Hurun India and 360 ONE Wealth recently released the 360 ONE Wealth Hurun India Rich List 2023 which is an annual ranking of the richest individuals in India.
The list is based on individuals’ net worth, which is calculated by taking into account their assets, such as publicly traded stocks, real estate and private companies, minus their liabilities, such as debt.
The list includes individuals who live or were born and raised in India. This is the 12th annual ranking of the richest individuals in India.
These wealth calculations according to the report are as of August 30, 2023.
Key highlights:
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Mukesh Ambani has once again claimed the title of the richest Indian according to Hurun India Rich List 2023. He overtook Gautam Adani and family, who were the richest Indians for the past year.
Ambani’s wealth has increased from 3 lakh crore in 2019 to 8 lakh crore in 2023. This is due to the strong performance of Reliance Industries.
Mukesh Ambani is followed by Gautam Adani and family with a fortune of ₹4 lakh crore. His wealth decreased by 619,000 crore rupees. This is the largest annual decline in wealth ever recorded for an individual in India.
Although the Hindenburg report spoke ill of the Adani group, the companies in the group did well.
Their total revenue rose 85% to Rs 262,499 crore and profit after tax rose 82% to Rs 23,509 crore in the financial year 2022-23.
These are the top 10 richest Indians according to Hurun India report:
Rank | Name | Wealth (in millions) | To change | Society |
1 | Mukesh Ambani and family | 8,08,700 | 2% | Reliance Industries |
2 | Gautam Adani and family | 4,74,800 | -57% | Adani |
3 | Cyrus S Poonawalla and family | 2,78,500 | 36% | Serum Institute of India |
4 | Shiv Nadar and family | 2,28,900 | 23% | HCL |
5 | Gopichand Hinduja and family | 1,76,500 | 7% | Hinduja |
6 | Dilip Sanghvi | 1,64,300 | 23% | Sun Pharmaceutical Industries |
7 | LN Mittal and family | 1,62,300 | 7% | ArcelorMittal |
8 | Radhakishan Damani and family | 1,43,900 | -18% | Avenue Supermarts |
9 | Kumar Mangalam Birla and family | 1,25,600 | 5% | Aditya Birla |
10 | Niraj Bajaj and family | 1,20,700 | 7% | Bajaj Auto |
This report shows that India’s economy is growing and changing rapidly. The number of people with more than 1,000 crore rupees rose by 76% in the last five years to 1,319.
The total wealth of these people now stands at 109 lakh crore rupees, which is more than the combined GDP of Singapore, UAE and Saudi Arabia.
This is good news for the country, as more people will have the luxury of improving their lives.
Yatin Shah, co-founder of 360 ONE and joint CEO of 360 ONE Wealth, said: “The publication of the 360 ONE Wealth Hurun India Rich List 2023 is a testament to the extraordinary growth and dynamism of the Indian economy. With 1,319 individuals now holding INR 1,000 crores or more, we are witnessing a remarkable increase of 76% in the last five years.”
“The cumulative wealth of our participants has grown to INR 109 Lakh Crore, surpassing the combined GDP of Singapore, UAE and Saudi Arabia. This year’s list highlights the enormous entrepreneurial spirit of the country, with 64% owning their own businesses. For us at 360 ONE Wealth, it is a privilege to partner with Hurun on this annual showcase of India’s richest individuals, highlighting their contribution to the nation’s economic growth,” he adds.
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Categories: Trends
Source: HIS Education