(MUMBAI, 25 September 2017) Hurun Report released the Hurun India Rich List, a list of the richest people in India with a cut-off at INR 1,000 Cr. This is the sixth year of the list, which has become a benchmark for the private sector and has become widely accepted to be the most robust attempt at covering entrepreneurship in India. Wealth calculations are a snapshot of networth of living individuals as of 31st July, 2017 when the rate of exchange to the US dollar was INR 64.1.

Key Findings

• Hurun Report finds 617 individuals with INR1,000 Crore or more, up 278 from last year, quadrupled from three years ago

• On average, the wealth of Hurun India Rich Listers have increased by 17% compared to that of last year

• Number of dollar billionaires has increased to 136 from 126 last year. The inaugural Hurun India Rich List in 2012 had 59 billionaires

• “For every 1 entrepreneur in Hurun India Rich List 2017, we estimate that we missed 3”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India

• 40 have migrated from India and are NRIs

• 16  saw their wealth double year on year

• Average age of the Hurun India Rich List is 60;

• The fastest riser is Radhakishan Damani (62) of Avenue Supermarts; He registered a 3 times increase in wealth to INR 29,700 Cr

• 100 individuals saw their wealth decline.

• Haridwar-based Acharya Balkrishna (45) of Patanjali rose to 8th position, from 25th last year, after seeing his wealth grow by 173% to INR 70,000Cr

• Eklavya Juneja (24) of Mankind Pharma is the youngest person in the list. He owns 12% of Mankind Pharma which was founded by father Rajeev Juneja

• Pharmaceuticals dominate with 13% of the list, followed by FMCG and Chemical & Petrochemicals with 10% and 6% respectively

• A record high of 50% of Hurun India Rich List 2017 are self-made and are generated by family businesses. Average age of self made Hurun India Richlisters is 62

• Hurun India Rich List has eight self-made women this year, compared to two in last year

• 34 in the list under the age of 40; 28 in the under 40 inherited their wealth

• 7 individuals in Hurun India Rich List 2017 has ownership in IPL teams and 4 in ISL teams

• This year, we split the wealth of Pallonji Mystry among his sons Cyrus and Sharpoor equally. The Mystry brothers own 18.38% stake in Tata Sons through two investment companies Cyrus Investments and Sterling Investment which owns 9.19% stake each. Both the investment companies are equally owned by Cyrus Pallonji Mistry and Shapoor Pallonji Mistry.

• The combined wealth of India’s richest is a staggering US$640bn, equating to 1/4 of India’s GDP last year and similar to the GDPs of Switzerland ($660bn), and combined GDP of South Africa ($317bn) & Israel ($340bn).

• “The Richest Horoscopes” - Those born in Capricorn, Taurus and Cancer produced most number of individuals in the rich list and Aquarius the least!!!

Top 10

With networth of INR 71,100 Crore, Billionaire Cyrus S Poonawalla (76) of Serum Institute secures the sixth position in the Hurun India Rich List. He is investing $150 million in a new factory to make a range of vaccines, including for dengue and pneumonia. Poonawalla recently contributed $2.5 million for a hospital named after his late wife, which focuses on the under privileged children and adults.

With networth of INR 70,600 Crore, Port Tycoon, Gautam Adani (55) Chairman of Adani Group made the highest investment commitment of INR 49,000 Crore in Gujarat which would create direct and indirect job opportunities for 25,000 people. This wealth increase is despite a strong controversy he faced from an environmental campaign that was launched to stop the development of Adani Group’s $16.5 billion coal mine in Queensland.

Acharya Balkrishna (45), CEO of Patanjali is now officially part of India Rich List Top 10 and has secured a second place in Indian FMCG market share in under 5 years. The company, with a turnover of INR 10,561 Crore in 2016-2017 has been a close competition to major international brands. He owns close to 94 % of Patanjali Ayurved and is the brain behind the admirable growth of Patanjali as a consumer brand.

Banker Uday Kotak (58), the managing director of Kotak Mahindra Bank, has a networth of INR 62,700 Crore. The board of the Kotak Mahindra Bank decided to raise over INR 5,300Crore by diluting 3.3 % of the promoters holding, for pursuing a host of opportunities, including consolidation.

Indian telecom magnate, Sunil Mittal (59), the founder and chairman of Bharti Airtel has a networth of INR 56,500 Crore. Mittal recently signed the agreement to acquire Telenor’s Indian and bought additional 4G spectrum to fight off the mighty rival. He launched the Airtel Payment Bank (APB), a joint venture with Kotak Mahindra Bank and has committed INR 3,000 crore to develop a pan-India banking network and digital payments ecosystem.

The Richest Indian families——The top 5 Richest Indian families

UAE, UK & USA are the preferred countries for migration

There are 40 immigrants in Hurun Indian Rich List 2017. 64% of them are self made. With 14 individuals, UAE is the most preferred destination for immigration, followed by 10 in UK and 8 in USA. With INR 88,200 crore, LN Mittal ofArcelorMittal is the wealthiest immigrant into UK. With a fortune of INR 31,900CR, M.A Yusuf Ali is the wealthiest immigrant into UAE.

Richest Non-Resident Indians

Gainers

The biggest gain registered was a 321% increase by Radhakishan Damani (62), Chairman of Avenue Supermarts followed by Anurang Jain & family (55), the Managing Director of Endurance Technologies with a wealth increase of 286%.

The top three in the biggest gainers list are backed by the IPO performance of their companies. For instance, Radhakishan Damani’s wealth increase was backed by the IPO of Avenue Supermarts, which runs the D-Mart brand of stores in the supermarket chain. The shares of Avenue Supermarts were listed at a premium of 102% and rallied further 43% as on 31 July 2017.

IPO of auto component maker Endurance Technologies resulted in 286% increase in the wealth of Anurang Jain in 2017.

Another notable performer was Kishore Biyani of Future Retail who registered a 259% wealth increase. Merger of Future Retail and Bharti Retail created the biggest supermarket chain with a turnover of INR 15,000 crore and its subsequent relisting resulted in significant wealth creation for Biyani.

Young and Rich!

All the young entrepreneurs under 40 in Hurun India Rich List 2016 are active in their respective businesses. The youngest person on the list is Eklavya Juneja (24) of Mankind Pharma. The oldest is Keshub Mahindra (94) of Mahindra & Mahindra.

All the under 40 entrepreneurs in Hurun India Rich List 2017 derive their wealth from innovative technological ventures. Divyank Turakhia bootstrapped his company media.net without external funding. Rest of the entrepreneurs raised money from some of the top international funds.

“These self made entrepreneurs symbolize the new age startup entrepreneurs from India. Their success stories will further garner active international investments into Indian startup ecosystem,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India

Hurun India Rich List 2017 – Self-made under 40

Hurun India Rich List 2017 – Richest self-made Women in India

Women in the India Rich List increased by 300% from 15 to 53 this year

8.6% of the list are women of which 8 are self-made. The richest women are Savitri Jindal, 66, of OP Jindal Group with INR 46,500 crore, followed by Smitha V Crishna of Godrej, Indu Jain chairperson of Time Group. The richest self-made woman in India is biotechnology queen Kiran Mazumdar-Shaw of Biocon with INR 15,400 crore. Average age of women in the list 56.

Social Media Followers of Hurun India Rich List 2017

Money in Sports!

Industry analysis

At a sectorial level, Pharma / Healthcare (-12.8%) and IT (-5.1%) underperformed among the sectorial indices. All the others performed with at least 15% return – the biggest gainer was realty with a 36.3% return year to date. Indian drug makers are facing pricing pressures and greater regulatory scrutiny in their largest market, the US.

“Demonetization, GST implementation and so on have not impacted wealth creation in organized sector; infact, going by the trend in the list, the aforementioned factors seems to have positively impacted the mega rich and their companies. Despite a solid performance of the corporates, a declining trend in national GDP growth points to impact of such schemes on the unorganized sectors”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India.

With 79 individuals, Pharmaceuticals leads the list with Dilip Shanghvi as the richest individual with fortune of INR 89,000 Crore. It is followed by FMCG with 63 individuals and Chemicals & Petrochemicals with 38 individuals. Other industries that had a good year include Consumer Durables, Automobiles & Auto Component and Construction & Engineering.

BSE Realty index have surged on positives such as RERA and affordable housing initiatives by the Modi government. Consumer Durables gained over 32.7% on timely GST developments and rollout.  Banking and Financial sectors gained with RBI stepping in to solve the NPA issues.

Kushal Pal Singh (86) of DLF is the richest real estate billionaire in the list with a wealth of INR 27,400 crore. Mangal Prabhat Lodha (61), founder of Lodha Group is the richest private real estate developer in the list with a wealth of INR 18,500 crore followed by Jithendra Virwani (51) of Embassy Property Developments with INR 17,600 crore.

“Formalization of Jewelry sector with 3% GST compared to 2% tax earlier has benefited the large and organized players and has further streamlined the industry value chain” says Anas Rahman Junaid, Hurun Report India, Managing Director and Chief Researcher.

New Energy India Rich Listers: Tulsi Tanti of Suzlon Energy is the top green energy Hurun India Rich Lister with INR 2,300 crore followed by Anil Chaudhary & family of Kolkata based Vikram Solar with a net worth of INR 1,000 crores.

Pharma is still the king!

The industries that added the most number of new entrants to the list were pharmaceuticals, FMCG, Construction & Engineering and Automobiles & Auto Components. Almost all the industries added 50% more individuals than last year. Capital Goods, Construction Materials, Retailing and Transportation broke into top 10 for the first time since the inception of Hurun India Rich List 2017.

Methodology

The Hurun India Rich List is a snapshot of wealth as on 31 July 2017. The exchange rate used for US$ was INR 64.1.  The list relates to Indians only, defined as born or brought up in India origin their passport today.

Valuing the wealth of India’s richest is as much an art as it is a science.  Sure, we have missed some, but we believe the Hurun India Rich List to be the most serious attempt to identify India’s top entrepreneurs and to measure their holdings.  Our team of researchers has - for the sixth year running - traveled the length and breadth of the country cross-checking information with entrepreneurs, industry experts, journalists, bankers, and regulators, as well as previous years’ databases. For non-listed companies our valuation was based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, EV to EBITDA and also other methodologies including Discounted Cash Flow, Tobin’s Q and so on. In certain cases of early stage companies, we have used First Chicago Method for valuation.

This year, we have split out siblings, so companies like Muthoot Finance have been split across four individuals.

For more information, please check  www.hurun.net

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