‘India’s super-rich are scared of showing off their wealth’

Rupert Hoogewerf, 45, founder of Hurun Report , a Shanghai-based bimonthly luxury magazine that tracks the lifestyles and success stories of millionaires in China, is fascinated with how entrepreneurs create wealth.

The magazine’s annual China Rich List is an authoritative compilation of high net-worth individuals (HNIs) in China. Last year, Hurun Report came out with an India Rich List which, for the first time, listed 230 Indians who were worth more than ₹1800 crore.

“But, this is the tip of the iceberg as for every HNI we spot, there are two others out there who remain hidden,” Hoogewerf says. The India Rich List 2015 will be out soon and Hurun Report will launch its India edition in a couple of months. Excerpts from an interview:

Why are you fascinated with the HNIs?

I love telling their stories for several reasons. They create employment for millions of people and they have a significant influence. Their stories inspire others work hard and improve their living conditions.

In China, there was only one billionaire a decade back, and now there are around 400 – from one to 400 in just ten years. This is the fastest growth of the HNI population in history. It’s almost the same situation in India, too. In another decade, India and China will collectively be home to half the world’s billionaires.

There has been an explosion of entrepreneurship in China, the kind of explosion not seen anywhere in the world in the past 150 years. Of the 50 top female entrepreneurs in the world, 25 are in China (and only one in India). This kind of entrepreneurial explosion is fascinating to track. And I am interested in promoting responsible entrepreneurship that is socially committed. I call this compassionate capitalism.

What is it about Chinese entrepreneurs that interests you?

I am a British citizen, born in Luxembourg. I know lots of Chinese living in other parts of the world and am aware of their hard working nature. I understand the Chinese business DNA very well. When I travelled to China in late 90s, a new crop of millionaire entrepreneurs was emerging and I found this very interesting.

Are multimillionaires and billionaires fun people?

The first-generation entrepreneurs are quite interesting. They work hard, take huge risks, and often have luck on their side. They are highly competitive, sometimes corrupt, and get things done at any cost. Their stories are . But, the ones in the second generation sometimes behave like playboys. They often blow up money on racing, fast cars, yachts etc. and the business goes kaput.

How is the HNI landscape in India?

In our India Rich List 2014, there were 230 people with a net worth of more than ₹1800 crore. Of them, 109 were billionaires. This year, there could be many more billionaires as wells as multimillionaires who have crossed the ₹1800-core level. India has the third largest number of billionaires in the world. But, Indian HNIs are scared of showing off their wealth. We will be publishing the India Rich List 2015 very soon.

How did you zero in on the name Hurun Report ?

Hurun happens to be the Chinese word for Rupert, which is my name. Also, it is innocuous and easy to pronounce for the Chinese people.

You have been tracking billionaires for a long time. Are you one yourself?

No. But I run a very successful business.

What’s the revenue model for your magazine?

Apart from the advertisements of luxury goods that are featured in Hurun Report , event sponsorships and research contributes to our revenues. We also run a business school in China.

Your plans for India?

I want to build a community of young entrepreneurs in India by introducing them to successful role models here. I also want to build a business school in the country. Research, media and event sponsorships are other projects.