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Demonetisation sees billionaire club shrinking by 11; valuation woes hit Flipkart's Bansals

India's richie rich club has shrunk by 11 people since the demonetisation last November, while Mukesh Ambani remains the richest Indian with a net worth of $26 billion, a study showed today.

The country now has 132 billionaires with a net worth of $1 billion or more and the cumulative wealth of the ultra-rich people stood at $392 billion, according to Hurun Global Rich List India.

Though there has been a fall in number of billionaires in the country since demonetisation, the aggregate total wealth of the ultra-rich people has increased by 16 percent over last year, the report said.

Among the prominent rich who lost the billionaire status are Gautam Thapar of Crompton Greaves, Nilima Motaparti of Divi’s Labs, Prathap C Reddy and family of Apollo Hospitals, and Nandan Nilekani, a co-founder of Infosys who holds stake in the company.

Also notable are dropping of e-commerce entrepreneurs Sachin Bansal and Binny Bansal from the Global Billionaires list. Investors have multiple times reduced the valuation of their company Flipkart in the last one year due to concerns over profitability. It is now estimated to be valued at $5 billion as against $15 billion in May 2015.

Patanjali's Acharya Balakrishna tops the list of 27 new entrants with $3.7 billion wealth.

Representational image. CNN-News18

Representational image. CNN-News18

In the list of top 10 richest people Ambani is followed by the SP Hinduja & family, at the second position with a net worth of $14 billion, followed by Dilip Shanghvi, at the 3rd position with a wealth of $14 billion.

Others in the top 10 billionaires include, Pallonji Mistry at the fourth place at $12 billion, Lakshmi N Mittal (5th, $12 billion), Shiv Nadar(6th, $12 billion), Cyrus Poonawalla (7th, $11 billion), Azim Premji (8th, $9.7 billion), Uday Kotak (9th, $7.2 billion) and David Reuben and Simon Reuben at the 10th place with $6.7 billion.

According to the report, since demonetisation on 8 November, India lost 11 billionaires.

"India had a tough year because of disruptive government policies such as demonetisation drive. However, on a long term perspective, we do believe that such transparent currency economics will have a positive impact for the entrepreneurs," Hurun Report India Managing Director and Chief Researcher Anas Rahman Junaid said.

Among cities, Mumbai is the capital for India's super-rich as the city is home to 42 billionaires, followed by Delhi (21) and Ahmedabad (9).

In terms of billionaire spread state wise, Maharashtra topped the list with 51 billionaires, followed by Delhi 22, Gujarat (10) and Karnataka (9).

Vis-a-vis last year almost a third of the list has been replaced with 27 new additions and 31 dropouts.

Kiran-Mazumdar-Shaw is the only self-made woman billionaire with a wealth of $1.9 billion, the report added.

Regarding billionaire outflow, the report said that 32 individuals migrated from India and UAE is the most preferred destination with 13 immigrants.

With inputs from PTI

Updated Date: Mar 08, 2017 10:31 AM

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