Mumbai: India has added five billionaires every month in the last 12 months as business values such as chemicals, software and pharmaceutical soaring.
Among the traditional billionaires, Gautam Adani (59) and family, with Crore Rs 5.1 Lakh (a surge of 261%), for the first time being the second richest in Asia.
His family has added Rs 1,000 Crore a day for the past year.
Mukesh Ambani (64), with 7.2 lakh crore Rs, remains the richest Indian for 10 consecutive years.
The increase in commodity prices has enabled magnation, including Lakshmi Mittal (71) and Kumar Mangalam Birla (54), to be part of the top 10.
Indian vaccine Cyrus S Poonawalla from the Institute of India, whose wealth increased 74% to RS 74% to RS 74 %.
1.63,700 Crore occupies the 6th position.
Brother Gautam Adani Vinod Shantilal Adani, who owns a trade business in Dubai, also managed to reach the top 10, in front of the Birla, with his wealth grew three times to Rs 1.31 lakh crore.
The past decade has seen the rate of creation of the fastest wealth with Indian rich people to add Rs 2,020 crore wealth every day for the past 10 years.
Hurun, who compiled a super-rich list in India in partnership with IIFL Wealth Management, has a ranked trend this year highlighted for the past decade.
“The number of migrants in the rich list of IIFL Wealth Hallus India has grown from only below 100 years ago to 1.007 today.
At this level, in five years, I hope the list grows to 3,000 individuals.
Evolution of IIFL Hurun India List Rich is a reflection of the story Indian economic growth, “said Hunun India MD & Chief Researcher Anas Rahman Junaid.
According to Junaid, a decade ago cut-off because it became part of the top 10 in India was Rs 30,800 Crore, which reached Rs 1,21,600 Crore.
However, the cut-off to enter the top 100 has increased nine-fold from Rs 1,800 Crore to Rs 16,800 Crore.
Pharma has become the biggest contributor to the creation of wealth with 130 individuals in the rich list of Pharma, followed by chemicals (98) and software (81).
Following the addition of 59 new billionaires, the number has risen to 237.
Another interesting finding is, unlike a decade ago, the creation of wealth is no longer limited to big cities and includes people from Haridwar to Thiruvananthapuram, with the number of cities in 76 .
According to CEO IIFL Wealth Together Anirudha Taparia, most millionaires invest mostly in equities and in fixed income securities.
Also, most of their money is invested in India where the creation of the fastest wealth.
“They can invest a few Rs 10 of Rs 100 overseas, but most are reinvested in this country,” he said.
Also, the new aged billionaire who has created wealth through startup has given up a lot to start.
“They invest back into the ecosystem.
They are much more comfortable in taking this special risk where there are many legiquidities,” Taparia said.
He added that lately there was a lot of pre-IPO investments too.
Other trends include a decline in age.
From Shivinder Mohan Singh became the youngest billionaire at 34 and ten years ago, the lowest age has dropped to 23 with Shashvat Nakrani from Bharat Pe making it to the list.
Another trend is the entry of professional managers with 14 of those who make it a rich list.
Also, homemade billionaires now occupy two thirds of the list, up from a little more than half a decade ago.
The new global participant to Top-Ten is Jay Chaudhry (62), from the Cloud Security company company based in California, Zscaler.
The sector that has not been well done in the last 12 months is jewelry with 12 entrepreneurs who come out of a rich list.
Entrepreneurs who have come out over the decade include Anil Ambani, Vijay Mallya, Venugopal Dhoot, Rana Kapoor, Nirav Modi, Mehul Choksi and Malvinder Mohan Singh and Shivinder Mohan Singh.
Adani’s wealth jumped 261%, now all 2 in Asia
