For the first time in 11 years, 100 start-up founders were featured in IIFL Wealth Hurun India Rich List 2022, with a cumulative wealth of ₹5,06,000 crore and an average age of 40. Of these, five made it to the Top 100 of the 2022 list, including Byju Raveendran and family (BYJU’S), Falguni Nayar and family (Nykaa), Radha Vembu (Zoho), Nithin Kamath and family (Zerodha) and Vembu Sekar (Zoho).
The youngest richest person on the list was also a start-up founder, Kaivalya Vohra, 19-year-old co-founder of quick grocery delivery app Zepto. Co-founders of newly minted unicorn PhysicsWallah — Alakh Pandey and Prateek Maheshwari — also debuted in the list this year. They were both are ranked at the 399th position with a wealth of ₹4,000 crore.
The cumulative wealth contributed by the Indian Unicorn and Gazelle listers to the rich list increased by 35 per cent to ₹3,14,000 crore this year. Wealth calculations are a snapshot as of August 30, and only includes individuals residing or born and bred in India.
Adani, numero uno
Mukesh Ambani, who has been dominating the numero uno position as the richest person in India for the last 10 years, has been toppled by Gautam Adani. In fact, Ambani was the richest Indian ever since Hurun India started tracking individual wealth in the country.
The IIFL Wealth Hurun India Rich List released on Wednesday noted that Adani added ₹1,600 crore per day over the last year to increase his wealth by ₹5.88-lakh crore to ₹10.94-lakh crore and unsettled Ambani by a wide margin. Ambani was ranked a poor second despite his wealth increasing 115 per cent to ₹7.95-lakh crore in an eventful year with many headwinds.
Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun India, said the cumulative wealth growth of the IIFL Wealth Hurun India Rich List excluding Adani is only 3 per cent. Including, Adani, it rises to 9 per cent. “In 2012, Adani’s wealth was hardly one-sixth that of Ambani’s. This reflects the dynamism and structural transformation of the Indian economy," he said.
Others on the list
Cyrus Poonawalla overtook Shiv Nadar to finish third as his wealth grew 25 per cent to ₹2.05-lakh crore while that of Nadar fell 21 per cent to ₹1.86-lakh crore given the strain in the IT sector.
Founder of D-Mart, Radhakishan Damani, moved up two notches to fifth place with wealth of ₹1.75-lakh crore while Vinod Shantilal Adani, elder brother of Gautam Adani, pushed up his wealth by 28 per cent to ₹1.69-lakh crore. Based in Dubai, the elder Adani manages trading businesses in Dubai, Singapore and Jakarta.
Interestingly, worth of SP Hinduja and LN Mittal fell by 25 per cent and 13 per cent to ₹1.65-lakh crore and ₹1.52-lakh crore, respectively. The number of individuals with wealth of over ₹1,000 crore touched a high of 1,103. These individuals’ wealth touched ₹100-lakh crore, which is the combined GDP of Singapore, UAE and Saudi Arabia.
Meanwhile, post listing of Nykaa at the bourses, its promoter Falguni Nayar overtook Biocon owner Kiran Mazumdar-Shaw to become the richest self-made woman. Thanks to Adani, the Roys of NDTV — Prannoy and Radhika Roy — entered the rich list with a combined wealth of ₹2,000 crore after Adani Enterprises acquired stake and announced an open offer for the company.
Start-ups to rule
“India’s bench strength or the pipeline of entrepreneurs can be understood best from the start-up ecosystem, which is the third largest in the world with more than 80,000 start-ups. It has the third-highest number of unicorns and gazelles in the world. IIFL Wealth Hurun India Rich List 2022 has 100 entrants from 59 start-ups and going forward, the share of start-ups is likely to increase manifold,” said Junaid.
He added that the IPOs of some of the high-profile start-ups realigned the valuation spread between institutional and retail investors. Having said that, Hurun India believes the start-up wealth creation will continue, although with “new rules in the game”.