Mukesh Ambani Tops Barclays Hurun India Rich List For 7th Consecutive Years
A compilation of the richest individuals in India having a net worth of INR 1,000 Crore or more featured in a report compiled by Hurun Report India and Barclays in the 2018 edition of ‘Barclays Hurun India Rich List 2018’. The report also added 241 Indians to INR 1,000 Crore+ club in 2018 and Mumbai tops the list with 233 names, followed by New Delhi at 163 names and Bengaluru at 70.
Mukesh Ambani, Chairman, Reliance Group of Companies topped the list for the 7th consecutive year with a total of net worth INR 371,000 crore.
While commenting on unveiling the Barclays Hurun India Rich List 2018, Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India said, “Amidst the huge political debate around India’s current economic scenario, Barclays Hurun India Rich List 2018 depicts that Indian businesses are booming. In fact, the number of INR 1,000 crore+ wealthy Indians have nearly doubled in the past two years – from 339 in 2016 edition to 831 presently. Interestingly, the India edition of the Rich List is the fastest growing rich list in the world – highlighting the optimism of a young, vibrant and ambitious country.”
Mumbai with 233 names tops the list followed by New Delhi with 163 entries and Bengaluru with 70. The cumulative wealth of the 831 individuals featured in the list stood at USD 719 billion amounting to a quarter of the Indian GDP of USD 2,848 billion.
According to the report, Mumbai emerged as the hub for the rich and famous as the city drives it importance as the financial and commercial capital of India.
“Wealth creation in India is growing at an unprecedented pace, and the time it takes to accumulate wealth is shorter than ever before. We are seeing the rise of a New India, characterized by younger millionaires, innovative businesses and new business models. A number of the new entrants and top gainers on the list are first generation entrepreneurs. This is a great testament to the improved business opportunities and entrepreneurial acumen in the country. We see a new class of serial entrepreneurs slowly emerging as the encash their current businesses and look for next generation businesses. There is increasing awareness for social impact businesses and philanthropy, although we have a lot more ground to cover here. Said, Satya Narayan Bansal, CEO Barclays Private Clients at the launch of the report.
With wealth increase of 430%, Krishna Kumar Bangur of Graphite India is the biggest gainer. Ritesh Agarwal (24) of Oravel Stays is the youngest person in the list and the oldest is Dharam Pal Gulati (95) MDH. Women in the list increased by 157% with 136 entries this year. 9 individuals saw their saw their wealth double year on year, while 168 individuals witnessed a decline in their wealth.
