Hurun India Rich List 2019

Source:Hurun Report Author: IssueTime:2019-09-25

Hurun Report India and IIFL Wealth today released the Hurun India Rich List 2019. This is the 8th annual ranking of the richest individuals in India.

(25th September 2019, Mumbai) Hurun Report India and IIFL Wealth today released the Hurun India Rich List 2019. This is the 8th annual ranking of the richest individuals in India. Wealth calculations are a snapshot of 31st July 2019, the same date as previous years.

 

953 individuals across 41 industries feature in IIFL Wealth Hurun India Rich List 2019. Cumulative wealth for this year shows an increase of 2% compared to last year while average wealth shows a decline of 11%. If we exclude the new wealth added this year, the cumulative wealth of the IIFL Wealth Hurun India Rich List 2019 dropped by INR 3,72,800 crore - this a depletion of 7% of the total wealth. 344 individuals or more than a third of this year’s list witnessed wealth reduction and another 112 failed to meet the cut-off of INR 1,000 crore – that is almost half of last year’s list. This is in line with the Index of Industrial Production (IIP) by Government’s Central Statistical Organization, that declined from 4.4% in 2017-18 to 3.6% in 2018-19.

 

On the 10th anniversary of Lehman crisis, India's leading infrastructure finance company IL&FS defaulted on payments to lenders triggering panic in the markets. IL&FS crisis impacted debt market, resulting in cascading effects on the NBFC sector which is very critical to other sectors such as real estate, automobiles and so on.

 

The IIFL Wealth Hurun India Rich List 2019 is the most comprehensive ranking of Indian individuals by way of net worth. A record-breaking 953 individuals have a minimum wealth of INR 1,000 crore, up 15% or 122 individuals compared to last year. The number of individuals in the list has grown by a 181% since Hurun India Rich List 2016.

 

Table 1: The Top 10 in the IIFL Wealth Hurun India Rich List 2019 is shown below. The cut-off to the Top 10 this year rise by 3% to INR 71,500 crore compared to a 10% increase in 2018

Rank

Name

Wealth   INR crore

Change

Company

Age

Residence

1-

Mukesh   Ambani

380,700

3%

Reliance   Industries

62

Maharashtra

2-

SP Hinduja   & family

186,500

17%

Hinduja

83

London

3

Azim Premji

117,100

22%

Wipro

74

Karnataka

4

LN Mittal   & family

107,300

-6%

ArcelorMittal

69

London

5

Gautam   Adani & family

94,500

33%

Adani   Ports & SEZ

57

Gujarat

6-

Uday Kotak

94,100

20%

Kotak   Mahindra Bank

60

Maharashtra

7-

Cyrus S   Poonawalla

88,800

22%

Serum   Institute of India

78

Maharashtra

8

Cyrus   Pallonji Mistry

76,800

11%

Shapoorji   Pallonji

51

Maharashtra

8

Shapoor   Pallonji Mistry

76,800

11%

Shapoorji   Pallonji

54

Monaco

10

Dilip   Shanghvi

71,500

-20%

Sun   Pharmaceutical

63

Maharashtra

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

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 

Mukesh Ambani, 62, is the richest Indian and Asian with a wealth of INR 3,80,700 crore. Ambani chairs the Oil & Gas Conglomerate, Reliance Industries, worth INR 7,39,100 crore. Lower refining margin and sluggish petrochemical business continued to weigh on the operating profit of RIL for the fourth straight quarter. Brookfield Asset Management has agreed to invest Rs 25,215 crore in the tower business and the proceeds will be used to repay certain existing financial liabilities of the group.


London-based SP Hinduja & family, worth INR 1,86,500 crore, are the second in the Hurun India Rich List, 2019. SP Hinduja chairs the US$50bn revenue conglomerate which has interests in banking, oil & specialty chemicals, automotive, IT and power industries spread across 38 countries. Since May’19 the Hinduja group has been considering options to buy debt-ridden Jet Airways.  

 

Technology mogul Azim Premji, the founder of INR 1,60,000 crore-market cap company Wipro, makes the third spot in the list with a wealth of INR 1,17,100 crore. This year, Premji allocated Azim Premji Philanthropic Initiatives Pvt. Ltd (APPI) and Azim Premji Trust (APT) to receive monetary gains from 34% of his shares in Wipro for improving primary education in India. After having converted a cooking oil company into an IT behemoth, Azim Premji retired as Wipro chairman and managing director after leading the global software services major for 53 years.


LN Mittal, Chairman & CEO of ArcelorMittal, is the 4th richest in the list with a wealth of INR 1,07,300 crore. Due to overcapacity in the global steel industry, company’s steel segments suffering lower steel prices combined with higher raw material costs resulted in a 45% reduction in the share price. In March’19, ArcelorMittal completed its long-awaited acquisition of India’s Essar Steel in a deal worth INR 50,000 crore.


Gautam Adani is the 5th richest individual in the list with a wealth of INR 94,500 crore. Adani founded the Adani Group as a diamond merchant and build it into major ports and power business in India. Adani Power is the country’s biggest private power producer with an installed capacity of 12,450 MW.  In November 2018, Adani Enterprises demerged the city gas distribution arm into Adani Gas and became the sixth entity from the diversified Adani Group to be listed on the stock exchanges.


Uday Kotak, CMD of Kotak Mahindra Bank, is the 6th richest in the list with a wealth of INR 94,100 crore. The banker has seen his wealth rise by 20% over the last year on the back of a 16% increase in the share price. The bank reported a 16% y-o-y increase in its consolidated profit in the FY 2018-19.


Cyrus S Poonawalla, founder of pioneering vaccine-maker Serum Institute of India is the 7th richest in the list with a wealth of INR 88,800 crore. Serum is the world’s largest manufacturer of immuno-biological drugs and vaccines. A renowned scientist, Poonawalla received an honorary degree from the University of Oxford for his philanthropy and work in the field of life-saving vaccines. The Serum Institute has reached the unmatched figure of protecting more than two-thirds of the infant population globally.

 

Cyrus and Shapoor Pallonji Mistry make the 8th spot in the list with wealth of INR 76,800 crore each. The brothers derive their wealth from Shapoor Pallonji Group and their 18.6% stake in the conglomerate Tata Sons. Shapoor Pallonji Mistry heads the US$8.1 billion Shapoorji Pallonji Group, 150-years-old privately held conglomerate.

 

Dilip Shanghvi, the founder of Sun Pharmaceuticals, is the 10th richest in the IIFL Wealth Hurun India Rich List, 2019, with a wealth of INR 71,500 crore. Shanghvi has witnessed a 20% drop in his wealth owing to allegations of questionable governance practices. The pricing pressure in US generics markets coupled with an allegation of whistle-blower complaint dented the Sun pharma’s valuation. Since 2016, Dilip Shanghvi lost INR 50,000 core in net-worth and slips to 10th place in 2019 from 2nd in 2016.


Indian businesses are mostly family run; in addition to the top 10 richest individuals in India, it is also important to understand some of the most successful business families in India



The Richest Indian families

 

More than 53% of Indian business featured in the rich list is run by families. Listed below are top 10 richest business families in IIFL Wealth Hurun India Rich List 2019.

 

Table 2: The top 10 Richest Indian families

 

 

Rank

Name of the family

Members in the list

Wealth 2019 (INR crore)

 

Change %

Generation

Prominent Person in the family

1

Ambani

1

3,80,700

3%

2

Mukesh Ambani

2

Godrej

5

1,57,000

-30%

3

Adi Godrej

3

Hinduja

1

1,86,500

17%

2

SP Hinduja

4

Adani

2

120,900

33%

1

Gautam Adani

5

Damani

9

77,500

-4%

1

Radhakishan   Damani

6

Burman

8

67,600

5%

5

Anand Burman

7

Bajaj

2

63,600

10%

3

Rahul Bajaj

8

Lohia

2

58,800

-18%

2

Sri Prakash   Lohia

9

Bangur

4

51,000

10%

3

Benu Gopal   Bangur

10

Wadia

3

44,900

-24%

6

Nusli Wadia

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019.

For more details, visit www.hurunindia.net

 

New to Top 100

 

11 new individuals feature in India’s Richest Top 100 of which four are new to the list. Some of the notable new entrants in the Top 100 of IIFL Wealth Hurun India Rich List 2019 are serial entrepreneur Jay Chaudhry (founder chairman and CEO of Zscaler, cloud-based information security company), Janata Dal-United legislator Mahendra Prasad who owns two pharmaceutical companies Aristo Pharmaceuticals and Mapra Laboratories and Thomas Kurian who completed 22-year stint at Oracle where he served as the Product Development head before resigning in November 2018 to join Google as Google Cloud CEO.

 

Top 100 individuals in the list amassed 60% wealth of IIFL Wealth Hurun India Rich List 2019. Software & Services (13), Pharmaceuticals (13) and FMCG (8) accounts 34% of list in terms of industry and Mumbai (33) is the preferred city of residence for top 100 richest Indian.

 

Table 3: New to Top 100

 

 

Rank

Name

Wealth 2019 (INR crore)

 

Rank Change

Company Name

20

Jay Chaudhry

36,700

New

Zscaler

30

Niranjan   Hiranandani

27,800

87

Nidar Group

66

Mahendra   Prasad

11,900

New

Aristo   Pharmaceuticals

78

Sanjeev   Bikhchandani

10,700

66

Info Edge India

80

Thomas Kurian

10,600

New

Oracle

83

Divi   Satchandra Kiran

10,200

79

Divi's   Laboratories

88

Vembu   Radha

9,900

74

Zoho

89

Nilima   Motaparti

9,800

47

Divi's   Laboratories

89

Surendra   Hiranandani

9,800

28

House of   Hiranandani

96

Sangita Jindal

9,600

New

JSW Steel

99

Sudha   Gopalakrishnan

9,300

28

Infosys

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019.

For more details, visit www.hurunindia.net


Where they live.


Mumbai registered an increase of 13 individuals in the rich list and Delhi added 12. With 246 individuals or 26% of the list, Mumbai is the absolute capital when it comes to India’s top entrepreneurs, followed by New Delhi (175) and Bengaluru (77). With 21 new entrants, Hyderabad overtook Ahmedabad to take up the 4th spot. Cities such as from Bikaner (1 person in the list), Indore (1), Kozhikode (3), Chandigarh (1) and Rajnandgaon (2) found a place in IIFL Wealth Hurun India Rich List 2019


Only 36% of the new additions in IIFL Wealth Hurun India Rich List are contributed by Top 3 cities this year - this was 59% last year.

 

With 290 and 175 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in IIFL Wealth Hurun India Rich List 2019.

 

 

Table 4: City/ State of Residence of IIFL Wealth Hurun India Rich List 2019

 

Rank

City  

Rich   List Entries (Change)

Richest   Individual 2019


Rank

State  

Rich   List Entries

(change)

Richest   Individual 2019

1-

Mumbai

246 (+13)

Mukesh   Ambani


1

Maharashtra

290 (+19)

Mukesh   Ambani

2-

New   Delhi

175 (+12)

Shiv Nadar


2

Delhi

175 (+12)

Shiv Nadar

3-

Bengaluru

77 (+7)

Azim Premji


3

Karnataka

80 (+7)

Azim Premji

4

Hyderabad

63 (+17)

P Pitchi   Reddy


4

Telangana

68 (+19)

P Pitchi   Reddy

5

Ahmedabad

49 (+1)

Gautam   Adani


5

Gujarat

65 (+5)

Gautam   Adani

6

Kolkata

40 (+12)

Benu Gopal   Bangur


6

Tamil   Nadu

55 (+10)

Kalanithi   Maran

7

Chennai

34 (+4)

Kalanithi   Maran


7

West   Bengal

41 (+13)

Benu Gopal   Bangur

8-

Pune

31 (+6)

Cyrus S   Poonawalla


8

Kerala

23 (+9)

Joy Alukkas

9-

Dubai

17 (+2)

Vinod   Shantilal Adani


9

Haryana

16 (+5)

Nirmal Kumar   Minda

10-

London

15 (+3)

SP Hinduja   & family


10

Uttar Pradesh

14 (-1)

Yadupati   Singhania & family

11-

Coimbatore

12 (+3)

K   Srinivasan & family


11

Andhra   Pradesh

9 (+3)

Ramachandra   N Galla & family

12

Surat

8 (+4)

Savji   Dholakia


12

Punjab

7 (+2)

SP Oswal

12*

San   Francisco

8 (+5)

Jayshree   Ullal


13

Bihar

6 (+1)

Ravindra   Kishore Sinha

12*

Trivandrum

8 (+5)

George   Jacob Muthoot


13

Rajasthan

6 (-1)

Sanjay   Agarwal

15

Nagpur

7 (+1)

Manish   Satyanarayan Nuwal


15

Madhya   Pradesh

5 (+0)

Dilip Suryavanshi

15

Kanpur

7 (-2)

Yadupati   Singhania & family






15

Gurugram

7 (+1)

Nirmal   Kumar Minda






18

Rajkot

6 (+1)

Bhikhabhai   Popatbhai Virani






18

Noida

6 (+2)

Ballabh   Prasad Agarwala & family






18

Ernakulam

6 (+0)

George Alexander   Muthoot






 

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

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net


Although more than 60 cities in India are home to individuals from IIFL Wealth Hurun India Rich List 2019, Indian wealth creators are going global by way of expansion or by emigration.

 


 

UAE, UK & USA are the preferred countries for migration


There are 82 NRIs from the IIFL Wealth Hurun Indian Rich List 2019. 76% of them are self-made. With 31 individuals, USA is the most preferred country for NRIs, followed by the UAE and the UK. With INR 186,500 crore, SP Hinduja & family of Hinduja Group is the wealthiest NRI. With a fortune of INR 35,700 crore, Yusuff Ali MA is the wealthiest NRI living in the UAE.


Table 5: IIFL Wealth Hurun India Rich List 2019 – Richest Non-Resident Indians

 

 No

Names

Wealth

(INR crore)

City

Company

Age

1

SP   Hinduja & family

186,500

London

Hinduja  

83

2

LN   Mittal & family

107,300

London

ArcelorMittal

69

3

Shapoor   Pallonji Mistry

76,800

Monaco

Shapoorji   Pallonji

54

4

Sri   Prakash Lohia

40,500

London

Indorama

66

5

Jay   Chaudhry

36,700

San   Jose

Zscaler

60

6

Yusuff   Ali MA

35,700

Abu   Dhabi

Lulu

63

7

Anil   Agarwal & family

34,500

London

Vedanta   Resources

66

8

Vinod   Shantilal Adani

26,400

Dubai

Adani   Enterprises

-

9

BR   Shetty

21,300

Abu   Dhabi

NMC   Healthcare

77

10

Sunny   Varkey

20,900

Dubai

Gems   Education

62

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net


For decades Indian CEOs have been playing an important role in global technology landscape. Ignatius Navil Noronha (44) of Avenue Supermarts is the only resident Indian CEO featured in Top 10 Non-Promoter CEO List in     IIFL Wealth Hurun India Rich List 2019.



 

Table 6: IIFL Wealth Hurun India Rich List 2019 – Richest Non-Promoter Indians

 

 No

Names

Wealth

(INR crore)

Country

Company

Age

1

Thomas   Kurian

10,600

USA

Oracle  

59

2

Jayshree   Ullal

9,800

USA

Arista   Networks

58

3

Nikesh   Arora

6,000

USA

Palo   Alto Networks

51

4

Ajaypal   Singh Banga

5,200

USA

Mastercard

59

5

Satya   Nadella

5,100

USA

Microsoft

52

6

Shantanu   Narayen

4,500

USA

Adobe

56

7

Sundar   Pichai

3,300

USA

Google

47

8

Indra   K Nooyi

3,200

USA

Pepsico

63

9

Ignatius   Navil Noronha

2,200

India

Avenue   Supermarts

44

10

Robin   Raina

1,700

USA

Ebix

52

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net

 

Kerala-born Thomas Kurian (INR 10,600 crore) pursued his bachelors from Princeton University and an MBA from Stanford University. Kurian completed a 22-year stint at Oracle where he led the Oracle Fusion Middleware business to success and also served as the Product Development head before resigning in November 2018 to join Google as Google Cloud CEO.

 

New Delhi-born Jayshree Ullal (INR 9,800 crore) is the President and CEO of US-based cloud-networking company Arista Networks, of which she owns about 5%. She completed her higher studies in engineering from San Francisco State University. Ullal served various roles at Cisco Systems in a career spanning 15 years before joining Arista Networks in 2008.

 

Nikesh Arora (INR 6,000 crore) is the Chairman and CEO of Palo Alto Networks, a California-based cyber-security company. Arora’s major previous employments include VP-Europe operations at Google and various senior positions at Airtel, Aviva, and Colgate-Palmolive.  His career-defining role was the 2-year stint at Softbank Corp as its President and CEO where he led the anti-Uber alliance and headed investments in India. He joined Palo Alto Networks in June 2018.

 

Ajaypal Singh Banga (INR 5,200 crore) is the President and CEO of Mastercard, a US-based payments technology and financial services company. Banga, a Delhi University and IIM-A graduate who worked at Citibank, Nestle, and PepsiCo before joining Mastercard Inc in 2009. In his tenure since 2010 as CEO and President, Banga has helped increase global financial access, and in the launch of Mastercard Lab for Financial Inclusion as well as the Mastercard Center for Inclusive Growth.

 

Satya Nadella (INR 5,100 crore) is the CEO of Microsoft, the world’s biggest technology company. Hyderabad-born Nadella completed his bachelors from MIT, Karnataka and pursued MS from the University of Wisconsin. Nadella worked as a technology staff at Sun Microsystems before joining Microsoft. He has helped in Microsoft’s transformation to the well-performing cloud services business and led the online services business. Nadella was appointed CEO of Microsoft in 2014.

 

Shantanu Narayen (INR 4,500 crore) is the CEO of Adobe, a multinational media and creativity software company based in the US. Narayen worked with Apple, Silicon Graphics and also co-founded digital photo-sharing company Pictra before joining Adobe as Senior VP of product research in 1998.

 

Sundar Pichai (INR 3,300 crore) is the CEO of Google Inc, the world’s go-to search engine. Pichai graduated from IIT-Madras and later from Stanford University. Before joining Google in 2004, Pichai worked with Applied Materials and McKinsey & Co. Pichai led product development of Google Chrome, Chrome OS and Google Drive. He also oversaw the development of applications Gmail and Google Maps.

 

Indra K Nooyi (INR 3,200 crore) is the former CEO of Pepsico, one of world’s largest Food & Beverages conglomerate. Nooyi graduated from Madras University and IIM-Calcutta and went on to pursue MS from Yale School of Management. She joined Pepsico in 1994 and subsequently elevated as CEO since 2006, she led the restructuring of Pepsico’s Yum Brands. She also led the acquisition of Tropicana and the merger with Quaker Oats Co.

 

Mumbai-based Ignatius Navil Noronha (INR 2,200 crore) is the CEO of Avenue Supermarts since 2006. D-Mart's promoter Damani hired Noronha, who was in his early 20s then, from Hindustan Unilever.

 

Robin Raina (INR 1,700 crore) is the chairman & CEO of Ebix, the Atlanta-headquartered software company. Raina joined Ebix in 2000 as Vice President and led the company’s growth since. He led the firm’s acquisition of travel solutions provider Zillious, and travel firm Via.com, and acquisition of digital payments platform ItzCash.


Indian unicorn technology companies are faring well in an economic situation where traditional business is witnessing a slowdown.  This year’s 5 biggest gainers in IIFL Wealth Hurun India Rich List 2019 are unicorns.

 



Biggest Gainers


Udaan, co-founded by former Flipkart executives Amod Malviya, Sujeet Kumar, and Vaibhav Gupta fared a 218% increase in valuation on account of strong investor interest in B2B e-commerce and topped the biggest gainer list in IIFL Wealth Hurun India Rich List 2019. In an unprecedented move, founder of Oravel Stays Ritesh Agarwal is planning to buy back shares at a valuation US$10bn reported a 188% increase in wealth this year.


Byju Raveendran (41) Think & Learn retained his spot in the top 5 biggest gainers for the second consecutive year.

  

 

Table 7: IIFL Wealth Hurun India Rich List 2019 – The Biggest Gainers

 

No 

Name

Wealth (INR   Crore)

% Change

Company

Age

Industry

1

Amod   Malviya

3,500

218%

Udaan

38

Software   & Services

2

Sujeet   Kumar

3,500

218%

Udaan

39

Software   & Services

3

Vaibhav   Gupta

3,500

218%

Udaan

38

Software   & Services

4

Ritesh   Agarwal

7,500

188%

Oravel   Stays

25

Software   & Services

5

Byju   Raveendran

7,700

133%

Think &   Learn

41

Software   & Services

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net


Average age of the top 5 gainers in IIFL Wealth Hurun India Rich List 2019 is 36. All richest self-made under 40 list are from the technology sector.

 


 

Young and Rich!

 

All the self-made entrepreneurs under 40 from the IIFL Wealth Hurun India Rich List 2019 derive their wealth from technology-based ventures. Youngest self-made entrepreneur under 40 is Ritesh Agarwal (25) of Oyo Rooms with a net worth of INR 7,500 crore; the wealthiest is Divyank Turakhia (37) of Media.net; Average age of self-made under 40 is 35. The average wealth of self –made entrepreneurs under 40 is INR 4,200 crore.

 

Table 8: IIFL Wealth Hurun India Rich List 2019 – Self-made entrepreneur under 40

 No

Names

Wealth

(INR Crore)

City of Residence

Company

Age

1

Ritesh   Agarwal

7,500

New   Delhi

Oravel   Stays

25

2

Ankit   Bhati

1,400

Bengaluru

ANI   Technologies

33

3

Sriharsha   Majety

1,400

Vijayawada

Bundl   Technologies

33

4

Divya   Gokulnath

1,800

Bengaluru

Think   & Learn

33

5

Bhavish   Aggarwal

3,100

Bengaluru

ANI   Technologies

34

6

Binny   Bansal

5,500

Bengaluru

Flipkart

36

7

Deepinder   Goyal

1,900

Gurugram

Zomato   Media

36

8

Divyank   Turakhia

13,000

Dubai

Media.Net

37

9

Riju   Ravindran

3,600

Bengaluru

Think   & Learn

38

10

Sachin   Bansal

6,100

Bengaluru

Flipkart

38

11

Amod   Malviya

3,500

Bengaluru

Udaan

38

12

Vaibhav   Gupta

3,500

New   Delhi

Udaan

38

13

Deepak   Garg

2,800

Gurugram

Rivigo

38

14

Devita   Rajkumar Saraf

1,800

Mumbai

VU   Technologies

38

15

Nithin   Kamath

6,600

Bengaluru

Zerodha

39

16

Sujeet   Kumar

3,500

Bengaluru

Udaan

39

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net


Devita Rajkumar Saraf (38) of VU Technologies and Divya Gokulnath of (33) Think & Learn are the two self-made women under 40. 22 women under the age of 40 features in IIFL Wealth Hurun India Rich List 2019. The women representation in IIFL Wealth Hurun India Rich List 2019 has increased by 12% (36 new additions).




Women in the list


16% of the list are women of which 12 are self-made. The richest woman in the list is Roshni Nadar, 37, of HCL with INR 36,800 crore, followed by Smita V Crishna, 68, of Godrej with a net worth of INR 31,400 crore. The richest self-made woman in India is biotechnology queen Kiran Mazumdar-Shaw of Biocon with INR 18,500 crore. The average age of women on the list is 56.

 

Table 9: IIFL Wealth Hurun India Rich List 2019 – Top 10 Women in India

 

No

Name

Wealth

(INR crore)

 Company

Location

Industry

1

Roshni   Nadar

36,800

HCL

New   Delhi

Software   & Services

2

Smita   V Crishna

31,400

Godrej

Mumbai

Consumer   Durables

3

Kiran   Nadar

25,100

HCL

New   Delhi

Software   & Services

4

Kiran   Mazumdar-Shaw

18,500

Biocon

Bengaluru

Pharmaceuticals

5

Manju   D Gupta & family

18,000

Lupin

Mumbai

Pharmaceuticals

6

Leena   Gandhi Tewari

13,200

USV

Connecticut

Pharmaceuticals

7

Vembu   Radha

9,900

Zoho

Chennai

Software   & Services

8

Nilima   Motaparti

9,800

Divi's   Laboratories

Hyderabad

Pharmaceuticals

9

Jayshree   Ullal

9,800

Arista   Networks

San   Francisco

Software   & Services

10

Sangita   Jindal

9,600

JSW   Steel

Mumbai

Metals   & Mining

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019 For more details visit www.hurunindia.net


40 % of the women in the list derive their wealth from Pharmaceuticals, Software & Services and FMCG sectors. Pharmaceuticals continues to add most number of individuals in IIFL Wealth Hurun India Rich List 2019.

 




Industry analysis

 

At a sectoral level, Indian Stock Exchanges BSE and NSE moved by circa 0% and -1% respectively during the period of valuation. BSE IT (8%) and BSE Consumer Durable (7%) are top performers. All others sectorial indices underperformed with a negative return – the biggest loser was BSE Auto Index with a -37% return followed by BSE Telecom, BSE Industrials, and BSE Metals -23% each.

 

With 137 individuals on the list, Pharmaceuticals leads the list followed by Software & Services with 73 individuals and FMCG with 59 individuals. Other industries that had a good year include Food & Beverages, Agro-chemicals and Chemicals & Petrochemicals.

 

New Energy India Rich Listers: Hari Krishna Chaudhary & family of Kolkata based Vikram Solar is the top green energy IIFL Wealth Hurun India Rich Lister with a net worth of INR 1,000 crore. With 1,970MW installed capacity Adani Green Energy is the second-largest green energy company in India.

 

Pharma is still the king!

 

The industries that added the most number of new entrants to the list were Food & Beverages, Jewellery, and Pharmaceuticals. Almost all the industries added more individuals than last year except Automobile & Auto Components and Textiles, Apparels & Accessories.

 

Table 10: IIFL Wealth Hurun India Rich List 2019 – Industry breakdown

 

Rank

 

Industry

 

No.   of individuals in the list

Change   in Average wealth (%)

 

 

Richest   individual

Wealth   (INR crore)

1-

Pharmaceuticals

137

-13.1%

Cyrus S   Poonawalla

88,800

2-

Software   & Services

73

27.8%

Azim Premji

117,100

3-

FMCG

59

-19.7%

Nusli Wadia   & family

42,200

4-

Chemicals   & Petrochemicals

57

-3.3%

Sri Prakash   Lohia

40,500

5

Automobile   & Auto Components

45

-5.9%

Rahul Bajaj   & family

60,700

5

Construction   & Engineering

45

-12.2%

P Pitchi   Reddy

13,400

7-

Financial   Services

43

-13.3%

Uday Kotak

94,100

8*

Food &   Beverages

39

15.6%

Ravi   Jaipuria & family

11,500

9

Textiles,   Apparels & Accessories

36

-1.6%

Harish   Ahuja

5,900

10*

Real Estate

33

8.9%

Jitendra   Virwani

29,900

10

Jewellery

33

-20.0%

Joy Alukkas

9,400

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

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

For a snapshot of the industry that added the most number of new entries, refer the table below.

 

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

 

Industry

 New Addition

Richest   New Entrant

Wealth   (INR crore)

Company

Pharmaceuticals

33

Mahendra   Prasad

11,900

Aristo   Pharmaceuticals

Food &   Beverages

23

Jaspal   Singh Kandhari & family

1,600

Kandhari   Beverages

Jewellery

18

Ahammed M P

2,400

Malabar   Gold

Software   & Services

18

Jay   Chaudhry

36,700

Zscaler

Financial   Services

13

Prem Watsa

6,500

Fairfax   Financial Holdings

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net

 

Industry Performance Analysis: Impact of revenue and profitability on the cumulative wealth.


Chart 12 below depicts the sectoral performance of some of the sectors and it depicts that LTM profitability declined as of July 2019, which had a direct impact on share prices – resulting in wealth depletion.

image.png

 

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net

 

Pharmaceuticals (Verdict – Average year)


Despite the underperformance of the pharma sector, it still contributes the highest to the list with 137 entries that includes 18 billionaires. In 2019, the sector witnessed a 4% growth in cumulative wealth compared to 23% in 2018. The pharmaceutical sector added 33 names to this year’s list and added INR 20,600 crore wealth this year. Valuation of pharmaceutical billionaires reduced by 11.5% on account of slower revenue growth of 2.9% coupled with a 5% reduction in profit. Cyrus S Poonawalla of Serum institute replaces Dilip Shanghvi to become the new richest Indian pharmaceutical billionaire.


Construction & Engineering (Verdict – Bad year)


Wealth creation of Construction & Engineering sector was impacted by a 60% reduction in the cumulative profit despite a 3% increase in revenue. The cumulative wealth of the industry declined by 6% compared to last year and contributed 9 entrants to this year’s list. Share prices of road developers declined by 14% despite a better order book – this could be mainly on account of ongoing economic slowdown and liquidity crunch. The recent market conditions resulted in valuations multiples correct downwards by 35% compared to same period 2018.


Automobile & Auto Components (Verdict – Bad year)


In IIFL Wealth Hurun India Rich List 2019, Automobile & Auto Components is the 5th largest sector for wealth creation. The sector contributed 45 individuals to the list with 7 billionaires- 5 down from last year. The wealth of Automobile & Auto Components based individuals in the list registered a cumulative decrease of INR 55,200 crore. On average, the sector witnessed a 2% decrease in revenue and a 7% decrease in profit resulted and a 36% price correction. Maruti Suzuki India reported a seventh consecutive monthly decline in sales of the domestic passenger vehicle.


Chemicals & Petrochemicals (Verdict – Good year)

 

Indian chemical industry ranks 4th in terms of wealth creation and has contributed 57 entrants to the list. Among the Top 10 sectors contributing individuals to IIFL Wealth Hurun India Rich List 2019, chemical and petrochemical are the only industry shows revenue growth (1.9%) and Profit growth (4%) compared to last year. Specialty Chemicals and Agrochemicals are most active subsectors.


Media (Verdict – Bad year)

 

The media sector in IIFL Wealth Hurun India Rich List 2019, which is dominated by print media, is one of the worst-performing sectors for the second consecutive year. In January 2019 government announced a 25% hike over existing ad rate structure but did not have an impact on the valuation. The sector in the rich list witnessed a wealth depletion of INR 17,600 crore in IIFL Wealth Hurun India Rich List 2019.

 

Software & Services (Verdict – Average year)


73 individuals derived their wealth from the Software & Services sector and contributed 18 new entrants and 17 billionaires to this year’s list. This sector witnessed a 39% increase in wealth compared to 35% in the last year. This year’s 18 new entrants contributed INR 85,800 crore or 16% of sectors’ cumulative wealth. Software & Services sector contributed 80% of non-promoter CEOs in IIFL Wealth Hurun India Rich List 2019.

 

Aviation (Verdict – Good Year)


10 individuals in IIFL Wealth Hurun India Rich List 2019, derived their wealth from the Aviation sector. Aviation, which was one of the worst-performing sectors in the last year’s list, had a good year in 2019, resulting in a net increase of cumulative wealth by INR 21,000 crore or 58% increase. A 45% average price increase in Airline stocks coupled with increased revenue (10%) and profitability, made Aviation one of the best performing sectors in IIFL Wealth Hurun India Rich List 2019.


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.

 


The Indian Unicorns


Indian unicorn founders and co-founders fared well this year, out of the 21 unicorns only 9 are featured in IIFL Wealth Hurun India Rich List 2019. 16 individuals from those 9 unicorn companies added INR 27,800 crore this year and contributing 13% of total software and technology wealth with an average wealth increase of 84%.


According to Hurun Global Unicorn List 2019, India ranked third in terms number of unicorns featured in the list with 21 unicorns.

 

Largest publicly traded companies

 

Of the publicly traded companies in the IIFL Wealth Hurun India Rich List 2019, Tata Consultancy Services (owned by Tata Sons) has the highest valuation of INR 804,517 crore, followed by Mukesh Ambani’s Reliance with INR 776,891 crore and Infosys with INR 356,123 crore. Kotak Mahindra & Bajaj Finance with a market cap of INR 283,330 crore and INR 198,656 crore take the fourth and fifth position.

 

The table 13: below depicts the list of most valuable public companies in India

 

Rank

Company

Market cap   (INR crore)

Market cap   (US$ bn)

1

Tata   Consultancy Services

804,517

117

2

Reliance   Industries

776,891

113

3

HDFC   Bank

617,161

90

4

Hindustan   Unilever

390,705

57

5

HDFC

360,063

52

6

Infosys

356,123

42

7

ITC

294,778

43

8

Kotak   Mahindra Bank

283,330

41

9

ICICI   Bank

266,874

39

10

State   Bank of India

260,031

38

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net

Mergers and Acquisitions (M&A)

 

Reliance Industries is in the process of selling 20% stake in its refining and petrochemicals business to Saudi Aramco at an enterprise value of US$75bn is part of a plan to make RIL a zero-debt company in the next 18 months.

 

Online hotel-booking platform Oyo Rooms (Oravel Stays) has laid its plans to enter Europe with its announced acquisition of Amsterdam based vacation rental company Leisure Group for an estimated INR 2,800 crore.

 

In April 2019, Indiabulls Housing Finance confirmed its merger with Lakshmi Vilas Bank in a share swap deal that values the entity at INR 19,500 crore.

 

Fairfax-backed IIFL Holdings has confirmed its demerger into three entities; IIFL Finance, IIFL Securities and IIFL Wealth.

 

In May 2019, Mukesh Ambani’s Reliance Industries bought iconic British toy retailer, Hamleys for INR 620 crore.


FMCG brand Emami, in January 2019, acquired German personal care brand Creme21, which has a sizeable footprint in the middle-east.

 

Corporate Collapses

 

This year witnessed some of the legendary entrepreneurs being exiting the IIFL Wealth Hurun India Rich List for the first time.

 

The share price of Jet Airways shot down by 87% as of September 2019. The SBI-led consortium of 26 lenders intends to recover around INR 8,500 crore from the grounded Jet Airways and took the airline to bankruptcy court after failing to agree on a revival plan. Founder Naresh Goyal owns 25% of Jet Airways of which 20% have been pledged with the lenders.

 

Anil Ambani crashed out of IIFL Wealth Hurun India Rich List. The equity value of Ambani's listed business empire has declined to INR 2,000 crore; if one were to exclude the pledged shares, equity value is at INR 584 crore.

 

The meltdown of IL&FS caused mutual funds, the prime lenders to NBFCs, reduced the exposure to NBFC, resulting in a credit squeeze. Since August 2018, DHFL shares declined 93% and is undergoing financial stress as its ability to raise funds has been substantially impaired.

                                                                                                                                       


 

Interesting facts

 

IT czar Azim Premji, was awarded the highest French civilian distinction- The Knight of the Legion of Honour for his philanthropic initiatives.

 

In July 2019, Cyrus Poonawalla, the founding chairman of Serum Institute of India received the prestigious ‘Degree of Doctor of Science, honoris causa’ from the University of Oxford, an honor that has been conferred only once before in 1813.

 

Newly minted billionaire Byju Raveendran’s educational platform Byju’s, in a deal dated till March 2022, is the key jersey sponsor for Indian Cricket Team.

 

With 7 individuals in the list, Haldiram Snacks is the company with the most number of new additions to the list; With revenue of INR 27,000 crore, Malabar Gold takes the second spot with 5 new additions.

 

Founder and CEO of manufacturer and distributor of spices MDH, Dharampal Gulati (INR 3,700) was honored the Padma Bhushan for his contribution to the field of Trade & Industry-Food & Beverages.

 

The youngest individual in the list is Ritesh Agarwal (INR 7,500 crore) of Oravel Stays (OYO Rooms) who also happens to be self-made.

 

Liberty House, the company run by metals magnate Sanjeev Gupta, has won EU approval to buy a number of steel assets from ArcelorMittal. This will make Liberty House the third-largest steel producer in Europe.

 

Indian diaspora. Indian diaspora around the world counts among the most successful immigrant ethnic groups.

 

Table 14: Indian diaspora

Rank

Country of Residence

No:   Individual

1

India

871

2

USA

31

3

UAE

21

4

UK

17

5

Singapore

5

6

Canada

2

7

Australia

1

8

Philippines

1

9

Thailand

1

10

Monaco

1

11

Gibraltar

1

12

China   (Hong Kong)

1


Total

953

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

For more details visit www.hurunindia.net

Table 15: Money in Sports!


Indian rich listers mainly own five Indian Premier League teams, four Indian Super League teams as well as one English Premier League teams and two pro-kabaddi league teams


Name

Indian Premier League Team

Name

Indian Super League Team

Mukesh   Ambani

Mumbai   Indians

Sanjiv   Goenka

Atlético   de Kolkata

GM   Rao

Delhi   Capitals

JSW   Group

Bengaluru   FC

Kalanithi   Maran

Sunrisers   Hyderabad

Yusuff   Ali MA

Kerala   Blasters

N   Srinivasan

Chennai   Super Kings



Burman   family

Kings   XI Punjab



Ness   Wadia

Kings   XI Punjab



Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net


Apart from those mentioned above, IIFL Wealth Hurun India Rich Listers have interest in other professional leagues such as Pro Kabaddi League and English Premier League. For instance, GM Rao owns UP Yodhas and Gautam Adani Owns Gujarat Fortune Giants in Pro Kabaddi League. LN Mittal owns Queens Park Rangers from the English Premier League.



Stats: Record Highs


      The threshold to make the list was INR 1000 crore, with a record high of 953 individuals, up by 112 from last year and 214 the year before.

      The number of dollar billionaires dropped by 3 to with 138 individuals

 

Chart 16 depicts the growth of the number of individuals by various thresholds in Hurun India Rich List over the years


image.png

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net


Table 17: Table analyses the cut-off required for Top 10, 50 and 100



2019   INR crore

2018   INR crore

2017   INR crore

2016   INR crore

2015   INR crore

2014   INR crore

2013   INR crore

Top   10

71,500

69,400

56,500

50,400

47,000

44,000

46,600

Top   50

15,200

17,800

17,600

14,900

15,100

11,500

7,600

Top   100

9,300

9,000

8,400

7,600

7,900

6,500

3,800

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net

 

  

Table 18: Companies producing the highest number of individuals in the list

 

No

Company   Name

No.   of individuals

1

Asian   Paints

21

2

Infosys

19

3

Parle   Products

13

4

Avenue   Supermarts

10

5

Macleods   Pharmaceuticals

10

 Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net


Table 19: Key Star Signs in IIFL Wealth Hurun India Rich List 2019

 

Rank

Zodiac   sign

Total   contribution to the list%

Richest   person

Wealth   INR Cr

1

Cancer

11.2%

Gautam   Adani

94,500

2

Virgo

10.5%

Shapoor   Pallonji Mistry

76,800

3

Aries

9.2%

Mukesh   Ambani

380,700

4

Leo

8.9%

Azim Premji

117,100

5

Scorpio

8.5%

Yusuff Ali   MA

35,700

6

Gemini

8.3%

LN Mittal

107,300

7

Capricorn

8.3%

Smita V   Crishna

31,400

8

Pisces

8.1%

Uday Kotak

94,100

9

Libra

8.0%

Dilip   Shanghvi

71,500

10

Taurus

6.4%

Cyrus S   Poonawalla

88,800

11

Aquarius

6.3%

Nusli Wadia

42,400

12

Sagittarius

6.0%

SP Hinduja

186,500

 Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net

 


 

Social Media: This year Anand Mahindra added 5 lakh followers to his Twitter account and took the crown of most followed business person on social media from Acharya Balkrishna. A snapshot of some of the social media following of the entrepreneurs is listed below.

 

Table 20: Social Media Followers of IIFL Wealth Hurun India Rich List 2019

 

Social media rank

Name

Number of Followers (lakh)

Facebook/ Twitter

2019 increase in followers   (lakhs)

1

Anand Mahindra

72

Twitter

5

2

Acharya Balkrishna

61

Facebook

1

3

Nandan Nilekani

25.2

Twitter

1.2

4

Harsh Vardhan Goenka

15.3

Twitter

0.3

5

Kiran Mazumdar-Shaw

14.6

Twitter

0.6

6

Subhash Chandra

13.9

Twitter

0.9

7

Uday Kotak

9.9

Twitter

0.4

8

Harsh Mariwala

8.7

Twitter

-0.1

9

Yusuff Ali MA

7.2

Facebook

0.3

10

Vijay Shekhar Sharma

3.4

Twitter

0.5

 

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net



Top 100: IIFL Wealth Hurun India Rich List 2019. For Full list please refer www.hurunindia.net


Rank

Name

Wealth   INR crore

Company Name

Industry

Residence

1

Mukesh Ambani

3,80,700

Reliance Industries

Diversified

Mumbai

2

SP Hinduja & family

1,86,500

Hinduja

Diversified

London

3

Azim Premji

1,17,100

Wipro

Software & Services

Bengaluru

4

LN Mittal & family

1,07,300

ArcelorMittal

Metals & Mining

London

5

Gautam Adani & family

94,500

Adani Ports & SEZ

Diversified

Ahmedabad

6

Uday Kotak

94,100

Kotak Mahindra Bank

Financial Services

Mumbai

7

Cyrus S Poonawalla

88,800

Serum Institute of India

Pharmaceuticals

Pune

8

Cyrus Pallonji Mistry

76,800

Shapoorji Pallonji

Investments

Mumbai

8

Shapoor Pallonji Mistry

76,800

Shapoorji Pallonji

Investments

Monaco

10

Dilip Shanghvi

71,500

Sun Pharmaceutical Industries

Pharmaceuticals

Mumbai

11

Rahul Bajaj & family

60,700

Bajaj Auto

Automobile & Components

Pune

12

Benu Gopal Bangur & family

45,300

Shree Cement

Cement & Cement Products

Kolkata

13

Shiv Nadar

43,500

HCL

Software & Services

New Delhi

14

Radhakishan Damani

43,200

Avenue Supermarts

Retailing

Mumbai

15

Nusli Wadia & family

42,400

Britannia Industries

FMCG

Mumbai

16

Kumar Mangalam Birla

41,100

Aditya Birla

Diversified

Mumbai

17

Sri Prakash Lohia

40,500

Indorama

Chemicals & Petrochemicals

London

18

Acharya Balkrishna

38,100

Patanjali Ayurved

FMCG

Haridwar

19

Roshni Nadar

36,800

HCL

Software & Services

New Delhi

20

Jay Chaudhry

36,700

Zscaler

Software & Services

San Jose

21

Yusuff Ali MA

35,700

Lulu

Retailing

Abu Dhabi

22

Anil Agarwal & family

34,500

Vedanta Resources

Metals & Mining

London

23

Adi Godrej

31,400

Godrej

Consumer Durables

Mumbai

23

Jamshyd Godrej

31,400

Godrej

Consumer Durables

Mumbai

23

Nadir Godrej

31,400

Godrej

Consumer Durables

Mumbai

23

Rishad Naoroji

31,400

Godrej

Consumer Durables

Mumbai

23

Smita V Crishna

31,400

Godrej

Consumer Durables

Mumbai

28

Jitendra Virwani

29,900

Embassy Office Parks

Real Estate

Bengaluru

29

Ajay Piramal

29,600

Piramal Enterprise

Investments

Mumbai

30

Niranjan Hiranandani

27,800

Nidar Group

Real Estate

Mumbai

31

Vinod Shantilal Adani

26,400

Adani Enterprises

Diversified

Dubai

32

Harsh Mariwala & family

25,800

Marico

FMCG

Mumbai

33

Rajiv Singh

25,200

DLF

Real Estate

New Delhi

34

Kiran Nadar

25,100

HCL

Software & Services

New Delhi

35

Vikram Lal & family

23,300

Eicher Motors

Automobile & Components

New Delhi

36

Pankaj Patel & family

22,200

Cadila Healthcare

Pharmaceuticals

Ahmedabad

37

Mangal Prabhat Lodha

21,600

Lodha

Real Estate

Mumbai

38

BR Shetty

21,300

NMC Healthcare

Healthcare

Abu Dhabi

39

Sunny Varkey

20,900

Gems Education

Education & Training

Dubai

40

Anand Burman

20,600

Dabur India

FMCG

New Delhi

41

Vijay Shekhar Sharma

20,400

Paytm

Software & Services

New Delhi

42

Chandru Raheja

20,000

K Raheja

Real Estate

Mumbai

43

Kalanithi Maran

19,100

Sun TV Network

Media

Chennai

44

Rahul Bhatia

19,000

Interglobe Aviation

Aviation

New Delhi

45

Sanjiv Goenka & family

18,600

CESC

Services

Kolkata

46

Kiran Mazumdar-Shaw

18,500

Biocon

Pharmaceuticals

Bengaluru

46

Sunil Mittal & family

18,500

Bharti Airtel

Telecommunications

New Delhi

48

Aloke Lohia

18,300

Indorama

Chemicals & Petrochemicals

Bangkok

49

Manju D Gupta & family

18,000

Lupin

Pharmaceuticals

Mumbai

50

Subhash Chandra & family

15,200

Zee

Media

Mumbai

51

PV Ramprasad Reddy

14,800

Aurobindo Pharma

Pharmaceuticals

New Jersey

52

Ranjan Pai

14,700

Manipal Education & Medical

Education & Training

Bengaluru

53

Vikas Oberoi

14,600

Oberoi Realty

Real Estate

Mumbai

54

Rajan Raheja & family

14,400

Exide Industries

Automobile & Components

Mumbai

55

Gopikishan Damani

13,600

Avenue Supermarts

Retailing

Mumbai

55

Sajjan Jindal

13,600

JSW Steel

Metals & Mining

Mumbai

57

P Pitchi Reddy

13,400

Megha Engineering & Infrastructures

Construction & Engineering

Hyderabad

58

Leena Gandhi Tewari

13,200

USV

Pharmaceuticals

Mumbai

58

Shamsheer Vayalil

13,200

VPS Healthcare

Healthcare

Abu Dhabi

60

Divyank Turakhia

13,000

Media.Net

Software & Services

Dubai

60

Madhukar Parekh & family

13,000

Pidilite Industries

Chemicals & Petrochemicals

Mumbai

60

Sameer Gehlaut

13,000

Indiabulls Housing Finance

Financial Services

Mumbai

63

PV Krishna Reddy

12,900

Megha Engineering & Infrastructures

Construction & Engineering

Hyderabad

64

Karsanbhai Patel

12,200

Nirma

FMCG

Ahmedabad

65

Feroz Allana

12,000

IFFCO

Trading & Distribution

Sharjah

66

Abhay Vakil

11,900

Asian Paints

Chemicals & Petrochemicals

Mumbai

66

Mahendra Prasad

11,900

Aristo Pharmaceuticals

Pharmaceuticals

New Delhi

66

VC Burman

11,900

Dabur India

FMCG

New Delhi

69

Kavitark Ram Shriram

11,600

Google

Software & Services

Menlo Park

69

Ravi Pillai

11,600

RP

Construction & Engineering

Dubai

69

Romesh T Wadhwani

11,600

Symphony Technology

Investments

Palo Alto

72

Rajan Bharti Mittal & family

11,500

Bharti Airtel

Telecommunications

New Delhi

72

Rakesh Bharti Mittal & family

11,500

Bharti Airtel

Telecommunications

New Delhi

72

Ravi Jaipuria & family

11,500

RJ Corp

Food & Beverages

New Delhi

75

Saket Burman

11,000

Dabur India

FMCG

Dubai

76

Bhadresh Shah

10,900

AIA Engineering

Construction & Engineering

Ahmedabad

76

Rakesh Jhunjhunwala

10,900

Rare Enterprises

Investments

Mumbai

78

Amit Burman

10,700

Dabur India

FMCG

New Delhi

78

Sanjeev Bikhchandani

10,700

Info Edge India

Services

New Delhi

80

Kishore Biyani

10,600

Future Retail

Retailing

Mumbai

80

Thomas Kurian

10,600

Oracle

Software & Services

Atherton

82

Anurang Jain & family

10,300

Endurance Technologies

Automobile & Components

Aurangabad

83

Divi Satchandra Kiran

10,200

Divi's Laboratories

Pharmaceuticals

Hyderabad

84

Gurbachan Singh Dhingra

10,100

Berger Paints

Chemicals & Petrochemicals

New Delhi

85

Rakesh Gangwal

10,000

Interglobe Aviation

Aviation

Mclean

85

Shashi Ruia & Ravi Ruia

10,000

Essar Oil UK

Oil & Gas

Mumbai

85

Yusuf Hamied

10,000

Cipla

Pharmaceuticals

London

88

Vembu    Radha

9,900

Zoho

Software & Services

Chennai

89

Bharat Desai

9,800

Syntel

Software & Services

Fisher Island

89

Jayshree Ullal

9,800

Arista Networks

Software & Services

San Francisco

89

Nilima Motaparti

9,800

Divi's Laboratories

Pharmaceuticals

Hyderabad

89

Surendra Hiranandani

9,800

House of Hiranandani

Real Estate

Singapore

89

Vinod Khosla

9,800

Khosla Ventures

Investments

Portola Valley

94

Samir Mehta

9,700

Torrent Pharmaceuticals

Pharmaceuticals

Ahmedabad

94

Sudhir Mehta

9,700

Torrent Pharmaceuticals

Pharmaceuticals

Ahmedabad

96

Malav Ashwin Dani

9,600

Asian Paints

Chemicals & Petrochemicals

Mumbai

96

Sangita Jindal

9,600

JSW Steel

Metals & Mining

Mumbai

98

Joy Alukkas

9,400

Joy Alukkas

Jewellery

Thrissur

99

Jalaj Ashwin Dani

9,300

Asian Paints

Chemicals & Petrochemicals

Mumbai

99

Sudha Gopalakrishnan

9,300

Infosys

Software & Services

Bengaluru

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2019

 For more details visit www.hurunindia.net

 

 

Methodology

 

The IIFL Wealth Hurun India Rich List 2019 has been researched and compiled by the Hurun Research Institute for the seventh year running, using a cut-off of 31 July 2019 when the rate of exchange to the US dollar was INR 68.5. 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.

 


About IIFL Wealth


IIFL Wealth Management is one of the leading wealth management companies. The company has catapulted itself to become one of the largest private wealth management firms in India in less than a decade. Today, it is the investment and financial advisor to more than 13,000 influential families in the High Net Worth Individuals (HNI) and Ultra HNI segments in India and abroad, with aggregate assets of around USD 24 billion under management, advice and distribution.

 

IIFL Wealth Management is one of the pioneers in the industry to bring about product innovations. The company won ‘The Best Private Bank – India” at The Asset Awards 2019 and

 

 awards at Euromoney Private Banking and Wealth Management Survey, 2018 besides more than 80 other awards of repute since its inception in 2008.

 

General Atlantic, a leading global growth equity firm, has invested in IIFL Wealth Management and holds around 21 pc stake in the company. Recently, six other investors including General Atlantic invested in the company. These include WF Asian Reconnaissance Fund (a fund managed by Ward Ferry), Rimco Mauritius, Amansa Holdings Pvt Ltd, General Atlantic Singapore Pte, Steadview and HDFC Standard Life Insurance.

 

Headquartered in Mumbai, IIFL Wealth Management has around 1000 employees and a presence in 7 major global financial hubs and 26 locations including India and around the world.

 


 

About 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 US$20m early-stage venture capital fund with investments into tech, media, retail and education.

 

About Hurun Report India

 

“Passionate About Indian Entrepreneurship”

 

Hurun Report 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 Report in India was co-founded by Anas Rahman Junaid, a graduate of University of Oxford, who returned to India to contribute to Indian entrepreneurship eco system.

 

Hurun Report 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 2019, a ranking of the 2,470 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the seventh India Rich List which ranks the 953 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.

 

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

 

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.

 

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

india@hurun.net

Anil Mascarenhas

IIFL Wealth

+91 9967576026

anil.mascarenhas@iiflw.com