India has added five billionaires every month in the last 12 months as the value of businesses such as chemicals, software and pharmaceuticals soared. Among the traditional billionaires, Gautam Adani (59) and family, with £51 billion (a 261% surge), for the first time has become Asia’s second-richest. His family has added £100 million a day over the last year.
Mukesh Ambani (64), with £72 billion, remained the richest Indian for the 10th year in a row. The rise in commodity prices has enabled magnates, including Lakshmi Mittal (71) and Kumar Mangalam Birla (54), to be part of India’s top 10. Vaccine king Cyrus S Poonawalla of Serum Institute of India, whose wealth increased by 74% to £16.37 billion occupies the 6th position.
Gautam Adani's brother Vinod Shantilal Adani, who owns a trading business in Dubai, too made it to the top 10, ahead of Birla, with his wealth growing three-fold to £13.1 billion.
The last decade has seen the fastest pace of wealth creation with India’s rich adding £202 million of wealth every day for the past 10 years. Hurun, which compiles a list of the super-rich in India in partnership with IIFL Wealth management, has in this year’s ranking highlighted trends for the last decade.
“The number of entrants in IIFL Wealth Hurun India Rich List has grown from just under 100 ten years ago to 1,007 now. At this rate, in five years, I expect the list to grow to 3,000 individuals. The evolution of the IIFL Hurun India Rich List is a reflection of India’s economic growth story,” said Hurun India MD & chief researcher Anas Rahman Junaid. According to Junaid, a decade ago the cut-off for being part of the top 10 in India was £3.08 billion, which has gone up to £12.16 billion.