India's rich list up 34%: Led by Mukesh Ambani, richest 831 collectively own a quarter of country's GDP
Led by Reliance Industries chairman Mukesh Ambani with a networth of Rs 3.71 trillion, there were 831 Indians having a net worth of Rs 1,000 crore or more in 2018, which is 214 individuals more than the 2017 list,
Mumbai: At a time when policymakers are grappling on how to reduce inequalities, a wealth report on Tuesday said there has been a 34 percent increase in the number of Indians having a net worth of Rs 1,000 crore or more. Significantly, these individuals who number 831, collectively own a quarter of the nation's gross domestic product (GDP) with a net worth of $719 billion, says the report, which quoting the IMF April 2018 data pegs GDP at $2.85 trillion.
Led by Reliance Industries chairman Mukesh Ambani with a net worth of Rs 3.71 trillion, there were 831 Indians having a net worth of Rs 1,000 crore or more in 2018, which is 214 individuals more than the 2017 list, according to a Barclays-Hurun India rich list.
Ambani has topped the "Barclays Hurun India Rich List-2018" for the seventh consecutive year, with his wealth estimated at Rs 371,000 crore, an official said on Tuesday.
Figuring next on the chart are S P Hinduja & Family of Hinduja Group, with an estimated wealth of Rs 159,000 crore, and Arcelor Mittal's L N. Mittal & Family at Rs. 114,500 crore.
Following them are: Wipro's Azim Premji at Rs 96,100 crore, Sun Pharmaceuticals Ltd's Dilip Shanghvi at Rs89,700 crore, Kotak Mahindra Bank's Uday Kotak at Rs 78,600 crore, Serum Institute of India's Cyrus Poonawalla at Rs 73,000-crore, Adani Group's Gautam Adani and Family at Rs. 71,200 crore, and Shapoorji Pallonji Mistry's Cyrus P. Mistry at Rs 69,400 crore.
In a January 2018 report presented by Oxfam at the World Economic Forum, had expressed concern on the rising inequalities, stating that 1 percent of the country's
population holds 73 percent of the wealth.
The financial capital, which presents stark contrasts like housing the largest slums in the continent as also costliest mansions like Ambani's Antilla, has the highest number of contribution to the rich list, with 233 Richie Rich, followed by 163 in the national Capital and 70 in Bengaluru.
The annual list is a compilation of the super-richest Indians having a net worth of Rs 1,000 crore or more, and this number has increased by a staggering one-third -- from 617 in 2017 to 831 in 2018, said Hurun Report India's Managing Director Rahman Junaid.
Junaid said the country is the fastest growing when it comes to people entering the rich list. "The number of Rs 1,000 crore-plus wealthy Indians have nearly doubled in the past two years-from 339 in 2016 to 831 in 2018," he said.
From a demographic perspective, the average age in the list is 60, the 24-year-old Ritesh Agarwal of Oravel Stays which runs Oyo Rooms, being the youngest and 95-year-old Dharam Pal Gulati of the masala brand MDH being the eldest.
There was a massive, 157 percent spike in the number of women in the list, which grew to 136. Pharma sector promoters/executives dominate the list with a 13.7 percent occupancy, followed by software and services at 7.9 percent and fast moving consumer goods at 6.4 percent.
Nine individuals in the list saw a doubling of wealth in 2018, with Krishna Kumar Bangur of Graphite India being the biggest gainer with a 430 percent jump in his personal fortunes.
--With inputs from agencies
(Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)
Oxfam India said the drop in rankings 'unfortunately' reflects the reality of the country where hunger has accentuated since the COVID-19 pandemic outbreak
In his annual interaction, the prime minister said the aim is to make India 'aatmanirbhar' in the oil and gas sector
RIL strikes back-to-back deals; acquires Norway's REC Solar, 40% in Sterling & Wilson Solar for Rs 8,645cr
Ambani said the acquisition is in line with Reliance's strategy of investing in new and advanced technologies and operating capabilities aimed at achieving the goal of enabling 100 GW clean and green energy before the end of this decade.