Hurun India Rich List 2012

Source:Hurun Report Author: IssueTime:2012-10-10

The weakening of the Rupee against the US Dollar and a volatile equity market may have triggered a shrinking of wealth for India’s elite club of billionaires.

Mukesh Ambani richest Indian with personal wealth of US$19.3 billion

 

·       Steel baroness Savitri Jindal India’s richest woman with a personal fortune of US$5.6 bn; Azim Premji richest South Indian

·       Media magnates Indu Jain and Shobhana Bhartia among
five richest Indian women

·       Leading authority on China’s wealthy launches HURUN INDIA RICH LIST 2012

 

New Delhi, Oct 10: The weakening of the Rupee against the US Dollar and a volatile equity market may have triggered a shrinking of wealth for India’s elite club of billionaires, but Mukesh Ambani (55), the energy tycoon who presides over the Reliance Industries Ltd (RIL), continues to be the country’s richest man with his personal fortune pegged at US$19.3 billion.

 

Ambani tops the list of 59 Indian billionaires in dollar terms, leaving his nearest competitor, the London-based steel baron L N Mittal, by a clear margin of 2.4 billion dollars. Mittal, who heads Arcelor-Mittal steel conglomerate, has a wealth of 16.9 billion dollars, according to the inaugural Hurun India Rich List that was released today. 

 

Steel baroness Savitri Jindal has emerged as India’s richest woman with a personal fortune of US$5.6 billion while Kiran Mazumdar-Shaw of Biocon is the richest self-made woman with a personal wealth of US$600 million. Incidentally, she is the only self-made woman in the List. Otherwise, 62% of the individuals in the Hurun India Rich List are self-made.

 

For determining India’s 100 wealthiest persons, the report says the minimum cut off mark for finding a place in the coveted list was US$330 million.

 

Hurun Report Inc, which prepared the list of India’s richest people, is a leading research house and luxury publishing group based in Shanghai, China, and with offices across China and in London. It is widely considered the authoritative voice on the richest in China and ranks the 1000 richest individuals in that country.

 

Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher said, “The stories of the people on the Hurun India Rich List tell the story of business in modern India.”

 

Of the Top 100 of the Hurun India Rich List, 52 saw their wealth shrink, and the shrinkage was by over 25% for 21 of them. “This was mainly due to the 12% depreciation of the Rupee against the US Dollar, which negated the appreciation in India’s stock markets,” said Anas Rahman Junaid of GyanMagnus Associates, Hurun Report’s chief Indian research partner.

 

In terms of personal fortune, Ambani and Mittal are followed by Azim Premji (Wipro, 12.3 billion dollars), Dilip Shanghvi (Sun Pharmaceuticals, 8.5 bn dollars), Pallonji Mistry (engineering and construction giant Shapoorji Pallonji & Co, 7.9 bn dollars), Shashi & Ravi Ruia (Essar Energy, 7.2 bn dollars) and Adi Godrej (Godrej Group, 6.9 bn dollars).

 

The other four who make the list of Top 10 billionaires are Kushal Pal Singh (DLF, 6.3 bn dollars), Kumara Mangalam Birla (Grasim Industries, 5.8 bn dollars), Shiv Nadar (HCL Technology, 5.7 bn dollars) and Sunil Mittal (Bharti Airtel, 5.7 bn dollars).

 

The Hurun India Rich List is a snapshot of wealth as on September 22, 2012. The rate of exchange to the US dollar was INR 54.

 

Men dominate the List with just 5% of the list occupied by women. Among the five richest Indian women, Savitri Jindal is followed by Indu Jain (Bennett Coleman, 1.7 bn dollars), Anu Aga (Thermax, 690 million dollars), Kiran Mazumdar-Shaw (Biocon, 600 million dollars) and Shobhana Bhartia (Hindustan Times, 490 million dollars).

 

The list has some interesting nuggets of information. For instance, Mumbai is home to 36 of India’s Richest 100, followed by Delhi and Bengaluru with 22 and 15, respectively. Also, five of the Top 100 are based outside of India and they are led by L N Mittal in London. In all, 74 individuals hail from North India, 21 from the South and 5 from overseas. Azim Premji is the richest South Indian.


The youngest person on the list is Shivinder Mohan Singh at 37 years old while the oldest, Keshub Mahindra, is 89 years old. The average age of the Top 100 is 62 years while the average age of the Top 10 is 65 years.


Manufacturing has emerged as the main source of wealth of the Hurun India Rich List, followed by pharmaceuticals, real estate, infrastructure, energy and technology.

 

Generic drugs tycoon Habil Khorakiwala of Wockhardt saw a more than trebling of his income year on year, the best performer on the Hurun List. The Indian stock exchanges were the preferred place to list, with 84% of the Hurun India Rich List, followed by London and Singapore.

 

As for India’s richest entrepreneurs in terms of geographical regions, Mukesh Ambani is richest in Mumbai, K P Singh in Delhi, Azim Premji in Bengaluru, Benu Gopal Bangur (Kolkata), Kalanithi Maran (Chennai) Gautam Adani (Ahmedabad), Rahul Bajaj (Pune), Murali Divi (Hyderabad), Ramesh Agarwal (Bhopal) and Kapil and Rahul Bhatia (Gurgaon).

 

The richest Indians overseas are L N Mittal (London), Micky Jagtiani (Dubai) and Bhupendra Kumar Modi (Singapore).

 

Among the rich whose wealth was adversely affected in 2012 were Mukesh Ambani, L N Mittal, Shashi Ruia and Ravi Ruia, Kumara Mangalam Birla’s flagship company Hindalco and telecom tycoon  Sunil Mittal.

 

Those whose fortunes were on the upswing this year included Azim Premji, Pharma King Dilip Shanghvi (Sun Pharma), construction tycoon Pallonji Mistry and technology entrepreneur Shiv Nadar (HCL).

 

 

Key Differences Between China & India

1.   Industries are same at number one, ie manufacturing.  Then pharmaceuticals, and real estate,  IT is only 5th

2.   Wealth numbers.  No 100 in India has 20yi, same as China’s number 100 in 2005, or China no 1000 in 2012! Ie China entrepreneurs much richer.

3.   Number one Indian has 1200yi rmb, compared with Zong Qinghou of 800yi, but if compare to Greater China, then Li Kashing is bigger than the India No 1.

4.   Age: In India is 62years, average age of the China Rich List is 52 years, i.e. ten years younger than the India Rich List.

5.   Inherited V/S Self Made:  In India, 30% inherited.  China, less than 2%

6.   Self-made Women:  In India only 1 on Top 100, about 40yi.  In China, about 40 above 40yi rmb.

 


Hurun India Rich List 2012 - The Top 10


Name

Wealth US$m

Company

Industry

Location

Age

1

Mukesh Ambani

19,300

Reliance Industries

Energy

Mumbai

55

2

Lakshmi Narayan Mittal

16,900

Arcelor Mittal

Steel

London

62

3

Azim Premji

12,300

Wipro

Technology

Bangalore

67

4

Dilip Shanghvi

8,500

Sun Pharmaceuticals

Pharmaceuticals

Mumbai

57

5

Pallonji Mistry

7,900

Shapoorji Pallonji & Co

Engineering & Construction

Mumbai

83

6

Shashi & Ravi Ruia

7,200

Essar Energy

Energy

Mumbai

68 / 63

7

Adi Godrej

6,900

Godrej Group

FMCG

Mumbai

70

8

Kushal Pal Singh

6,300

DLF

Real estate

Delhi

81

9

Kumara Mangalam Birla

5,800

Grasim Industries

Manufacturing

Mumbai

45

10

Shiv Nadar

5,700

HCL Technology

Technology

Delhi

67

10

Sunil Mittal

5,700

Bharti Airtel

Telecom

Delhi

55

 

 

Hurun India Rich List 2012 -- Top 50

For the full ranking, refer to www.hurun.net


Name

Wealth US$m

Company

Industry

Location

Age

1

Mukesh Ambani

19,300

Reliance Industries

Energy

Mumbai

55

2

Lakshmi Narayan Mittal

16,900

Arcelor Mittal

Steel

London

62

3

Azim Premji

12,300

Wipro

Technology

Bangalore

67

4

Dilip Shanghvi

8,500

Sun Pharmaceuticals

Pharmaceuticals

Mumbai

57

5

Pallonji Mistry

7,900

Shapoorji Pallonji & Co

Engineering & Construction

Mumbai

83

6

Shashi & Ravi Ruia

7,200

Essar Energy

Energy

Mumbai

68 / 63

7

Adi Godrej

6,900

Godrej Group

FMCG

Mumbai

70

8

Kushal Pal Singh

6,300

DLF

Real estate

Delhi

81

9

Kumara Mangalam Birla

5,800

Grasim Industries

Manufacturing

Mumbai

45

10

Shiv Nadar

5,700

HCL Technology

Technology

Delhi

67

10

Sunil Mittal

5,700

Bharti Airtel

Telecom

Delhi

55

12

Savitri Jindal

5,600

Jindal Steel & Power

Steel

Delhi

62

13

Anil Ambani

5,300

Reliance Infrastructure

Infrastructure

Mumbai

53

14

Micky Jagtiani

4,100

LandMark Group

Retail

Dubai

61

15

Uday Kotak

4,000

Kotak Mahindra Bank

Banking

Mumbai

53

16

Brijmohan Lall Munjal & Family

3,800

Hero Moto Corp

Automobile

Delhi

NA

17

Anand Burman

3,100

Dabur

FMCG

Delhi

60

17

Gautam Adani

3,100

Adani Enterprise

Infrastructure

Ahmedabad

50

19

Rahul Bajaj

3,000

Bajaj Auto Limited

Automobile

Pune

74

20

Pankaj Patel

2,800

Cadila Healthcare

Pharmaceuticals

Ahmedabad

59

21

Venugopal Dhoot

2,700

Videocon Industries

Energy

Mumbai

61

22

Subhash Chandra

2,500

Zee Networks

Media & Entertainment

Mumbai

61

22

Desh Bandhu Gupta

2,500

Lupin Pharmaceuticals

Pharmaceuticals

Mumbai

74

22

Anil Agarwal

2,500

Vedanta Resources

Energy

London

59

25

Cyrus Poonawalla

2,300

Serum Pharma

Pharmaceuticals

Pune

71

25

Ajay Kalsi

2,300

Indus Gas Ltd

Energy

Delhi

48

25

Yusuf Hamied

2,300

Cipla

Pharmaceuticals

Mumbai

76

28

Malvinder Mohan Singh & Shivinder Mohan Singh    

2,200

Religare Enterprise

Financial services

Delhi

39 / 37

28

Kalanithi Maran

2,200

Sun Networks

Media & Entertainment

Chennai

47

30

Rajan Raheja

2,100

Exide Industries

Manufacturing

Mumbai

58

31

Habil Khorakiwala

1,900

Wockhardt

Generic Drugs

Mumbai

70

32

Sudhir & Samir Mehta

1,700

Torrent pharma

Pharmaceuticals

Ahmedabad

58 / 49

32

Indu Jain

1,700

Bennett Coleman

Media & Entertainment

Delhi

76

34

Ajay Piramal

1,600

Piramal healthcare

Pharmaceuticals

Mumbai

57

35

Murali Divi

1,500

Divi's Lab

Pharmaceuticals

Hyderabad

61

35

Benu Gopal Bangur

1,500

Shree cements

Manufacturing

Kolkata

81

37

K. Anji Reddy

1,400

Dr Reddy's Lab

Pharmaceuticals

Hyderabad

71

37

Balvant Parekh

1,400

Pidilite Industries

Manufacturing

Mumbai

88

37

Harsh Mariwala

1,400

Marico Ltd

FMCG

Mumbai

61

37

Ashwin Dani

1,400

Asian Paints

Manufacturing

Mumbai

70

37

N.R. Narayana Murthy

1,400

Infosys

Technology

Bangalore

66

42

Brij Bhushan Singal

1,300

Bhusan Steel

Steel

Delhi

75

42

Shyam & Hari Bhartia

1,300

Jubilant Foodworks

Food & Beverages

Delhi

59 / 55

44

Gautam Thapar

1,200

Avantha Group

Manufacturing

Delhi

51

44

Vikas Oberoi

1,200

Oberoi Reality

Real estate

Mumbai

42

44

Kapil & Rahul Bhatia

1,200

Indigo Aviations

Aviation

Gurgaon

80 / 52

47

Glenn Saldanha & Family

1,100

Glenmark Pharma

Pharmaceuticals

Mumbai

NA

47

Vijay Mallya

1,100

United Breweries

Food & Beverages

Bangalore

56

47

G M Rao

1,100

GMR

Infrastructure

Bangalore

62

47

Ashwin Choksi

1,100

Asian Paints

Manufacturing

Mumbai

69

47

Rajesh Mehta

1,100

Rajesh Exports

Retail

Bangalore

48

47

Jaiprakash Gaur

1,100

Jaiprakash Associates

Infrastructure

Delhi

81

 

Geographical spread

Rank

Geography

Number of indiv.

Richest Person

1

Mumbai

36

Mukesh Ambani

2

Delhi

22

Kushal Pal Singh

3

Bangalore

15

Azim Premji

4

Ahmedabad

5

Gautam Adani

4

Pune

5

Rahul Bajaj

6

Kolkata

4

Benu Gopal Bangur

7

London

3

Lakshmi Narayan Mittal

7

Chennai

3

Kalanithi Maran

7

Hyderabad

3

Murali Divi

10

Dubai

1

Micky Jagtiani

10

Gurgaon

1

Kapil & Rahul Bhatia

10

Singapore

1

Bhupendra Kumar Modi

10

Bhopal

1

Ramesh Agarwal

 

Wealth Allocation by Sector

Rank

Sector

No. of indiv.

Richest Individual

1

Manufacturing

17

Kumara Mangalam Birla

2

Pharmaceuticals

12

Dilip Shanghvi

3

Real estate

10

Kushal Pal Singh

4

Infrastructure

8

Anil Ambani

5

Energy

7

Mukesh Ambani

5

Technology

7

Azim Premji

7

FMCG

6

Adi Godrej

8

Media & Entertainment

5

Subhash Chandra

9

Automobile

4

Brijmohan Lall Munjal & Family

9

Retail

4

Micky Jagtiani

11

Financial services

3

Malvinder & Shivinder

11

Services

3

Habil Khorakiwala

11

Steel

3

Lakshmi Narayan Mittal

14

Aviation

2

Kapil & Rahul Bhatia

14

Banking

2

Uday Kotak

14

Food & Beverages

2

Shyam & Hari Bhartia

14

Investments

2

Hemendra Kothari

14

Telecom

2

Sunil Mittal

19

Engineering & Construction

1

Pallonji Mistry

 

Methodology

The Hurun India Rich List is a snapshot of wealth on 22 September 2012. Non-listed companies were valued by comparison with their listed equivalents using prevailing industry transaction comparable such as earnings multiple, revenue multiple, statistical analysis using market indices. The rate of exchange to the US dollar was INR 54. Hurun Report would like to thank our chief Indian research partners GyanMagnus Associates, led by Anas Rahman Junaid.

 

Valuing the wealth of India’s richest is as much an art as it is a science.  Our team of researchers has been sifting through volumes of publically available data on the top Indian entrepreneurs. The result is the first Hurun India Rich List.  No, it is not perfect.  We have missed off people that have gone to extraordinary lengths to keep their names off public records, but it is nonetheless, a serious attempt to rank and understand the changes going through the Indian economy.

 

The Hurun Indian Rich List relates to Indians, defined as someone born or bred in India, no matter what passport they might hold today.


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. As the Chinese entrepreneurs have grown in the past decade, Hurun Report has expanded to include a Global Rich List in 2012 and – for the first time – an India 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 four luxury magazines, the Hurun Research Institute and an active business events division targeting China’s entrepreneurs and high net worth individuals. 

 

The flagship Hurun Report magazine is published monthly and reaches the households of 110,000 proven wealthy Chinese individuals and their advisers.

 

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

 

For further information, see www.hurun.net

 

For media inquiries, please contact:

Anans Rahman Junaid

Email: Anas.rahman@hurun.net

Mobile: +44 74 11 41 54 54