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India added 214 billionaires in one year, says Hurun report

Our Bureau Mumbai | Updated on September 25, 2018 Published on September 25, 2018

With ₹4 lakh crore, Mukesh Ambani tops list yet again

India added 214 to its count of super rich — with a net worth of ₹1,000 crore — over the last year. This is a 35 per cent jump over last July’s count of 617.

The number of millionaires in the country rose to 831 in July 2018, largely due to the bull run in the capital market and the 7 per cent depreciation of the rupee against the US dollar.

At $719 billion, the cumulative wealth of the 831 individuals featured in the seventh edition of the Barclays Hurun India Rich List accounted for one fourth of India’s GDP of $2,848 billion.

According to the Hurun report, released on Tuesday, with a wealth of ₹3.71 lakh crore, Mukesh Ambani of Reliance Industries Ltd (RIL) remained the richest person in India for the seventh year in a row.

Helping him increase his wealth over the past year — by ₹300 crore a day — were the 47 per cent rise in RIL’s share price, the launch of RJio and the group’s booming petrochemical business.

SP Hinduja & Family came a distant second with a wealth of ₹1.59 lakh crore, followed by Lakshmi Mittal & Family with ₹1.14 lakh crore.

Among the biggest gainers in the list was Krishna Kumar Bangur, promoter of Graphite India, who saw his wealth rising over four times to ₹14,300 crore due to a sharp rise in graphite demand and prices.

Byju Raveendran, who runs education platform Byju’s, has been doubling his wealth over the past four years. His assets stand at ₹3,300 crore.

Dhiraj Rajaram of Mu Sigma, a data analytics service provider, almost doubled his wealth to ₹7,100 crore.

The young ones

With assets of ₹2,600 crore, Oyo Rooms founder Ritesh Agarwal, 24, topped the list of self-made entrepreneurs under 40.

Shradha Agarwal, 33 of Outcome Health was the only woman in the self-made entrepreneurs under 40 list.

Anas Rahman Junaid, Managing Director, Hurun Report India, said the number of Indian unicorns, defined as technology companies with a valuation of over $1 billion, crossed 20 for the first time, led by Udaan, a B2B platform for SMEs, and Zerodha, a discount broking firm promoted by Nithin Kamath.

New class

Satya Narayan Bansal, CEO, Barclays Private Clients, said the new entrants are mostly first-generation entrepreneurs. A new class of serial entrepreneurs is emerging as they cash out of existing businesses and look for fresh opportunities, he added.

The export-oriented pharma industry accounted for 114 billionaires, followed by software and services and FMCG with 66 and 53, each, respectively.

Commercial capital Mumbai topped the list with 233 names, followed by New Delhi at 163 and Bengaluru at 70.

Published on September 25, 2018
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