Gautam Adani, Mukesh Ambani account for 59% of the wealth of the top 10 billionaires in India

• Gautam Adani added ₹5 lakh crore to his wealth last year to become the richest Indian, beating Mukesh Ambani by ₹3 lakh crore.
• Adani added ₹1,612 crore to his wealth every day – nearly 8 times that of Ambani, who added ₹210 crore per day for the past year.
• Overall, the ten richest people in India have a total wealth of almost ₹32 lakh crore, of which Adani and Ambani make up almost 60%.

Gujarat-based billionaire Gautam Adani added ₹5 lakh crore to his wealth last year to become India’s richest man according to IIFL Wealth Hurun India Rich List 2022.

In 2021, Adani Group founder was behind Mukesh Ambani with ₹2 lakh crore. He now leads Ambani with ₹3 lakh crore. The report calls it the ‘₹5 lakh crore catch-up’.

Adani’s total wealth stands at ₹10.94 lakh crore, and he added ₹1,612 crore per day for the past year, the release said.

“From an Indian perspective on wealth creation, 2022 will be remembered for Adani’s meteoric rise. He expanded his commodities trading business into a coal-to-port-to-energy conglomerate and is the only Indian to have built not one, but seven companies with a market cap of one lakh crore,” said Anas Rahman Junaid, MD and principal investigator , Hurun India.

The rapid appreciation of its seven publicly traded companies – nine now, with the addition of Ambuja Cements and ACC – has helped Adani zoom past Ambani.

“In 2012, Adani’s wealth was barely one-sixth of Ambani’s wealth and no one could imagine that he would overtake Ambani to become India’s richest man in ten years,” Junaid said.

The report also said India has also given a new number two, Gautam Adani, to the Hurun Global Rich List. Adani’s profits also helped increase the overall wealth of the Indian billionaires.

“The cumulative capital growth of the IIFL Wealth Hurun India Rich List 2022 excluding Adani is only 2.67%, compared to the overall 9%,” Junaid said.

As many as 149 individuals made it onto the IIFL Hurun India Rich List of 1,103 – all of which are worth 1,000 crore or more. They have cumulative wealth of ₹100 lakh crore.

Adani is also the second richest person in the world, according to the Bloomberg Billionaires Index, with a total net worth of $150 billion.

Mukesh Ambani falls to second position

After holding on to the richest Indian tag for ten years, Mukesh Ambani fell to the second position in this year’s list with wealth of ₹7.94 lakh crore.

Despite being dethroned from the numero uno position, Ambani’s net worth grew 11% last year – as he added ₹210 crore to his net worth every day during the period, making him the second best performer after Adani.

Together, Adani and Ambani account for 59% of the total wealth of the top ten richest people in India.

Source: IIFL Hurun India Rich List 2022

Zepto co-founder Kaivalya Vohra youngest on Hurun rich list

Zepto co-founder Kaivalya Vohra is the youngest to debut on the Hurun empire list, at the age of just 19. The youngest debutant on this list 10 years ago was a 37-year-old, according to a release from Hurun.

The wealth creation by startups has been huge – 100 startup founders are on this year’s rich list, according to the report.

Together, these 100 startup founders are worth ₹5.06 lakh crore in wealth and have an average age of 40 years.

“The IPOs of some of the high-profile startups have realigned the valuation spread between institutional and retail investors. Having said this, we believe the creation of startup wealth will continue,” Junaid added.

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