, “From Tata to Birla, India has nurtured some of the world’s most esteemed family business dynasties. Nearly 60% of the 360 ONE Wealth Hurun India Rich List is poised for intergenerational wealth transfer within the next decade. With the support of professional managers and investors, the emerging leaders in these families are set to accelerate wealth creation in these businesses. The Indian wealth creation narrative is genuinely inspiring, with 66% of the list being self-made billionaires, a significant increase from 54% five years ago. Additionally, 67% of the new entrants this year are self-made individuals. The powerful wealth creation engine, propelled by first-generation entrepreneurs, contributes to 57% of the cumulative wealth on the list.”
