Reliance Group Chairman Mukesh Ambani has topped the Barclays Hurun India Rich List for 2018, for the seventh consecutive year with a total net worth of Rs 371,000 crore.
The list that is a compilation of the richest individuals in India with a net worth of Rs 1,000 crore or more, has seen a growth of near 35 per cent in the number of individuals featured from 617 in 2017 to 831 this year. The list was compiled on the basis of net worth of living Indians as on 31st July, 2018 when the rate of exchange to the US Dollar stood at INR 68.51. It also includes only those people defined as born or brought up in the country.
The cumulative wealth of the 831 individuals featured in the list stood at $719 billion - amounting to a quarter of Indian GDP of $2,848 billion (as per IMF estimate on 1st April 2018). There were 306 new names added to the list in the 2018 edition while 75 people dropped out. Individuals having a net worth of Rs 9,000 crore and more were featured in the top 100 rankings. Mumbai emerged as the hub of the rich and famous - with 233 names hailing from the city; while New Delhi and Bengaluru accounted for 163 and 70 names respectively.
"Amidst the huge political debate around India's current economic scenario, the list 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," said Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India. "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".
The average age of the people that are featured in the list was 60. With wealth increase of 430 per cent, Krishna Kumar Bangur of Graphite India was the biggest gainer while Ritesh Agarwal of Oravel Stays at 24 years was the youngest person in the list. 95 year old Dharam Pal Gulati of MDH was the oldest.
The number of women in the list saw a 157 increase in the number of entries at 136. There was also a record 141 billionaires in USD terms against just 59 when the list was first compiled in 2012. Nine individuals saw their wealth double year on year, while 168 individuals witnessed a decline in their wealth. Pharma was the most lucrative sector dominating the list with 13.7 per cent, followed by Software & Services and FMCG with 7.9 per cent and 6.4 per cent respectively.
"Wealth creation in India is growing at an unprecedented pace, and the time it takes to accumulate wealth is shorter than ever before," said Satya Narayan Bansal, CEO Barclays Private Clients. "We are seeing the rise of a New India, characterised 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 they 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."