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Hurun India Rich List 2020

Intro
Hurun India and IIFL Wealth today released the IIFL Wealth Hurun India Rich List 2020.

IIFL Wealth Hurun India Rich List 2020 – Key Highlights

 

HURUN INDIA FINDS 828 INDIVIDUALS WITH INR 1,000 CR, UP THREE-FOLD AS COMPARED TO 5 YRS AGO

 

MUKESH AMBANI GAINS INR 90 CR PER HOUR SINCE THE “MARCH LOCKDOWN”; AMBANI’S WEALTH INCREASED BY INR 2,77,700 CR TO INR 6,58,400 CR AND RETAINS THE RICHEST INDIAN TITLE FOR THE 9TH YEAR RUNNING

 

179 DOLLAR BILLIONAIRES, UP 3 TIMES SINCE HURUN INDIA STARTED IN 2013

 

627 INCREASED THEIR WEALTH, OF WHICH 162 NEW FACES; 76% OF NEW FACES ARE SELF-MADE

 

229 SAW THEIR WEALTH GO DOWN. 75 DROPOUTS. 6 PASSED AWAY

 

SELF-MADE INDIAN ENTREPRENEURS IN THE LIST ARE ON THE UP AT 64%, FROM 54% OF THE LIST 5 YEARS AGO; 90% BUSINESSES IN THE LIST ARE FAMILY RUN, INDICATING THE SUCCESS OF FAMILY RUN ENTREPRENEURSHIP IN INDIA.

 

WITH A WEALTH OF INR 32,400 CR, SMITA V CRISHNA, 69, IS THE RICHEST WOMAN IN THE LIST. AND WITH A WEALTH OF INR 31,600 CR AND INCREASE OF 71%, KIRAN MAZUMDAR SHAW, 67, IS THE RICHEST SELF-MADE WOMAN AND IS WITHIN ARM’S REACH OF BECOMING THE RICHEST WOMAN IN THE COUNTRY

 

21, OF WHOM 17 ARE SELF-MADE, UNDER THE AGE OF 40

 

WITH 217 INDIVIDUALS MUMBAI TOPS THE LIST FOLLOWED BY NEW DELHI (128) AND BENGALURU (67); NEW DELHI HAS LOST 5 RICH LISTERS, MUMBAI GAINS 41 AND CHENNAI OVERTOOK KOLKATA

 

11 PROFESSIONAL MANAGERS MADE IT TO THE LIST. WITH INR 11,300 CR, THE RICHEST IS THOMAS KURIAN, 60, WHO ENCASHED HIS STAKE IN ORACLE; WITH INR 3,200 CR, IGNATIUS NAVIL NORONHA, 45, OF AVENUE SUPERMARTS IS THE RICHEST CEO BASED IN INDIA

 

BACKED BY THE BULL RUN OF GOOGLE SHARES, SUNDAR PICHAI, 48, REGISTERED A 79% INCREASE IN WEALTH OF INR 5,900 CR

 

FOUNDERS OF B2B MARKETPLACE UDAAN GAINED 274% IN WEALTH, ON THE BACK OF A NEW ROUND OF FUNDRAISING, AND ARE THE BIGGEST GAINERS, FOLLOWED BY CHIGURUPATI KRISHNA PRASAD, 65, OF PHARMA MAJOR GRANULES INDIA, WHO GAINED 218%

 

FOUNDERS OF 11 UNICORNS MADE IT INTO IIFL WEALTH HURUN INDIA RICH LIST 2020

 

19 SAW WEALTH DOUBLE, OF WHOM 6 FROM PHARMACEUTICALS AND 3 FROM RETAIL. PHARMA ADDED 27 NEW ENTRANTS AND 122 TOTAL ENTRANTS NETTING A CUMULATIVE WEALTH OF INR 2 LAKH CR

 

BACKED BY A 51% INCREASE IN D-MART’S SHARE PRICE, RADHAKISHAN DAMANI, 65, STORMS INTO TOP 10 WITH INR 87,200 CR

 

BACKED BY STELLAR IPO OF HAPPIEST MINDS, THE FOUNDER ASHOK SOOTA, 77, WITH A WEALTH OF INR 3,700 CR, DEBUTS THE LIST. ROUTE MOBILE’S IPO LAUNCHED SANDIPKUMAR GUPTA, 46, AND RAJDIPKUMAR GUPTA, 45, WITH A WEALTH OF INR 2000 CR EACH

 

TOP 5 FAMILIES HOLD 21% OF THE CUMULATIVE WEALTH OF IIFL WEALTH HURUN INDIA RICH LIST 2020

 

WITH 91 LAKH FOLLOWERS IN TWITTER, RATAN TATA IS THE MOST FOLLOWED ENTREPRENEUR FROM THE IIFL WEALTH HURUN INDIA RICH LIST ON INDIAN SOCIAL MEDIA, FOLLOWED BY ANAND MAHINDRA WHO HAS 81 LAKH FOLLOWERS

 

STAR SIGNS: RICH LIST ENTRANTS BORN UNDER THE ARIES STAR SIGN HAD A GOOD YEAR AND REGISTERED A 55% INCREASE IN CUMULATIVE WEALTH, FOLLOWED BY THOSE BORN UNDER SCORPIO AT 52%.


WORLD’S LARGEST RICH LIST PROVIDER HURUN LAUNCHES 9TH EDITION OF HURUN INDIA RICH LIST TOGETHER WITH IIFL WEALTH



IIFL WEALTH and HURUN INDIA release IIFL Wealth Hurun India Rich List 2020


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(29 September 2020, Mumbai) Hurun India and IIFL Wealth today released the IIFL Wealth Hurun India Rich List 2020. This is the 9th annual ranking of the richest individuals in India. Wealth calculations are a snapshot of 31st August 2020.

 

828 individuals across 111 cities have been identified in IIFL Wealth Hurun India Rich List 2020. Cumulative wealth for this year increased by 20% compared to that of last year while average wealth increase by 9%. 674 individuals saw their wealth increase or stay the same – that is 81% of the list.

 

Speaking at the launch, Yatin Shah, Co-Founder, IIFL Wealth & Asset Management said, “The IIFL Wealth Hurun India Rich List 2020, is a testament to our belief in the India growth story. Despite these unprecedented times, it is encouraging to note that the IIFL Wealth Hurun India Rich List 2020 has only grown. The sentiment among entrepreneurs and industry leaders has improved in recent months. India is witnessing multiple themes playing out simultaneously, which include rising wealth creation in Tier 2 and Tier 3 cities, change in behaviour of wealthy families with wealth preservation dominating investment decisions.”


Commenting on the launch, Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said,

 

“The IIFL Wealth Hurun India Rich List is a barometer of the Indian economy, helping us understand which industries have gone up, innovated or gone down. The stories of these entrepreneurs tell the stories of India’s modern businesses.”

 

"28% of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking Ambani's meteoric success post diversifying from oil to telecom and retail. A further 21% of the additional wealth has been generated by pharma, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19.”

 

“With rising new wealth creators such as innovative startups, family businesses with strong professional management, investors who believe in the India story, and a demographic advantage that is inferior to none, the India’s wealth creation story  is still yet to reach the half-way mark.”

 

“Assuming that for every one Hurun rich lister we have found, we have probably missed two, it is likely that India today has 3,000 individuals with INR 1,000 Cr”, continued, Anas Rahman Junaid, MD and Chief Researcher, Hurun India.


Top 10 Wealthiest Individuals


Avenue Supermarts founder Radhakishan Damani makes a debut and Dilip Shanghvi of Sun Pharma regains a spot in the top 10. Mukesh Ambani and the Hinduja brothers have retained     their respective positions for the third consecutive year. The cut-off for the top 10 rose by 6% to INR 76,000 Cr this year, a 10% increase compared to the previous year.


 

Table 1: The Top 10 in the IIFL Wealth Hurun India Rich List 2020

Rank

Name

Wealth INR Cr

Change

Company

Age

Residence

1-

Mukesh Ambani

658,400

73%

Reliance Industries

63

Maharashtra

2-

Hinduja brothers

143,700

-23%

Hinduja

-

Maharashtra,

UK,

Switzerland

3 (2)

Shiv Nadar & family

141,700

34%

HCL

75

Delhi

4 (2)

Gautam Adani & family

140,200

48%

Adani

58

Gujarat

5 (2)

Azim Premji

114,400

-2%

Wipro

75

Karnataka

6 (2)

Cyrus S Poonawalla

94,300

6%

Serum Institute of India

79

Maharashtra

7* (6)

Radhakishan Damani & family

87,200

56%

Avenue Supermarts

65

Maharashtra

8 (1)

Uday Kotak

87,000

-8%

Kotak Mahindra Bank

61

Maharashtra

9 (2)

Dilip Shanghvi

84,000

17%

Sun Pharmaceutical Industries

64

Maharashtra

10 (1)

Cyrus Pallonji Mistry

76,000

-1%

Shapoorji Pallonji

52

Maharashtra

10 (1)

Shapoor Pallonji Mistry

76,000

-1%

Shapoorji Pallonji

55

Monaco

↑ Rank increase yoy ↓ Rank decrease YoY - No Rank change yoy * New to Top 10

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

 

With a wealth of INR 6,58,400 Cr, Mukesh Ambani, continues to be the richest man in India. At the beginning of the Covid-19 pandemic, Ambani’s wealth dropped by 28% to INR 3,50,000 Cr and then backed by a series of fund raising and strategic investment from Facebook, Google and so on into Jio and Reliance Retail, his valuation registered a “V shaped recovery” and increased by 85% in 4 months. Despite the ongoing pandemic, the Reliance’s market cap crossed INR 10 lakh Cr and registered a 73% increase in Mukesh Ambani’s wealth.

 

“Ambani’s wealth is now bigger than the combined wealth of the next 5 in the list.”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.


With a wealth of INR 1,43,700 Cr, the Hinduja brothers occupy the second spot in the list. The brothers saw the valuation drop by 23% due to a lackluster performance of their flagship companies such as IndusInd Bank, Gulf Oil and GOCL Corporation Limited whose share price came down by 54%, 12% and 19% respectively. The brothers are based between London, Geneva and Mumbai.

 

With a wealth of INR 1,41,700 Cr, the founder of HCL, Shiv Nadar ranks third, backed by a 37% increase in HCL’s share price. Nadar jumped 2 ranks to third place in the IIFL Wealth Hurun India Rich List 2020. In July 2020, after Shiv Nadar stepped down as the Chairman, his daughter Roshni Nadar Malhotra took charge of HCL as its Chairperson.


With a wealth of INR 1,40,200 Cr, Gautam Adani & family ranks fourth in the IIFL Wealth Hurun India Rich List 2020. Backed by the performance of Adani Green, Gautam Adani’s wealth increased by 48% compared to that of last year. Adani moved up two places to the fourth rank, thereby breaking into the top 5 for the first time. This year, in August, Adani Green became the first Adani Group company to cross the 1 Lakh Cr market cap. Adani Group also manages 6 airports in the country and have bid for more.

 

With a wealth of INR 1,14,400 Cr, Azim Premji moves down 2 positions to the fifth rank. A celebrated philanthropist, Azim Premji through his foundation and two other scientific institutes joined hands in May 2020 to fight the COVID-19 pandemic, by conducting research to find innovative testing methods. He celebrated his 75th birthday this year and the publisher Harper Collins announced the commencement of his biography titled “The Man Beyond Millions”.

 

With a wealth of INR 94,300 Cr, Cyrus S Poonawalla of Serum Institute of India occupies the sixth position. Poonawalla’s wealth increased by 6% and gained two ranks; in June 2020, Poonawalla debuted the top 100 in Hurun Global Rich List. Serum Institute of India (SII) is working closely with Oxford University and multiple institutions to manufacture and distribute Covid-19 vaccines. In August this year, SII announced its partnership with Bill and Melinda Gates foundation to deliver up to 100 million doses of the vaccine to India and other low and middle-income countries.


With a wealth of INR 87,200 Cr, Radhakishan Damani, the founder of Avenue Supermarts, stormed into the top 10 for the first time in the IIFL Wealth Hurun India Rich List. Since its IPO in 2017, Avenue Supermarts’ share price has increased by more than 250% and his rank in the list increased by 23 places. A media shy veteran, Damani, who is also a revered investor, was in the news for buying 2.75% of India Cements through an open market transaction.

 

With a wealth of INR 87,000 Cr, Uday Kotak ranks eighth in the IIFL Wealth Hurun India Rich List 2020. On account of 5.1% drop in Q1 net profit, Uday Kotak’s wealth registered a drop of 8% or INR 7,100 Cr compared to last year.

 

With a wealth of INR 84,000 Cr, Dilip Shanghvi regains ninth rank (up 2 places) in the IIFL Wealth Hurun India Rich List 2020. Backed by a 22% increase in share price of Sun Pharma, Dilip Shanghvi’s wealth increased by 17% or INR 12,500 Cr. Sun Pharma’s share price decreased by 25% during the beginning of March lock down and registered a strong V shaped recovery, and gained back a whopping 60% over the last 6 months.

 

“These V shaped recoveries suggest that the March lows was a reasonably good opportunity to invest in the companies owned by some of the top wealth creators in India”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

 

The tenth position in the list is shared by the Pallonji brothers, Cyrus and Shapoor Pallonji. Each of them registered a wealth of INR 76,000 Cr. On the back of SP group agreeing to sell its 18.37% stake in Tata Sons for a valuation of INR 1.75 lakh Cr, the Shapoorji Pallonji-Tata relationship spanning over 70 years would finally be coming to an end.

 

Other notable entrants


With a wealth of INR 6,500 Cr, Ronnie Screwvala (63) of Unilazer Ventures debuted in IIFL Wealth Hurun India Rich List 2020 and secured 188th position. Most of his wealth is derived from upGrad, an e-learning platform that offers education for working professionals. He is also an early investor in some of the most successful Indian start-ups such as Lenskart, Niki.ai, Kimaye and so on.

 

The rise of Kamath Brothers: Nithin Kamath & Nikhil Kamath co-founded the online trading platform Zerodha and grew it to become India’s largest stockbroker by number of clients. With a wealth of INR 16,900 Cr, Nithin Kamath, 40, stormed into Top 100 in IIFL Wealth Hurun India Rich List 2020 and Nikhil Kamath, 34, registered a wealth INR 7,100 Cr.

 

The IPO Star: Backed by the post IPO performance of Software Services company, Happiest Minds, which got subscribed by 150 times, Ashok Soota, 77, registered a wealth of INR 3,700 Cr and debuted the IIFL Wealth Hurun India Rich List 2020 at the 282th rank. Soota was the Founding Chairman and Managing Director of MindTree, which again completed a successful IPO during his tenure. Soota is the co-author of the national bestseller “Entrepreneurship Simplified”.

 

LIC agent then, billionaire now: Lachman Das Mittal, 89, an LIC agent turned entrepreneur founded Sonalika Tractors that has grown to become the third largest tractor manufacturer in India. With a wealth of INR 7,700 Cr, Lachman Das Mittal ranked 164th on the IIFL Wealth Hurun India Rich List 2020.

 

With a wealth of INR 8,500 Cr, Vinod Saraf, 70, secured 152nd spot in IIFL Wealth Hurun India Rich List 2020. Saraf, the founder of Vinati Organics (named after his daughter and the CEO – Vinati Saraf), a speciality chemical company, was the fastest riser in last year and registered a 16% increase in wealth this year. During the founding days, he pumped in his entire personal savings of INR 57 lakh, borrowed from friends and family and has now built one of the most valuable chemicals business in India. Saraf was presented with the “Hurun Value Creator of the Year” award during the Hurun Most Respected Entrepreneurs Summit 2019.

 

Rags to Riches Veteran: With a wealth of INR 5,400 Cr, Dharam Pal Gulati, 96, of MDH is the oldest individual in IIFL Wealth Hurun India Rich 2020 find his place at 216th Rank. Gulati was born in Pakistan and moved to India after partition with INR 1,500.

 

With a wealth of INR 6,800 Cr, Krishna Chivukula,73, of Indo-MIM ranked 182nd in IIFL Wealth Hurun India Rich List 2020 and is a new entrant. His flagship company, Indo-MIM is the World’s largest metal injection moulding company.


Where They Live


Being home to 217 individuals that comprise 26% of the list, Mumbai is the residential capital of India’s wealth creators, followed by New Delhi and Bengaluru. With 58 new entrants and 17 dropouts, Mumbai registered a net increase of 41 individuals and for the first time New Delhi registered a net loss of 5 with 17 new additions and 21 dropouts.

 

With 248 and 128 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in IIFL Wealth Hurun India Rich List 2020. Adding 11 individuals, Gujarat breaks into top 5.

 

“Over half of the new additions in the IIFL Wealth Hurun India Rich List 2020 are contributed by the Top 3 cities this year - a spike from the 36% last year. The fact that the list features entrepreneurs from 111 cities evidence the length and breadth of India’s wealth creation story”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India

 

Table 2: City/ State of Residence of IIFL Wealth Hurun India Rich List 2020

Rank

City

Rich List Entries (Change)

Richest Individual 2020


Rank

State

Rich List Entries

(Change)

1-

Mumbai

217 (+41)

Mukesh Ambani


1-

Maharashtra

248 (+34)

2-

New Delhi

128 (-5)

Shiv Nadar & family


2-

Delhi

128 (-5)

3-

Bengaluru

67 (+10)

Azim Premji & family


3-

Karnataka

72 (+13)

4-

Hyderabad

51 (+4)

Murali Divi


4

Tamil Nadu

65 (+13)

5-

Ahmedabad

38 (+5)

Gautam Adani


5-

Gujarat

60 (+11)

6

Chennai

37 (+6)

Kalanithi Maran


6

Telangana

55 (+3)

7

Kolkata

32 (-2)

Benu Gopal Bangur


7-

West Bengal

32 (-3)

8-

Pune

21 (-7)

Cyrus S Poonawalla


8-

Kerala

16 (+2)

9-

Dubai

15 (-1)

Vinod Shantilal Adani


8-

Haryana

16 (0)

10

Coimbatore

13 (+1)

K Srinivasan & family


10-

Uttar Pradesh

9 (0)

10-

London

13 (0)

SP Hinduja & family


10

Rajasthan

9 (+3)

12-

Surat

11 (+3)

Savji Dholakia


12-

Punjab

8 (+3)

13

Gurugram

8 (+1)

Nirmal Kumar Minda


13

Andhra Pradesh

7 (-2)

13*

Ludhiana

8 (+3)

Paritosh Kumar & family


14

Bihar

4 (-1)

15

San Francisco

7 (+0)

Jayshree Ullal


14*

Jharkhand

4 (+1)

15

Rajkot

7 (+1)

Bhikhabhai Popatbhai Virani





17*

Singapore

5 (+0)

Shyam Bhartia





17

Nagpur

5 (+0)

Satyanarayan Nuwal





17

Noida

5 (-1)

Ballabh Prasad Agarwala &   family





20

Ernakulam

4 (+1)

George Alexander Muthoot &   family





20*

Thrissur

4 (+0)

Joy Alukkas





20*

Tirupur

4 (+0)

Prem Prakash Sikka & family





20*

New York

4 (+1)

Ajaypal Singh Banga





20*

Salem

4 (+1)

R Rajendran & family





↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

 For more details visit www.hurunindia.net


Indian Diaspora

 

Indian diaspora around the world counts among the most successful immigrant ethnic groups. Followed by India is USA, UAE, UK and Singapore.

 

Table 3: Indian diaspora

Rank

Country of Residence

No of Individuals

1

India

744

2

USA

37

3

UAE

18

4

UK

14

5

Singapore

5

6

Others

10



828

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

For more details visit www.hurunindia.net


Richest Indian Professional Managers


Professional Managers in the list consist of individuals who joined busines after it has been founded, helped it grow and these managers were given stock options from which they have created their wealth.

 

“These Indian executives have been the cornerstones in wealth creation of some of the most valuable and respectable companies in the world. Their stories are truly inspirational for young Indian professionals, India being home to the youngest professional work force in the world”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

 

Table 4: IIFL Wealth Hurun India Rich List 2020 – Top 10 Richest Indian Professional Managers

 No

Names

Wealth

(INR Cr)

Wealth

Change

Country

Company

Age

1

Thomas Kurian

11,300

7%

USA

Oracle

60

2

Jayshree Ullal

9,100

-7%

USA

Arista Networks

59

3

Ajaypal Singh Banga

7,200

38%

USA

Mastercard

60

4

Nikesh Arora

6,500

8%

USA

Palo Alto Networks

52

5

Satya Nadella

5,900

16%

USA

Microsoft

53

5

Sundar Pichai

5,900

79%

USA

Alphabet

48

7

Shantanu Narayen

4,500

0%

USA

Adobe

57

8

Indra K Nooyi

3,500

9%

USA

PepsiCo

64

9

Ignatius Navil Noronha

3,200

45%

India

Avenue Supermarts

45

10

Aditya Puri

1,300

New

India

HDFC Bank

69

  Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

  For more details visit www.hurunindia.net

 

With a wealth of INR 11,300 Cr, Thomas Kurian is the number one richest professional manager in the IIFL Wealth Hurun India Rich List 2020. An MBA graduate, Kurian began his career at McKinsey & Company in New York. Later, he joined Oracle, where his career spanned for more than two decades. Most of his wealth is attributed to his stake sale in Oracle. He now leads the Cloud division of Google.

 

With a wealth of INR 9,100 Cr, President and CEO of Arista Networks, Jayshree Ullal is the second richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020. In June 2014, Arista Networks filed for IPO under the leadership of Ullal.

 

A 2016 Padma Shri awardee, Ajaypal Singh Banga holds the third position in the ranking of richest non-promoter Indians in the list. He is the President and CEO of Mastercard and registered a wealth of INR 7,200 Cr – mainly on the back of his holdings and stake sale in Master Card.

 

The fourth richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020 is Nikesh Arora who registered a wealth of INR 6,500 Cr. Arora is currently the CEO and Chairman of Palo Alto Networks. Prior to joining Palo Alto Networks, he served in the leadership positions of SoftBank and Google. Most of his wealth is derived from stake sale in SoftBank.

 

With a wealth of INR 5,900 Cr, Microsoft’s CEO, Satya Nadella is the fifth richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020. Born and raised in Hyderabad, Nadella left for the US to pursue master’s in computer science. Since 1992, Nadella has been working with Microsoft and most of his wealth is derived from Microsoft stake sale.

 

With a wealth of INR 5,900 Cr, Sundar Pichai shares the fifth position with Satya Nadella in the ranking of richest professional manager Indians in the list. He joined Google in 2004 and was promoted to CEO in under a decade. Pichai is one of the highest paid CEOs in the world. Google Chrome’s development and Android’s acquisition by Google are two of the major milestones of his career.

 

With a wealth of INR 4,500 Cr, Shantanu Narayen, Chairman of Adobe is the seventh richest professional manager in IIFL Wealth Hurun India Rich List 2020. An Indian-origin techie, Shantanu’s began his career with Apple. Apart from his current role at Adobe, he also serves in leadership roles of the US-India Strategic Partnership Forum and Pfizer. In 2019, he was felicitated with Padma Shri, India’s fourth highest civilian award.

 

With a wealth of INR INR 3,500 Cr, Former CEO and Chairperson of PepsiCo, Indra K Nooyi holds the eighth position amongst the richest professional manager Indians in IIFL Wealth Hurun India Rich List 2020. She became the first independent female director of ICC after joining the institution in 2018. Nooyi, whose career at PepsiCo spanned for 25 years, derived most of her wealth through stake sale in Pepsi.

 

With a wealth of INR 3,200 Cr, Ignatius Navil Noronha is the ninth richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020. He currently serves as the CEO of Avenue Supermarts, which is a parent organization of Indian hypermarket chain, DMart. He is the richest professional manager Indian serving on the board of an Indian company.

 

A new entrant to the ranking of wealthiest non-promoter Indians in the IIFL Wealth Hurun India Rich List 2020, Aditya Puri, the Managing Director of HDFC Bank, registered a wealth of INR 1,300 Cr. Puri joined HDFC Bank in 1994, after working with Citibank for 2 years. In July 2020, he sold his 0.13% stake in HDFC Bank valued at INR 842 Cr.


Biggest Gainers


Udaan, co-founded by former Flipkart executives Amod Malviya, Sujeet Kumar and Vaibhav Gupta had their wealth increase by 274% on account of strong investor interest in B2B e-commerce and topped the biggest gainer list in IIFL Wealth Hurun India Rich List 2020 for the second consecutive year. Valuation of Udaan increased from INR 20,000 Cr in October 2019 to INR 52,500 Cr in February 2020.

 

Chigurupati Krishna Prasad’s flagship company, Granules India’s strong growth in formulation revenue, new product additions in the API segment, and reduced costs owing to backward integration resulted in a 257% increase in its share price this year.  He is the second fastest riser.

Backed by the stellar performance of his flagship company, Laurus Labs, C Satyanarayana entered Top 5 gainers league this year. In 2015, with an investment of INR 450 Cr, Laurus entered the formulations business and over the least three years, the company reported a 165 times growth in revenue to INR 825 Cr.

 

Samsung has announced that it would locally manufacture almost 85-90% of the televisions they sell in India, expanding their partnership with Dixon Technologies. Dixon Technologies’ share price is riding on the hopes of India becoming the hub of contract manufacturing for electronics. In August 2020 company crossed INR 10,000 Cr market capitalization and helped its founder, Sunil Vachani become the fifth fastest riser in the list.

 

“19 individuals managed to double wealth in the IIFL Wealth Hurun India Rich List 2020 of whom 5 were able to triple their wealth over the last year. The top 20 fastest gainers are based in India and spread across sectors, indicating the holistic investment opportunity in India’s domestic market” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India

 

Table 5: IIFL Wealth Hurun India Rich List 2020 – The Biggest Gainers

No 

Name

% Change

Wealth (INR Cr)

Age

Company

Industry

1

Amod Malviya

274%

13,100

39

Udaan

Retail

2

Sujeet Kumar

274%

13,100

40

Udaan

Retail

3

Vaibhav Gupta

274%

13,100

40

Udaan

Retail

4

Chigurupati Krishna Prasad

218%

3,500

65

Granules India

Pharmaceuticals

5

C Satyanarayana

210%

3,100

59

Laurus Labs

Pharmaceuticals

6

Sunil Vachani

192%

3,800

51

Dixon Technologies

Manufacturing

7

Dinesh Chandra Agarwal

177%

3,600

51

IndiaMart

Publishing

8

Deepak Chimanlal Mehta & family

167%

4,800

63

Deepak Nitrite

Chemicals & Petrochemicals

9

Chirayu R Amin & family

157%

9,500

73

Alembic Pharmaceuticals

Pharmaceuticals

10

Brijesh Agarwal

150%

2,500

44

IndiaMart

Publishing

 Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

 For more details visit www.hurunindia.net


Major Rank Changes over the last 5 years.


This section presents the data pertaining to some of the major individual rank changes that have occurred in the list over the course of 5 years.

 

“The rise of these wealth creators representing sectors ranging from real-estate to fin-tech confirms the rising story of India Inc. over the last 5 years.”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

 

Table 6: Biggest Rank Changes

Rank

Name

Rank Change Since 2016

2020

Rank

Wealth INR Cr

1

Vijay Shekhar Sharma

171

44

23,000

2

Niranjan Hiranandani

122

36

31,000

3

Karsanbhai Patel & family

119

23

33,800

4

Abhaykumar Firodia & family

114

132

9,200

5

Jitendra Virwani

107

43

24,300

6

Sandeep Pravinbhai Engineer &   family

100

127

9,500

7

Kiran Mazumdar-Shaw

88

34

31,600

8

Sanjeev Bikhchandani

78

74

15,200

9

Kuldip Singh Dhingra

63

57

18,000

9

Gurbachan Singh Dhingra

63

57

18,000

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

 For more details visit www.hurunindia.net


New to the List!

 

IIFL Wealth Hurun India Rich List added a record 162 new faces, from 31 industries and from 50 cities. The Pharmaceuticals sector contributed the greatest number of new entrants with 27 new additions, followed by Chemicals & Petrochemicals (20) and Software & Services (15).

 

“More than 70% of the new entrants are self-made – this depicts the rising first-generation entrepreneurship in India”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

 

Table 7: Top 10 new additions

Rank

Name

Wealth   2020 (INR Cr)

Company

1

Subash Runwal & family

7,900

Runwal Developers

2

Krishna Chivukula & family

6,800

Indo-MIM

3

Ajit Prabhu

6,700

Quest Global

3

Aravind Melligeri

6,700

Quest Global

5

Ronnie Screwvala

6,500

Unilazer Ventures

6

Rishi Khosla

6,400

OakNorth

7

Sunil Wadhwani

5,200

iGate

8

Ashok Trivedi

5,100

iGate

9

Yogesh Mathradas Kothari & family

5,000

Alkyl Amines Chemicals

10

Ashok Soota

3,700

Happiest Minds

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020.

For more details, visit www.hurunindia.net


Industry analysis

 

With 122 individuals on the list, Pharmaceuticals leads the list followed by Chemicals & Petrochemicals with 55 individuals and Software & Services with 50 individuals.  Automobile & Auto Components, Food & Beverages, Manufacturing, Construction & Engineering, etc. are some of the other big contributors to the IIFL Wealth Hurun India Rich List 2020.


Covid-19 pandemic boosted the Pharma sector and hit the real estate sector hard

 

The industries that added the greatest number of new entrants to the list were Pharmaceuticals, Software & Services, and Chemicals & Petrochemicals. Except for Construction & Engineering, FMCG, and Financial Services, almost all the industries added more individuals than last year.  

 

Supported by rising pharma shares, the Bombay Stock Exchange (BSE) Sensex went up by 4.1% yoy as on 31 August 2020. Real Estate, Financial Services, Capital Goods, and Metals had a bad year. Currently, the Indian stock market seems to be trading at an expensive valuation of 27.2x PE compared to last year’s PE of 26.2x.

 

“Reasonably high valuation multiples that defied the economic slowdown and Covid-19 crisis, is triggering more Indian companies to initiate IPOs, resulting in further wealth creation”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

 

  Table 10: IIFL Wealth Hurun India Rich List 2020 – Industry breakdown

Rank

Industry

No.   of Individuals in the list

Change   in Individuals in the list

Change   in Cumulative wealth (%)

Richest Individual

1-

Pharmaceuticals

122

25

36%

Cyrus S Poonawalla

2

Chemicals & Petrochemicals

55

16

34%

Ashwin Dani & family

3

Software & Services

50

14

28%

Shiv Nadar & family

4-

Automobile & Auto Components

43

8

15%

Rahul Bajaj & family

5

Jewellery

38

6

25%

Joy Alukkas

6

Financial Services

37

-4

11%

Uday Kotak

7

Construction & Engineering

33

-8

-21%

Bhadresh Shah

7

Real Estate

33

3

9%

Rajiv Singh & family

9*

Manufacturing

32

8

57%

Arvindkumar Poddar & family

10

Food & Beverages

31

3

45%

Ravi Jaipuria & family

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

 

Pharmaceuticals continues to rule

On the back of “Covid-19 crisis” and on the back of shift in priority towards health care spending, India’s pharma sector had a stellar year with 122 entrants and 27 new additions. The Indian government is planning a fiscal stimulus of USD1.3bn that targets to build domestic infrastructure required to boost the production of active pharmaceutical ingredients (APIs) –

“In the coming years, this could add new Pharma entrepreneurs to the list”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

 

Chemicals & Petrochemicals rises to the second spot

With 20 new additions, 55 entrants from the IIFL Wealth Hurun India Rich List 2020 created wealth from the Chemicals & Petrochemicals sector. Compared to last year, the cumulative wealth in this sector grew by 34%. For instance, decorative paint businesses recovered sharply post the lifting of lockdown restrictions. The number 1 from this sector is Ashwin Dani & family, with a wealth of INR 42,100 Cr. Revamped government regulations on anti-dumping duty of phenol helped Deepak Chimanlal Mehta & family, of Deepak Nitrate, to grow his wealth by 167% this year, scoring a wealth of INR 4,800 Cr.

 

Software & Services down to third position

Software & Services continues to hold on to the second position by contributing 50 entrants and 15 new additions to IIFL Wealth Hurun India Rich List 2020. Bengaluru continues to be hub for software companies.

 

“The pace at which the young technology companies, focused on the Indian domestic market, are creating wealth, underscores the role of tech companies in creating new wealth”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

 

Automobile & Auto Components retains the fourth spot

43 entrants from the IIFL Wealth Hurun India Rich List 2020 created wealth from the Automobile & Auto Components industry. Their combined wealth increased by 15% compared to that of last year. 8 new entrants in the list. With 6 individuals, Chennai based Amalgamations Group contributes the highest number of entrants from this industry.

 

Jewellery valuations increased this year

Including 8 new entrants, Jewellery sector contributed 38 individuals to IIFL Wealth Hurun India Rich List 2020. The combined wealth of Jewellery entrepreneurs increased by 28% in 2020. Along with the rise in the average wealth, this sector also observed a rise in the number of individuals. Lack of sales during the lockdown was compensated by increase in gold prices that enabled jewelers to earn higher margins. There were 8 new additions under this sector in the list of 2020. Kalyan Jewellers from Kerala filed for an IPO this year.

 

Financial Services increased this year

With a total of 37 individuals including 4 new additions and 8 dropouts, financial services had a bad year. The wealth loss by entrepreneurs in this sector was compensated by wealth gains of Fintech entrepreneurs such as Vijay Sekhar Sharma (Paytm) and Kamath brothers (Zerodha).

 

Construction & Engineering goes down

Impacted by Covid-19, 33 entrants and 13 dropouts from construction and engineering sector. With a wealth of INR 11,600 Cr, AIA Engineering’s Bhadresh Shah is the wealthiest individual from the sector. Backed by the plans of group restructuring involving demerger of non-airport vertical business, GMR Group’s GM Rao and family, whose wealth shot up by 65% since last year and is the biggest gainer from the sector.

 

On account of new additions, real estate languidly moves to the seventh spot

The real estate sector contributed 33 and added 6 individuals in the IIFL Wealth Hurun India Rich List 2020. Covid-19 dragged down the performance of real estate companies, resulting in BSE Realty declining by 15%. Excluding the outliers, most of the real estate entrepreneurs in the list registered an average wealth decline of 10%.

 

Manufacturing is new to top 10

With 32 entrants and 10 new additions in the IIFL Wealth Hurun India Rich List 2020, manufacturing enters the top 10 industries. The highest gainer in this category is the CMD of Dixon Technologies, Sunil Vachani, who registered a whopping 192% in his total wealth in a year’s span.

 

Food & Beverages shoots up

With a growth rate of nearly 31% in the cumulative wealth generated, F&B ranks Tenth. None of the members from this sector witnessed a wealth decline compared to last year. Ravi Jaipuria (rank 40) of RJ Corp is one of the biggest gainers in the IIFL Wealth Hurun India Rich List 2020.

 

Table 11: Top 5 Industry producing the most number of new entrants

Industry

New Additions

Richest New Entrant

Wealth (INR Cr)

Company

Pharmaceuticals

27

Balmiki Prasad Singh

3,600

Alkem Laboratories

Chemicals & Petrochemicals

20

Yogesh Mathradas Kothari & family

5,000

Alkyl Amines Chemicals

Software & Services

15

Ajit Prabhu, Aravind Melligeri

6,700

Quest Global

Manufacturing

10

Krishna Chivukula & family

6,800

Indo-MIM

Capital Goods

9

Purushottam Dass Goel & family

2,100

Lumino Power Industries

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

For more details visit www.hurunindia.net


The Unicorn Industries

 


Although the industry analysis gives a reasonably good overview of contemporary business landscape, the rise of Indian Unicorns shows the future and potential for exponential wealth creation in India.

 

According to Hurun Global Unicorn List 2020, India ranked fourth in terms number of unicorns featured in the list with 21 unicorns. IIFL Wealth Hurun India Rich List 2020 features founders from 11 Indian unicorns, compared to 9 that of last year, from the Hurun India Unicorn Index 2020. The cumulative wealth contributed by the Indian unicorn listers to the rich list shot up by 400% to INR 1,71,500 Cr.



Mergers and Acquisitions (M&A)

 

Blackstone acquired 37.5% stake in competitive exam preparation firm Aakash Educational Services, founded by JC Chaudhry (ranked 391), for a sum of INR 1,350 Cr.      

 

Zomato, founded by Deepinder Goyal (ranked 432), acquired one of its major competitors, Uber Eats India for a sum of USD350mn. ·       

 

Byju Raveendran (ranked 52) promoted online learning app Byju’s acquired another ed-tech startup WhiteHat Jr for USD300mn. This was an all-cash deal.     

 

Eicher Group, managed by Vikram Lal (ranked 37), bought Volvo Bus India for INR 100 Cr to form a joint venture named VE Commercial Vehicles Limited (VECV).

 

Total SA acquired a 50% stake in Gautam Adani’s (ranked 4) Adani Solar, for USD510mn. This deal is known to be one of the largest acquisitions in this sector.


Other facts

·       Obituary: Hurun India remember the contribution of Sankar Sen, 62 (Senco Jewlers) -  who passed away due to Covid-19, Ashokkumar Ruia, 75 (Phoenix Mills), Yadupati Singhania, 66 (JK Cement), Gumani Ram Agarwal, 87 (GR Infraprojects), Baijnath Choudhary, 83 (Anmol Biscuits) and KK Modi, 79 (Godfrey Phillips India)

·       Spice Jet’s Chairman Ajay Singh was the man who framed the Bharatiya Janata Party’s 2014 election slogan, ‘Ab ki baar Modi sarkar’. Singh has been associated with the political party since the late 1990s.

·       Godrej Aerospace, a subsidiary of Godrej & Boyce Manufacturing Company built the critical components for Indian lunar orbiter Chandrayaan-2. Godrej’s aerospace association with ISRO goes way back to 1985.

·       On 30th October 2019, Ratan Tata joined Instagram and gained 3.4 lakhs followers within hours!


New to Top 100


13 individuals entered the Top 100 of IIFL Wealth Hurun India Rich List 2020. Founders of the unicorn companies registered highest rank changes to enter the top 100. Mumbai is the preferred city of residence for the top 100.


Top 100 individuals in the list amassed 63% wealth of the IIFL Wealth Hurun India Rich List 2020.  The top 3 sectors, namely, Software & Services, Pharmaceuticals and FMCG account for 39% of the list.

 


 

Table 13: New to Top 100

Rank

Name

Wealth 2020 (INR Cr)

Rank Change

Company

52

Byju   Raveendran & family

20,400

56

Think   & Learn

64

Nithin   Kamath & family

16,900

91

Zerodha

73

Arvindkumar   Poddar & family

15,400

35

Balkrishna   Industries

76

Salil   Singhal & family

14,500

59

PI   Industries

82

Raja   Bagmane

13,800

67

Bagmane   Developers

88

Amod   Malviya

13,100

163

Udaan

88

Sujeet   Kumar

13,100

163

Udaan

88

Vaibhav   Gupta

13,100

163

Udaan

91

Amar   Arvind Vakil & family

13,000

39

Asian   Paints

91

Banwarilal   Bawri & family

13,000

20

Macleods   Pharmaceuticals

91

Girdharilal   Bawri & family

13,000

17

Macleods   Pharmaceuticals

96

Sanjeev   Gupta

12,400

48

Liberty   Commodities

99

SD   Shibulal & family

12,000

8

Infosys

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020.

For more details, visit www.hurunindia.net


Stats: Record Highs


·       The threshold to make the 2020 rich list was INR 1,000 Cr, with a total of 828 number of individuals, up by 78 from last year.

·       The number of dollar billionaires up by 38 this year to 179 individuals.

 

Chart 14 depicts the growth of the number of individuals by various thresholds in IIFL Wealth Hurun India Rich List over the years


image.png

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

 For more details visit www.hurunindia.net

 

Table 15: Table analyses the cut-off required for Top 10, 50, 100 and 500


2020

INR Cr

2019

INR Cr

2018

INR Cr

2017

INR Cr

2016

INR Cr

2015

INR Cr

2014

INR Cr

2013

INR Cr

Top 10

76,000

71,500

69,400

56,500

50,400

47,000

44,000

46,600

Top 50

21,200

15,200

17,800

17,600

14,900

15,100

11,500

7,600

Top 100

12,000

9,300

9,000

8,400

7,600

7,900

6,500

3,800

Top 500

1,800

1,800

1,600

1,200

*

*

*

*

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020, *List size less than500

 For more details visit www.hurunindia.net

 

 Table 16: Companies Producing the Highest Number of Rich Listers

No.

Company

No. of Individuals

1

Alkem Laboratories

9

2

Asian Paints

8

3

Amalgamations

6

4

Pidilite Industries

5

5

Malabar Gold

5

6

Godrej

5

7

Infosys

5

8

Dabur India

5

 Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020. For more details visit www.hurunindia.net


“Infosys is the only company that is not family run and yet produced more than 5 entrants into the IIFL Wealth Hurun India Rich List 2020. With a growing base of new wealth creators and next gen from their respective family businesses, we expect the proportions to even out”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India


Social Media


Ratan Tata has the highest number of followers amongst all others in the IIFL Hurun India Rich List 2020. His twitter following rose by 15 lakhs in one year. While Anand Mahindra was taken over by Ratan Tata in this section, his twitter followers showed an increase by 9 lakhs.

 

Table 17: Social Media Followers of IIFL Wealth Hurun India Rich List 2020

Social   media rank

Name

Number of Followers (lakhs)

Increase in followers   (lakhs)

1

Ratan Tata

91

15

2

Anand Mahindra

81

9

3

Acharya Balkrishna

63

2

4

Sundar Pichai

32

NA

5

Nandan Nilekani

25

-0.2

6

Satya Nadella

23

NA

7

Ronnie Screwvala

21

New

8

Harsh Vardhan Goenka

15

-0.3

8

Kiran Mazumdar-Shaw

15

0.4

10

Uday Kotak

10

0.1

  Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

 For more details visit www.hurunindia.net


Political affiliations

 

Generating wealth along with sustaining, investing and utilizing the same optimally are the primary objectives of wealth creators. However, there’s more that adds up to their personalities. For instance, thirteen out of the total individuals in the IIFL Wealth Hurun India Rich List 2020 are currently, or have been politically active in India, either with the ruling or the opposition parties, or, have at times, been nominated by the then-serving presidents.

 

Table 18: Political affiliations of Hurun India 2020 Rich Listers

Name

Company

Political   Appointment

Tenure served

Mahendra Prasad

Aristo Pharmaceuticals

Rajya Sabha Member of JDU

1985- present

Mangal Prabhat Lodha

Macrotech

Member of the Legislative Assembly,   Maharashtra of BJP

1995 – present

Jaya Bachchan

Investments

Rajya Sabha Member of SP

 2004 – present

Rajeev Chandrasekhar

Jupiter Capital

Rajya Sabha Member of BJP

2006 – present

Ravindra Kishore Sinha

Security & Intelligence Services   India

Rajya Sabha Member of BJP

2014 - present 

Parag Kishore Shah

Man Infraconstruction

Member of the Legislative Assembly,   Maharashtra of BJP

 2019 – present

Anu Aga

Thermax

Rajya Sabha Member

2012 – 2018

Shobhana Bhartia

Hindustan Times

Rajya Sabha Member of INC

 2006 – 2012

Naveen Jindal

Jindal Steel & Power

Lok Sabha Member of INC

2004 – 2014

Vijay Sankeshwar

VRL Logistics

Lok Sabha Member of BJP

1996- 2014

Rahul Bajaj

Bajaj Auto

Rajya Sabha Member

2006 – 2010

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020


Largest Publicly Traded Companies


7 of the largest publicly traded companies are led or was being most recently led by the individuals in the IIFL Wealth Hurun India Rich List 2020. Reliance Industries is the first Indian company to register a market cap of USD 200bn.

 

Table 19: Most valuable public companies in India

Rank

Company

Market cap (INR Cr)

Market cap (USD bn)

1

Reliance Industries

13,92,940

189

2

Tata Consultancy Services

8,71,960

118

3

HDFC Bank

6,02,978

82

4

Hindustan Unilever

5,00,902

68

5

Infosys

3,95,400

54

6

HDFC

3,15,700

43

7

Bharti Airtel

2,75,233

37

8

Kotak Mahindra Bank

2,62,327

36

9

ICICI Bank

2,53,594

34

10

ITC

2,26,346

31

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

For more details visit www.hurunindia.net

 

Star Signs: The rich list entrants from under the Aries star sign had a good year and registered an 55% increase in cumulative wealth, followed by Scorpions at 52%. Geminis had a bad year. Some of the notable “Gemini” entrepreneurs include Anil Ambani (who dropped out of the list last year) and Donald Trump.

 

Table 20: Key Star Signs in IIFL Wealth Hurun India Rich List 2020

No.

Zodiac sign

Total contribution to the list %

Cumulative wealth increased %

Richest Individual

1

Aries

9.3%

55%

Mukesh Ambani

2

Scorpio

8.4%

52%

Ashwin Dani

3

Pisces

7.6%

35%

Radhakishan Damani

4

Capricorn

9.2%

33%

Karsanbhai Patel

5

Cancer

10%

30%

Shiv Nadar

6

Aquarius

6.9%

20%

Nusli Wadia

7

Taurus

7.1%

15%

Cyrus S Poonawalla

8

Leo

8.5%

14%

Azim Premji

9

Virgo

9.6%

3%

Shapoor Pallonji   Mistry

10

Libra

7.3%

3%

Dilip Shanghvi

11

Sagittarius

6.6%

1%

SP Hinduja (Hinduja   brothers)

12

Gemini

9.5%

-3%

LN Mittal

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

 For more details visit www.hurunindia.net



Top 100: IIFL Wealth Hurun India Rich List 2020. For the full list, please refer www.hurunindia.net

Rank

Rank Change

Name

Wealth INR Cr

Wealth Change

Company

Primary Industry

Residence

1

0

Mukesh Ambani

6,58,400

73%

Reliance Industries

Telecom , Energy, Retail

Mumbai

2

0

Hinduja brothers

1,43,700

-23%

Hinduja

Petrochemicals, Automobile,   Investments

London,

Mumbai,

Geneva

3

2

Shiv Nadar & family

1,41,700

34%

HCL

Software & Services

New Delhi

4

2

Gautam Adani & family

1,40,200

48%

Adani

Energy, Infrastructure

Ahmedabad

5

-2

Azim Premji & family

1,14,400

-2%

Wipro

Software & Services

Bengaluru

6

2

Cyrus S Poonawalla

94,300

6%

Serum Institute of India

Pharmaceuticals

Pune

7

6

Radhakishan Damani & family

87,200

56%

Avenue Supermarts

Retail

Mumbai

8

-1

Uday Kotak

87,000

-8%

Kotak Mahindra Bank

Financial Services

Mumbai

9

2

Dilip Shanghvi

84,000

17%

Sun Pharmaceutical Industries

Pharmaceuticals

Mumbai

10

-1

Cyrus Pallonji Mistry

70,000

-9%

Shapoorji Pallonji

Investments

Mumbai

10

-1

Shapoor Pallonji Mistry

70,000

-9%

Shapoorji Pallonji

Investments

Monaco

12

7

Jay Chaudhry

65,800

79%

Zscaler

Software & Services

San Jose

13

-9

LN Mittal & family

60,700

-43%

ArcelorMittal

Metals & Mining

London

14

1

Nusli Wadia & family

58,600

31%

Britannia Industries

FMCG

Mumbai

15

-3

Rahul Bajaj & family

58,100

-4%

Bajaj Auto

Automobile & Auto Components

Pune

16

-2

Benu Gopal Bangur & family

49,300

-3%

Shree Cement

Cement & Cement Products

Kolkata

17

17

Murali Divi & family

49,200

89%

Divi's Laboratories

Pharmaceuticals

Hyderabad

18

0

Acharya Balkrishna

46,800

23%

Patanjali Ayurved

FMCG

Haridwar

19

1

Yusuff Ali MA

42,700

20%

Lulu

Retail

Abu Dhabi

20

13

Vinod Shantilal Adani

42,200

60%

Adani

Energy, Infrastructure

Dubai

21

1

Ashwin Dani & family

42,100

32%

Asian Paints

Chemicals & Petrochemicals

Mumbai

22

-6

Kumar Mangalam Birla & family

34,000

-17%

Aditya Birla

Metals & Mining, Cement

Mumbai

23

0

Karsanbhai Patel & family

33,800

7%

Nirma

FMCG

Ahmedabad

24

15

Pankaj Patel & family

33,700

52%

Cadila Healthcare

Pharmaceuticals

Ahmedabad

25

18

Gopikishan Damani & family

33,300

53%

Avenue Supermarts

Retail

Mumbai

26

9

Rajiv Singh & family

32,800

30%

DLF

Real Estate

New Delhi

27

-6

Anil Agarwal & family

32,500

-6%

Vedanta Resources

Metals & Mining

London

28

-4

Adi Godrej

32,400

3%

Godrej

Consumer Durables

Mumbai

28

-4

Jamshyd Godrej

32,400

3%

Godrej

Consumer Durables

Mumbai

28

-4

Nadir Godrej

32,400

3%

Godrej

Consumer Durables

Mumbai

28

-4

Rishad Naoroji

32,400

3%

Godrej

Consumer Durables

Mumbai

28

-4

Smita V Crishna

32,400

3%

Godrej

Consumer Durables

Mumbai

33

0

Vijay Chauhan & family

32,100

16%

Parle Products

FMCG

Mumbai

34

12

Kiran Mazumdar-Shaw

31,600

71%

Biocon

Pharmaceuticals

Bengaluru

35

-4

Harsh Mariwala & family

31,500

8%

Marico

FMCG

Mumbai

36

-4

Niranjan Hiranandani

31,000

12%

Nidar

Real Estate, Investments

Mumbai

37

1

Vikram Lal & family

30,600

31%

Eicher Motors

Automobile & Auto Components

New Delhi

38

-8

Ajay Piramal

29,500

0%

Piramal Enterprise

Investments

Mumbai

39

-22

Sri Prakash Lohia

28,000

-31%

Indorama

Chemicals & Petrochemicals

London

40

29

Ravi Jaipuria & family

25,700

85%

RJ Corp

Food & Beverages

New Delhi

41

10

Sunil Mittal & family

25,500

38%

Bharti Airtel

Telecommunications

New Delhi

42

-1

Mangal Prabhat Lodha & family

25,200

17%

Macrotech

Real Estate

Mumbai

43

-14

Jitendra Virwani

24,300

-19%

Embassy Office Parks

Real Estate

Bengaluru

44

3

Vijay Shekhar Sharma

23,000

13%

Paytm

Software & Services

New Delhi

45

1

Anand Burman

22,400

9%

Dabur India

FMCG

New Delhi

45

0

Sunny Varkey

22,400

7%

Gems Education

Education & Training

Dubai

47

7

Manju D Gupta & family

21,900

22%

Lupin

Pharmaceuticals

Mumbai

47

12

Samir Mehta & family

21,900

38%

Torrent Pharmaceuticals

Pharmaceuticals

Ahmedabad

47

12

Sudhir Mehta & family

21,900

38%

Torrent Pharmaceuticals

Pharmaceuticals

Ahmedabad

50

New

Mukesh Jagtiani

21,200


Landmark

Retail

Dubai

51

-12

Sajjan Jindal & family

20,700

-11%

JSW Steel

Metals & Mining

Mumbai

52

56

Byju Raveendran & family

20,400

115%

Think & Learn

Software & Services

Bengaluru

53

11

PV Ramprasad Reddy

20,300

37%

Aurobindo Pharma

Pharmaceuticals

New Jersey

54

-5

Kalanithi Maran

19,000

-1%

Sun TV Network

Media

Chennai

55

0

VC Burman

18,400

6%

Dabur India

FMCG

New Delhi

56

6

S Gopalakrishnan & family

18,100

20%

Infosys

Software & Services

Bengaluru

57

42

Gurbachan Singh Dhingra

18,000

78%

Berger Paints

Chemicals & Petrochemicals

New Delhi

57

58

Kuldip Singh Dhingra

18,000

96%

Berger Paints

Chemicals & Petrochemicals

New Delhi

57

-21

Rakesh Gangwal & family

18,000

-26%

Interglobe Aviation

Aviation

Mclean

60

20

Abhay Vakil & family

17,900

50%

Asian Paints

Chemicals & Petrochemicals

Mumbai

61

-11

Sanjiv Goenka & family

17,500

-6%

CESC

Services

Kolkata

62

-21

Rahul Bhatia & family

17,400

-19%

Interglobe Aviation

Aviation

New Delhi

63

-15

Chandru Raheja & family

17,200

-14%

K Raheja

Real Estate

Mumbai

64

91

Nithin Kamath & family

16,900

156%

Zerodha

Financial Services

Bengaluru

65

3

Madhukar Parekh & family

16,800

17%

Pidilite Industries

Chemicals & Petrochemicals

Mumbai

66

-8

NR Narayana Murthy & family

16,400

1%

Infosys

Software & Services

Bengaluru

67

29

Anurang Jain & family

16,000

55%

Endurance Technologies

Automobile & Auto Components

Aurangabad

68

17

Rajan Bharti Mittal & family

15,800

37%

Bharti Airtel

Telecommunications

New Delhi

68

17

Rakesh Bharti Mittal & family

15,800

37%

Bharti Airtel

Telecommunications

New Delhi

70

-8

Bharat Desai & Neerja Sethi

15,700

4%

Syntel

Software & Services

Fisher Island

71

-15

Anil Rai Gupta & family

15,600

-10%

Havells India

Capital Goods

New Delhi

71

-14

PNC Menon & family

15,600

-7%

PNC Investments

Real Estate

Bengaluru

73

35

Arvindkumar Poddar & family

15,400

62%

Balkrishna Industries

Manufacturing

Mumbai

74

16

Sanjeev Bikhchandani

15,200

42%

Info Edge India

Investments

New Delhi

75

-3

Rakesh Jhunjhunwala & family

14,700

11%

Rare Enterprises

Investments

Mumbai

76

59

Salil Singhal & family

14,500

88%

PI Industries

Agro-chemicals

New Delhi

76

-4

Shamsheer Vayalil

14,500

0%

VPS Healthcare

Healthcare

Abu Dhabi

78

-6

Anand Mahindra & family

14,000

6%

Mahindra & Mahindra

Automobile & Auto Components

Mumbai

78

-2

Divyank Turakhia

14,000

8%

Media.Net

Software & Services

Dubai

78

-6

Leena Gandhi Tewari

14,000

6%

USV

Pharmaceuticals

Mumbai

81

33

B Parthasaradhi Reddy & family

13,900

49%

Hetero Drugs

Pharmaceuticals

Hyderabad

82

67

Raja Bagmane

13,800

100%

Bagmane Developers

Real Estate

Bengaluru

82

7

Saket Burman

13,800

25%

Dabur India

FMCG

Dubai

84

-2

Kavitark Ram Shriram

13,600

17%

Google

Software & Services

Menlo Park

84

-4

Mahendra Prasad

13,600

14%

Aristo Pharmaceuticals

Pharmaceuticals

New Delhi

86

14

Yusuf Hamied & family

13,400

34%

Cipla

Pharmaceuticals

London

87

13

Shashi & Ravi Ruia

13,300

33%

Essar Oil UK

Oil & Gas

Mumbai

88

163

Amod Malviya

13,100

274%

Udaan

Software & Services

Bengaluru

88

163

Sujeet Kumar

13,100

274%

Udaan

Software & Services

Bengaluru

88

163

Vaibhav Gupta

13,100

274%

Udaan

Software & Services

New Delhi

91

39

Amar Arvind Vakil & family

13,000

63%

Asian Paints

Chemicals & Petrochemicals

Mumbai

91

20

Banwarilal Bawri & family

13,000

37%

Macleods Pharmaceuticals

Pharmaceuticals

Mumbai

91

17

Girdharilal Bawri & family

13,000

37%

Macleods Pharmaceuticals

Pharmaceuticals

Mumbai

91

4

Rajendra Agarwal

13,000

24%

Macleods Pharmaceuticals

Pharmaceuticals

Mumbai

95

-28

Rajan Raheja & family

12,700

-12%

Exide Industries

Automobile & Auto Components

Mumbai

96

48

Sanjeev Gupta

12,600

77%

Liberty Commodities

Metals & Mining

London

97

-32

Ranjan Pai

12,100

-18%

Manipal Education & Medical

Education & Training

Bengaluru

97

-26

Vivek Chaand Sehgal & family

12,100

-9%

Motherson Sumi Systems

Automobile & Auto Components

Melbourne 

99

-9

Amit Burman

12,000

12%

Dabur India

FMCG

New Delhi

99

12

Joy Alukkas

12,000

28%

Joy Alukkas

Jewellery

Thrissur

99

-12

Nandan Nilekani & family

12,000

9%

Infosys

Software & Services

Bengaluru

99

-17

Romesh T Wadhwani

12,000

3%

Symphony Technology

Investments

Palo Alto

99

4

 Radha Vembu

12,000

215

Zoho

Software & Services

Bengaluru

99

8

SD Shibulal & family

12,000

25%

Infosys

Software & Services

Bengaluru

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020

 For more details visit www.hurunindia.net

 

Methodology

 

The IIFL Wealth Hurun India Rich List 2020 has been researched and compiled by the Hurun Research Institute for the seventh year running, using a cut-off of 31 August 2020 when the rate of exchange to the US dollar was INR 73.67. The list relates to Indians only, defined as born or brought up in India.

 

Valuing the wealth of India’s richest is as much an art as it is a science. Sure, Hurun Report has missed some, but our endeavor has been to develop the most comprehensive report of its kind with an objective to identify and acknowledge India’s top entrepreneurs and business owners. The source of wealth includes both inherited and self-made wealth. Hurun Report’s team of researchers have traveled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers and all possible sources of information.

 

For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, EV to EBITDA and also other methodologies including Discounted Cash Flow, Tobin’s Q and so on. In certain cases of early-stage companies, Hurun Report has used the First Chicago Method for valuation.

 

 


 

Disclaimer and Notices

 

IIFL Wealth Disclaimer

 

Confidential: This document is not directed or intended for distribution or use, by any, person or entity in any jurisdiction or country where publication or availability of this document or such distribution or use would be contrary to local laws or regulation. Any other distribution, use or reproduction of this communication in its entirety or any part thereof is unauthorized and strictly prohibited. All opinions, estimates and data included in this document are as on date and are subject to change without notice.

 

No Advice: This document is provided for information only and is not intended to be used for taking investment decisions. This document is not investment, legal, tax, or accounting advice. Prospective investors should also inform themselves, and should take appropriate advice, on the legal requirements and as to the possible tax consequences, foreign exchange transactions or exchange control requirements that may be encountered under the laws of the countries of their citizenship, residence or domicile and that maybe relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments.

 

Past Performance: Past performance is not an indicator/guarantee of future returns. Clients are not being offered any guaranteed or indicative returns through any services/products.

Limit on Liability: Whilst every care has been taken in preparing this document, IIFLW, and their affiliates and agents to the fullest extent permitted by applicable law disclaim any liability or responsibility for any error or omission or inaccuracy or mistake of any nature or any consequences of the use of the material/information displayed on this document. Notwithstanding the aforesaid, nothing set out above shall exclude liability for any undertaking, representation, warranty or other assurance made fraudulently.

 

Not an Offer: This document does not constitute a prospectus, offer, invitation or solicitation and is meant for information only. Please read the respective offer documents carefully before investing. It is the responsibility of any person in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of relevant jurisdictions with respect to any investment.

 

Information Subject to Change: The information given in this document is not exhaustive and is subject to change without notice.

 

Hurun Report Disclaimer

 

This report has been prepared by the Hurun Report. All the data collection and the research has been done by the Hurun Report. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information contained in this report has been obtained from sources which are considered reliable. By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability which operates to the benefit of Hurun Report. Hurun Report does not guarantee the accuracy, adequacy or completeness of any information contained in the report and neither shall it be responsible for any errors or omissions in or for the results obtained from the use of such information. No third party whose information is referenced in this report under the credit to it assumes any liability towards the user with respect to its information. Hurun Report shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture) and the user takes full responsibility for their decisions made based on this report. Hurun Report shall not be liable to any user of this report (and expressly disclaim liability) for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen.

 

About IIFL Wealth


IIFL Wealth Management Ltd (IIFL Wealth) is one of the leading wealth management companies in India and serves the highly specialized and sophisticated needs of high net worth and ultra-high net worth individuals, family offices and institutional clients. It is the first pure wealth management company to get listed on the leading stock exchanges of India.

 

IIFL Wealth recognises that incremental innovation is vital to develop a holistic products platform that serves the evolving needs of entrepreneurs, business leaders and the wealthy in India.

 

IIFL Wealth helps more than 6,300 influential families in India and abroad to preserve, protect and grow their legacy. A deep understanding of clients results in a comprehensive range of tailored wealth management solutions for the discerning clients.

 

IIFL Wealth has more than INR 185,000 crore of assets under management, and 29 offices with 900+ team strength and has won more than 110 awards of repute. The competitive positioning and growth prospects of the company have been endorsed by way of investments from General Atlantic, Fairfax, Ward Ferry, Rimco Mauritius, Amansa Holdings Steadview and HDFC Standard Life Insurance among others.

 

About the Hurun Report     

                     

Hurun Report is a leading luxury publishing and events group established in London in 1998 with a strong presence in China and India. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally.

 

Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a USD20m early-stage venture capital fund with investments into tech, media, retail and education.


 

About Hurun India

 

“Promoting Entrepreneurship Through Lists and Research”

 

Hurun India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted Pan-India.

 

Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2020, a ranking of the 2,816 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the ninth India Rich List which ranks the 828 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur. For the full details, please refer to on www.hurunindia.net.

 

The Hurun India Philanthropy List ranks the most generous individuals in India and is now on its 5th anniversary. Indians give much more generously than many have previously understood.

 

The Hurun Real Estate Rich List ranks the top real estate developers in the country and is now on the 4th anniversary.

 

In 2018, Hurun Report launched the Hurun India Women Rich List, aimed at celebrating the success stories of some of the most amazing women wealth creators and inheritors.

 

In 2019, Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. This we believe is a watershed moment in the art history of India, where we expect more entrepreneurs to start collecting.

 

In 2019, Hurun Luxury Consumer Survey was debuted to understand and speak about spending habits of ultra-high net worth individuals.

 

In 2020, Hurun India Unicorn Index was debuted to track and speak about the top young wealth creators of the country.

 

For the full details, please refer to on www.hurunindia.net.

 


For media inquiries, please contact:


Rohit   Yagnik

Fortuna PR

+91 98338   07272

rohit@fortunapr.com

Sharjil   Sheikh

Fortuna PR

+91 99202   31055

sharjil@fortunapr.com

Vineeth   Chandrababu

Hurun   Report India

+91 99950   61106

vineeth@hurunindia.net

Anil   Mascarenhas

IIFL   Wealth

+91   9967576026

anil.mascarenhas@iiflw.com


Keywords:India Rich List
Editor:Porsha Pan