Super rich club expands by 36 per cent

The Asian Age.

Business, Companies

Barclays Hurun India Rich List claims total wealth stood at $719 billion.

Mukesh Ambani’s wealth rose by `300 crore a day over the past year and his total wealth was more than the combined wealth of the next three.

Mumbai: The number of Indians with a minimum net-worth of Rs 1,000 crore has increased by 34.68 per cent to 831 according to Barclays Hurun India Rich List 2018. Their total wealth stood at $719 billion, which is almost a quarter of India’s GDP.

Reliance Ind (RIL) chairman Mukesh Ambani tops the list for the seventh consecutive year with a net worth of Rs 3.71 lakh crore followed by S.P. Hinduja & Family (Rs 1.59 lakh crore), L.N. Mittal & family (Rs 1.14 lakh crore) and Azim Premji (Rs 96,100 crore).

Interestingly, Mukesh Ambani’s wealth rose by Rs 300 crore a day over the past year and his total wealth was more than the combined wealth of the next three in ranking.  

“Amidst the huge political debate around India’s current economic scenario, Barclays Hurun India Rich List 2018 depicts that Indian businesses are booming. In fact, the number of wealthy Indians has nearly doubled in the past two years — from 339 in 2016 edition to 831 presently. Interestingly, the India edition of the Rich List is the fastest growing rich list in the world — highlighting the optimism of a young, vibrant and ambitious country,” said Anas Rahman Junaid, MD and chief researcher, Hurun Report India.  

All the self-made entrepreneurs under 40 from the Barclays Hurun India Rich List 2018, except for Sanjay Agarwal of AU Small Finance Bank, derive their wealth from technology-based ventures. The youngest self-made entrepreneur under forty is Ritesh Agarwal (24) of Oyo Rooms with a net worth of Rs 2,600 crore while the wealthiest is Divyank Turakhia (36) of Media.net.

The average wealth of self –made entrepreneurs under 40 years of age is Rs 4,400 crore. Shradha Agarwal (33) of Outcome Health is the only self-made woman under 40.  

For the first time, the number of Indian unicorns, defined as technology firms that have a valuation of more than $1 billion crossed 20.  Some of the unicorns in list ranges from Udaan, a e-commerce startup led by three former Flipkart executives to bootstrapped tech enabled discount broking platform, Zerodha led by Nithin Kamath (38).

There are 66 NRIs from the 2018 list out of which 65 per cent of them are self-made. With 21 individuals, UAE is the most preferred country for NRIs, followed by the US  and the United Kingdom.

With Rs 1.59 lakh crore, S.P. Hinduja & family is the wealthiest NRI and Yusuff Ali MA is the wealthiest NRI living in UAE with a fortune of Rs 39,200 crore.

Mumbai emerged as the hub of the rich – with 233 names hailing from the city, while New Delhi and Bengaluru accounted for 163 and 70 respectively.

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