Self-made entrepreneurs tighten hold over India's super-rich list
₹1,000 crore each as of 31 August 2023, according to an annual list published by Hurun India on Tuesday. These entrepreneurs comprised 66% of the 1,319 such super-rich individuals in the country, up from54% five years ago. The list saw 278 new entrants, a sharp recovery from the drop seen last year owing to volatility in financial markets.
Nearly 74% of the people on the list saw an increase in their wealth, while 20% saw a decrease (the rest dropped out or passed away). The ratio was much bleaker in 2022, with 55% individuals gaining wealth and 38% losing it. The combined wealth of all individuals in the latest list totalled ₹109 trillion, with nearly 57% of this coming from first-generation entrepreneurs, the 360 ONE Wealth Hurun India Rich List 2023 said.
In the 2022 list, 1,103 Indians had a net worth over ₹1,000 crore. The list, which relies on publicly available data, covers those born or brought up in India irrespective of their current place of residence or citizenship. The number of Indians with a net worth exceeding ₹1 trillion remained unchanged at 12.
With a net worth of ₹8.1 trillion, Reliance Industries chairperson Mukesh Ambani and his family reclaimed the top spot ahead of Gautam Adani. Adani’s net worth has dropped sharply since January 2023 after Hindenburg Research made scathing allegations against his conglomerate. Cyrus Poonawalla of the Serum Institute of India held steady in the third position with a net worth of ₹2.8 trillion, up 36% since the previous list was published.
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