Mukesh Ambani is the Richest Man in India with INR 165,000 Crores, up 37%

Gautam Adani, 52, breaks into Top 10 with 152% increase to INR 44,000 Crores

Manufacturing and Pharmaceuticals lead the boom

Leading Authority on India’s private wealth, Hurun Report launches the India Rich List for the third time.

·       Hurun Report finds 230 individuals with INR 1,800 Crore or more, up 89 from last year, and with an average wealth growth of 36%

·       Stock market boom and slight strengthening of the Rupee drives no. of dollar billionaires to record highs with 109, up from 63 last year and 59 the year before

·       Mukesh Ambani, 57, of Reliance, holds on to his position as the richest man in India with a fortune of INR 1,65,000 Crores, up 37% from last year

·       Dilip Shangvi of Sun Pharmaceuticals shot up to 2^nd position, overtaking LN Mittal for the first time, after seeing his wealth grow 43% to INR 1,29,000Crores.

·       Cut-off to make Top 100 quadruples to INR 6500 Crores, up from INR 1620 Cr two years ago and INR 3800 a year ago.

·       At 33 years, Sachin& Binny Bansaal, co-founders of online retail giant Flipkart, are the youngest self-made Indians on the list with INR 3,900 Cr each.

·       15 individuals saw their wealth double year on year, led by PV Ramaprasad Reddy, 56,of Aurobindo Pharma, with a 260% increase in his fortune to INR 13,500 Cr

·       Only 30 individuals saw their wealth decline, led by Brij Bushan, 76, of Bushan Power &Steel, whose wealth dropped 82%, dropping him to the bottom of the list

·       Whilst Mumbai continues to dominate with 30% of the list residing there, Delhi came in second with 16%, followed by Bangalore with 10%.

·       Manufacturing continues to dominate with 16% of the list, followed by pharmaceuticals and real estate with 9% and 8%. Food and Jewelry are the fastest growing sectors.

·       Only 67% are self-made, up 1% from last year

·       Bollywood superstar Shah Rukh Khan’s wealth increased by 14%to INR2900 Crores.

·       The only self-made woman in the list Kiran Mazumdar-Shaw, saw her net worth increase 41% to INR 6500 Crores.

·       The combined wealth of India’s richest is a staggering US$ 422 bn, equating to 22% of India’s GDP last year and larger than the GDPs of UAE (US$ 396 bn), South Africa (US$350 bn) & Qatar (US$ 200 bn).

(New Delhi, 16 September 2014): Hurun Report today released the Hurun India Rich List, a list of the richest people in India with a cut-off of INR 1,800 Crores. This is the third year of the list, which has become a benchmark for the private sector. Wealth calculations are a snapshot of 3 September 2014 when the rate of exchange to the US dollar was INR 60.33.

A bull run in the stock market, which saw gains of 50% in the BSE Sensex and NSE Nifty, together with a moderate rise in the rupee, resulted in 80new entrants into the Hurun India Rich List 2014.

Mukesh Ambani(57) of Reliance, topped the list of 230individuals for the third year running.  It has been a busy year for the energy tycoon, whose flagship company Reliance last year sought approval for a INR 78,000 Crores expansion to their existing refinery business. Ambani also bought out one of the largest media houses, Network 18, for INR 4,200Crores;

Dilip Shanghvi (58) of Sun Pharmaceuticals, continued his rise up the list, to 2^nd place after a 43% surge in his wealth.  Last year, Shanghvi broke into third place for the first time. This year Sun Pharmaceuticals acquired Japanese-owned Ranbaxy, making Sun the largest drug maker in India and fifth largest in the world. The deal values Ranbaxy at 2.2 times its revenue of INR 10,800 Crores.

LN Mittal (63) of ArcelorMittal, who started out as a scrap metal dealer in one of India’s poorest states, dropped down one place to 3^rdwith a fortune down 4% to INR 97,000Crores. The London-based steel tycoon has courted controversy in the UK with the purchase of a mountain in the Lake District, UK for INR 14 Crores.

“The stock market boom has driven India’s entrepreneurs to record heights. The stories of the people on the India Rich List tell the story of India’s modern economy,” said Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher. “When comparing the private sectors of India and China, both have strong manufacturing bases, but whilst the Chinese have made most money from real estate, in India pharmaceuticals and healthcare stand out.”

“The new government sparked off a boom in the stock markets, such that we have expanded the Hurun India Rich List from 141 individuals to 230, whilst retaining the same cut off of INR 1800 Cr as that of last year. If last year’s rich list demonstrated the resilience of Indian corporates in a sluggish market, this year’s list exemplifies the potential of corporate India to lead the global market”, said Anas Rahman Junaid, Head, Hurun Report India.

Table: Hurun India Rich List 2014 – Top 10

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

Azim Hashim Premji (69), saw his 57% of Wipro up 11% taking him to 4^th place, and making him the richest South Indian with a fortune of INR 86,000 Crores. Premji has currently set up a INR 600 Crores venture capital fund that is looking to invest into early stage startups.

Shiv Nadar (69), nicknamed by friends as Magus (old Persian for wizard) registered a 40% increase in wealth, on the back of a 57% increase in stock price of his IT hardware company HCL Technologies. Nadar is a recipient of the Padma Bhushan in 2008 for his efforts in the IT industry. With donations on INR 3000 crores, Mr. Nadar occupied 2^nd spot in Hurun Report Philanthropy List 2013.

SP Hinduja (80) is the 6^th richest person on the list with a net worth of INR 72,000 Crores. The Hinduja family controls a highly diversified empire with interests spanning automotive, oil& gas, banking, IT, power, media, real estate, healthcare & trading with annual revenues in excess of INR 1,50,000 Crore(USD 25 Billion). This year, The Hinduja Group celebrated its 100 years anniversary.

Pallonji Mistry (85), with a personal fortune of INR 63,000 Crores, mainly from his 18.5% holding in Tata Sons, is the 7th richest Indian and also the richest Parsi. Mistry became the largest shareholder in Tata Sons, globally best-known as the owner of Jaguar Landrover, and his son Cyrus is currently chairman.  Mistry’s own business is the family construction company Pallonji Shapoorji. About 66 percent of Tata Sons is held by philanthropic trusts endowed by members of the Tata family. Ratan Tata, the 77-year old scion of the family, comes in at 71^st place with a personal fortune of INR 9,000 Cr.

Kumar Mangalam Birla (47) of Aditya Birla, is the 8th richest man in India. His net worth stands at INR 61,620 Crore, a 24% increase from last year. Birla has dropped down the ladder from 6^th to 8^th. In 2014, the CBI dropped an investigation into allegations of a coal scam against him.

Fifty-seven year-old telecom mogul Sunil Mittal is the 9^th richest in the list with an estimated net worth of INR 51,320 Crore (up 1 rank from last year). His flagship company Bharti Airtel intends to sell over 3500 of its mobile towers in 6 African countries in a bid to exit non-core businesses.

Gautam Adani (52), shot into the top 10, with a net worth of INR 44,020 Crores, up 152% from last year. Stock prices of his flagship companies Adani Enterprises and Adani Ports were up 180% and 90% respectively. It is interesting to note that he made his first million when he was just 20 years old.

Mumbai Top again

With 70 individuals from the Hurun India Rich List 2014, Mumbai is the capital for India’s super-rich, followed by Delhi (37) and Bangalore (23)

Table: Geographical spread of Hurun India Rich List 2014

Source: Hurun India Rich List. For more details visit www.hurun.net

UAE & UK are the capitals for NRI. 31, or 13.5%, are based outside of India, led by LN Mittal (ArcelorMittal, London), SP Hinduja &Family (Hinduja Group, London), Micky Jagtiani (Landmark Group, Dubai), Anil Agarwal (Vedanta Resources, London), Prakash Lohia (Indorama Ventures, London) and Feroz Allana (IFFCO, Sharjah).

Table: Hurun India Rich List 2014 – Richest Non-Resident Indians

Source: Hurun India Rich List. For more details visit www.hurun.net

Manufacturing sector continues to rule

With 16% of the Hurun India Rich List 2014, manufacturing, followed by pharma and real estate continue to be the main sources of wealth in India. Other industries that have had a good year include Food & Beverage, Jewelry and Healthcare.

Table: Hurun India Rich List 2014 – Industry breakdown

Source: Hurun India Rich List. For more details visit www.hurun.net

The biggest gain registered during the compilation of the Hurun Indian rich List 2014 was a 258% increase by P V Ramprasad Reddy founder of Aurobindo Pharma whose share price was up 428% from last year, thanks to the positive market sentiment for the pharmaceutical sectors.

Table: Hurun India Rich List 2014 – Biggest Gainers

Most Valuable Companies

With a valuation of circa INR 6 lakh crores, Tata Sons is the most valuable company in India. It is note worthy that Tata Sons’ valuation is at least twice as that of Mukesh Ambani’s Reliance at INR 3,25,849 Crores (contributing 9.13% weight to the NIFTY index), followed by IT major Infosys with INR 2,09,251 Crores and Sun Pharmaceutical INR 1,65,527 Crores.

Youngest billionaires

• At 62, the average age of the Hurun India Rich List 2014 is one year younger than last year, with 6 below the age of 40.

• The youngest person on the list is Rajiv Poddar (29), a third generation member of the Poddar family that controlled the Siyaram textile brand under Balakrishna  Industries. The company founded in 1960, was later split into 3      entities between the founding brothers families. Rajiv joined his father Arvind Poddar in managing the flagship Balakrishna Industries.

• The oldest is Basant Kumar Birla of Century Textiles, at 93 years.

Only 3% women

Men dominate the Hurun India Rich List 2014, with just 3% women, down from 4% as per last years list. Steel baroness Savitri Jindal (64) of OP Jindal Group, is the richest woman with a personal fortune pegged at INR 35,500 Crore, taking her one place down to 13^th. She is followed by Indu Jain (77) at INR12,500 Crores. The only self made women entrepreneur is Kiran Mazumdar-Shaw (61) of Biocon, with a net worth of INR 6,500 Crores, up 41% from last year, which was just enough to keep her in the Top 100.

Table: Hurun India Rich List 2014 – Richest Women in India

Source: Hurun India Rich List. For more details visit www.hurun.net

Highest new entries.

Of the 80 new faces on this year’s list, 20 jumped straight into the Top 100. Nirav Modi of, 43, of Fire Star Diamonds in the youngest new entrant in the Hurun India Rich List 2014 - Top100.

Industry analysis

The industries that added the most number of new millionaires to the list were Manufacturing, Food & beverage &Jewellery

Tyres

The fastest growth recorded by any industry on the list was a 115% increase by the Tyre sector, largely on the back of reduction in price levels of raw material (Rubber & Crude). Apollo Tyres share prices were up 200% from last year, while MRF share prices were up 115% during the same period.

Manufacturing

Almost 1/5^thof the Hurun India Rich List 2014 belonged to the manufacturing sector; the fastest riser is Babakalyani (65), of Bharat Forge, who rose up the list by 48 places, registering a growth in net worth of circa 200%. The biggest fall in rank was witnessed by Nikhil & Bhavesh Gandhi of Pipavav Defense & Off Shore Engineering, falling 92 places to 219. Average wealth of HNIs in the Manufacturing sector was INR 10,899 Crores, with Maharashtra leading as the preferred hub for manufacturing followed by Delhi.

Pharmaceuticals

The Pharma sector had a very good year, with wealth of this sector rising at an average of 60%. The biggest gainer in the 2014 Hurun India Rich List is from the Pharma sector - P V Ramaprasad Reddy of Aurobindo Pharma who registering an increase of 260% in net worth. The majority of the Pharma millionaires hailed from Maharashtra, followed by Andhra Pradesh & Gujarat. It may be noted that all HNIs of the Pharma sector continue to reside in & do business from India.

Real estate

19 individuals on the Hurun India Rich List 2014 derived their wealth from the Real estate sector, and are an average 9 years younger than those in the Pharma sector. This sector saw an average increase in wealth of 22% from last year. Irfaan Razack (61), of Prestige Estates, saw his wealth grow by 63% during the period. In the real estate sector, Hurun India Rich List 2014 has 4 entrants and a total of 7 dollar billionaires. Kamal Khetan(42), of Sunteck Realtors is the youngest real estate tycoon on the list.

TMT

The TMT sector has produced 14 individuals in the Hurun India Rich List 2014. None witnessed a decline in wealth. With seven individuals, Bangalore seems to be the technology hub & 85% of these companies are listed. It is interesting to note that all the millionaires from IT sector are self made.

Other markets.

·       The BSE Sensex grew 50% and NSE Nifty 49% over the last year when the stock markets demonstrated a sluggish performance

·       The BSE Automotive Index has grown by 68%, with the leading gainer being Motherson Sumi Systems which has gained 160%, outperforming the index by 2.4 times and owned by Vivek Chaand Sehgal, 58, ranked 38 in Hurun India Rich List 2014.

·       The BSE Bankex Index has grown by 63%, with the leading gainer being Yes Bank, which gained 84%, outperforming the index by 1.3 times and owned by Rana Kapoor, 57, at rank 148.

·       The BSE Metal Index has grown by 88%, with the leading gainer being Tata Steel owned by Tata Sons, which has gained 165%, outperforming the index by 2 times.

·       The BSE FMCG Index has grown by 11%, with the leading gainer being Marico which has gained 32%, outperforming the index by 3 times and owned by Harsh Mariwala, 63, ranked 50 with a net worth of INR 11,590 Crores

·       The BSE Healthcare Index has grown by 45%, with the leading gainer being Ranbaxy Labs which gained 115%, outperforming the index by 2.55 times – a situation caused by acquisition offer from Sun Pharma owned by the Pharma King, Dilip Shangvi.

·       The BSE Capital Goods Index has grown by 117%, with the leading gainer being Suzlon Industries which gained 259%, outperforming the index by 2.21 times and is owned by Tulsi Tanti, 57, with a networth of INR 4280 crores at rank 57.

This year’s Hurun Rich List reveals some interesting nuggets of information.

• The Indian stock exchanges were the preferred place to list followed by London.

• Brij Bushan Singal of Bushan Steel saw his wealth drop 80%. As news of a credit downgrade by rating agency CARE got out, stocks in Bushan steel tanked over 80% as a result of investor panic on news that institutional investors were dumping shares

• Neeraj Singal, Managing Director of Bushan steel was arrested by the CBI, on charges of bribing a Syndicate bank official.

• Serial investor Rakesh Jhunjhunwala saw his net worth increase 38% from last year to INR 8,200 Crore

• Technology major Infosys has produced 4 billionaires and 5 entrants on the list, more than any other company, led by Narayana Murthy, S Gopalakrishnan, Nandan Nilekani, K Dinesh&SD Shibulal.

• India's online retailer Flipkart has raised USD 1 Bn, valuing the 7 year old internet startup at an enormous USD 7 Bn. Unrelated founders Sachin & Binny Bansaal share a combined net worth of INR 7800 Crore i.e.  USD 1.3 Bn (Circa 20% of Flipkart)

Stats: Record Highs

Cut-off to make list in 2014 is same as last year at INR 1800 Cr, with a record high of 230 individuals up from 141 last year (2013) and 100 the year before (2012).

The total wealth of India’s Top 100 in 2014 increased 31% to INR 20,95,300 Crores, up INR 5,00,938 Crores.

The number of dollar billionaires has jumped to a record high too, with 109 individuals, up 46 from last year and 50 two years ago.

Source: The Hurun Research Institute 2014

Cut-off (in INR Cr)

Source: The Hurun Research Institute 2014

About Hurun Report

Established as a research unit in 1999 by British chartered accountant Rupert Hoogewerf, Hurun Report Inc. has grown on the back of the Hurun China Rich List, a list which ranks the 1000 richest individuals in China. Hurun Report has since 2012 expanded to producing the India Rich List and the Global Rich List, allowing for comparisons between two of the most dynamic economies in the world.

Hurun Report is a leading research house and luxury publishing group based in Shanghai, China. Hurun Report Inc. has a stable of six media titles, including two digital platforms and four print magazines.  Hurun Report has an active conferencing division, with its annual India Rich List launch dinner in November.

Hurun Report Inc. also publishes The Schools Guide Series, Wings & Water and Horse & Polo,

The Hurun Schools Guide Series is targeted at parents looking to send their children to some of the world’s most prestigious highschools and undergraduate programmes.  Somewhat akin to a ‘Lonely Planet’ of education, the series now covers schools from 10 countries including the UK, US, Canada, Australia, New Zealand, Switzerland and Singapore.

Wings & Water is for the so-called lion kings of China; those individuals who lead industry and shape opinions. It addresses the needs of those entrepreneurs looking to purchase a jet or yacht, as well as setting out how to maintain these big and costly machines.

Horse & Polo provides in-depth coverage about horse related issues including features on Polo, Dressage, Horse Racing, Bloodstock as well as Dogs and Croquet. The magazine is designed to be the glamorous companion for wealthy Chinese with a passion for horses.

For further information, see www.hurun.net

For media inquiries, please contact:

Anas Rahman Junaid

Email: Anas.rahman@hurun.net

Mobile: 8606 498 100

Hurun India Rich List 2014 -- Top 100