India has added 214 individuals to the Rs 1,000 crore and above networth club in 2018 from a year ago, according to the Barclays Hurun India Rich List 2018. The list, which was released in Mumbai on Tuesday, said that the number of Rs 1,000 crore-plus wealthy Indians have nearly doubled from 339 in 2016 to 831 in 2018.
India has also added a record number of 141 billionaires in US dollar terms since the inception of Hurun Rich List in 2012, the report said. At least 306 individuals entered the rich list in 2018 for the first time while 75 individuals including fugitive diamond jeweller Nirav Modi, who was in the rich list last year did not make it to the list this year. Modi and his maternal uncle Mehul Choksi are being investigated by multiple agencies in connection with the Rs 13,500 crore fraudulent transactions at state-owned Punjab National Bank.
“Wealth creation in India is growing at an unprecedented pace, and the time it takes to accumulate wealth is shorter than ever before,” said Satya Narayan Bansal, chief executive officer of Barclays Private Clients.
According to the Hurun report, Mumbai has emerged as the top city for the rich and famous with 233 individuals named in the list residing here. New Delhi and Bengaluru accounted for 163 and 70 individuals named in the rich list respectively. the report said that 59 per cent of the new additions to the rich list in 2018 reside in Mumbai, New Delhi and Bengaluru.
The report said that this year, the wealth of at least nine individuals in the rich list doubled year on year and the wealth of at least 168 individuals declined from a year ago.
The report named Mukesh Ambani, chairman of Reliance Group as the richest Indian with a wealth of Rs 3.71 lakh crore. Ambani’s wealth, the report said increased by Rs 300 crore a day over the last one year. Ambani was followed by London-based SP Hinduja and family with a wealth of Rs 1.59 lakh crore and LN Mittal and family with a combined wealth of Rs 1.14 lakh crore.
Amongst the new entrant to the rich list is Roshni Nadar, chief executive officer and executive director of HCL Corporation with a wealth of Rs 31,400 crore, followed by Rajiv Singh, vice-chairman of real estate firm DLF with Rs 21,000 crore and Manju D Gupta and family of Lupin with a wealth of Rs 19,100 crore.
The Hurun report said that Krishna Kumar Bangur , non-executive chairman of Graphite India saw the biggest increase in wealth (430 per cent) to Rs 14,300 crore in 2018 due to a windfall growth in global graphite prices after the Chinese government put restrictions on polluting blast furnace steelmakers. Byju Raveendran (40) of Think & Learn witnessed a 230 per cent increase in wealth to Rs 3,300 crore in 2018.
The Hurun Report is a luxury publishing and events group set up in London in 1998 with strong presence in China.
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