Updated: September 29, 2020 8:45:23 pm
Mukesh Ambani, President and Managing Director of Reliance Industries. (Source: Reuters)
Mukesh Ambani has earned Rs 90 crore an hour since the coronavirus shutdown in March, thus retaining his position as the richest Indian for the ninth year in a row on the IIFL Wealth Hurun 2020 Rich List of India.
Ambani, who is the only Indian in the the 5 richest people in the world, amassed Rs 2,77,700 crore through a series of fundraising and strategic investment from Facebook, Google, Silver lake among others at Jio and Reliance Retail, bringing his personal wealth to Rs 6.58.4 billion.
Ambani’s total wealth, which is now greater than the combined wealth of the next five on the list, making him the richest individual in Aisa and the fourth richest man in the world, according to the report.
IIFL Hurun India’s list names the richest people in the country who have a wealth of Rs 1,000 crore or more. This year, the list names 828 Indians, of whom 627 increased their wealth and 162 are new entrants. The top 100 people on the list account for nearly 64 percent of the list’s wealth.
Hurun India MD and Chief Investigator Anas Rahman Junaid said: “Mukesh Ambani has bestowed 28 percent of the wealth increase on the list, demonstrating Ambani’s meteoric success in diversifying from oil to telecommunications and retail trade. Another 21 percent of the additional wealth has been generated by the pharmaceutical industry, primarily due to increased spending on healthcare and a realigned priority towards personal healthcare stimulated by Covid-19. “
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
“With new wealth creators on the rise, such as innovative startups, family businesses with strong professional management, investors who believe in Indian history and a demographic advantage that is lower than none, India’s wealth creation story it has not yet reached half ”, he added.
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The London-based Hinduja brothers, with a combined wealth of Rs 1,437 billion, came in second. HCL founder Shiv Nadar, at Rs 1.41.7 billion, is in third place, followed by Adani Group’s Gautam Adani in fourth place and Wipro’s Azim Premji in fifth place.
Avenue Supermarts founder Radhakishan Damani made his debut in the top 10, ranking seventh.
The cumulative value of the 828 people on the list stood at $ 821 billion (Rs 60.59,500 crore), an increase of $ 140 billion (Rs 10,29,400 cr) from the 2019 count.
Backed by a stellar initial public offering, Happiest Minds founder Ashok Soota, 77, debuted on the list with a wealth of Rs 3.7 billion.
Almost 5 percent of the list (40 people) are women; and 10 of them are self-made. Smitha V Crishna, third generation heir to the Godrej Empire, ranked the richest woman on the list followed by Biocon founder Kiran Mazumdar Shaw. Crishna’s personal wealth stood at Rs 32,400 crore while Shaw’s at Rs 31,600 crore.
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