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Over 52 Indians lose spot on Hurun Rich List due to economic slowdown

The number of Indian billionaires has come down for the first time since the creation of Hurun India Rich List in the year 2012.

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Over 52 Indians lose spot on Hurun Rich List due to economic slowdown
A total of 52 individuals have been dropped from IIFL Wealth-Hurun India Rich List 2019 released Wednesday owing to economic deceleration and rupee devaluation.

A total of 52 individuals have been dropped from IIFL Wealth-Hurun India Rich List 2019 released Wednesday owing to economic deceleration and rupee devaluation. The number of Indian billionaires has come down for the first time since the creation of Hurun India Rich List in the year 2012.

"Since 2012, this is the first time that India has slipped to the fifth rank in the Hurun Global Rich List. An underperforming Indian Rupee, and a lackluster stock market performance resulted in India losing one-third of the list," said Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India.

Meanwhile, the Hurun China Rich List fared bad as compared to India. It registered 212 dropouts.

However, there were a total of 134 US dollar billionaires who featured in the India list this year as compared to a staggering 658 in the China list.

Also Read: Hurun Rich List 2019: Mukesh Ambani richest Indian with Rs 3.8 lakh crore fortune

Mukesh Ambani tops the list for 8th straight year

With Rs 3.8 lakh crore net worth, Mukesh Ambani is India's richest man for the eighth consecutive year, as mentioned in the list for this year. The Reliance Industries chief is also the 8th richest man in the world, the report states.

Following Ambani is London-based SP Hinduja and family with Rs 1.5 lakh crore. On the third spot is Wipro founder Azim Premji with Rs 1.2 lakh crore, while Cyrus Poonawalla bagged the fourth spot with Rs 89,800 crore. On the fifth spot is Lakshmi Mittal with Rs 87,900 crore, Uday Kotak with Rs 75,600 crore is ranked sixth, Gautam Adani with Rs 70,600 crore is seventh, Dilip Sanghvi with Rs 67,300 crore is eighth, Cyrus Pallonji Mistry and Shapoor Pallonji Mistry with Rs 67,100 crore are the ninth richest Indians.

Out of the Indian cities, Mumbai topped the list with 42 billionaires, while Delhi followed on the second spot with 25 billionaires. Bengaluru and Hyderabad were ranked third and fourth respectively.

Also Read: Decoding Slowdown: Dip in household savings, investment an indicator of structural economic slowdown

No women made it to the top ten richest Indians list. The richest woman in India is Godrej Group's Smita V Crishna with Rs 43,400 crore, who is ranked 302 globally. Roshni Nadar and Kiran Mazumdar Shaw are on the second and third spot with Rs 32,800 crore and Rs 25,100 crore.

Madhukar Parekh and family of Pidilite saw an increase of 60 per cent to Rs 11,200 crore, while Ranjan Pal of Manipal Education saw an increase of 54 per cent to Rs 14,300 crore. Azim Premji and Mukesh Ambani saw an increase of 42 per cent and 20 per cent.

According to the report, twenty five of the wealthiest Indians have wealth equal to 10 per cent of India's GDP.

Also Read: Indian economy to start recovering from late FY20, says report

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