2 min read.Updated: 29 Sep 2020, 04:40 PM IST Written By Staff Writer
Reliance Industries’s market cap crossed ₹10 lakh crore and registered a 73% increase in Mukesh Ambani’s wealth this year, according to the report
Ambani is followed by Hinduja brothers
2020 has been a challenging year, especially for Indian entrepreneurs. Nationwide lockdown in the wake of coronavirus outbreak, halted economic activities for months. "Despite these headwinds, IIFL Wealth Hurun India Rich Listers’ wealth has grown twice as fast as the net market capitalization growth of all the companies listed in the BSE," according to the official statement.
Cumulative wealth for this year increased by 20% compared to that of last year while average wealth increase by 9%, according to IIFL Wealth Hurun India Rich List 2020 report.
Mukesh Ambani, billionaire chairman and managing director of Reliance Industries Ltd tops the Hurun India Rich List for the ninth straight year. He earned ₹90 crore every 60 minutes since the lockdown in March, according to the report. "Ambani’s wealth dropped by 28% to ₹3,50,000 crore and then backed by a series of fund raising and strategic investment from Facebook, Google and so on into Jio and Reliance Retail, his valuation registered a “V shaped recovery" and increased by 85% in 4 months," the IIFL Wealth Hurun India Rich List 2020 report mentioned.
The Reliance Industries’s market cap crossed ₹10 lakh crore and registered a 73% increase in Mukesh Ambani’s wealth this year, according to the report. With ₹6,58,400 crore, "Ambani’s wealth is now bigger than the combined wealth of the next 5 in the list.", said Anas Rahman Junaid, MD and chief researcher, Hurun India.
Ambani is followed by Hinduja brothers with a net worth of ₹1,43,700 crore. With a wealth of ₹1,41,700 crore, the founder of HCL, Shiv Nadar ranks third, backed by a 37% increase in HCL’s share price, the report stated.
With a wealth of ₹1,40,200 crore, Gautam Adani and family ranks fourth in the IIFL Wealth Hurun India Rich List 2020. Backed by the performance of Adani Green, Gautam Adani’s wealth increased by 48% compared to that of last year, according to IIFL Wealth Hurun India Rich List 2020 report.
Azim Premji comes at the fifth position with a with a net wealth of ₹1,14,400 crore, according to Cyrus S Poonawalla of Serum Institute of India occupies the sixth position. His wealth is valued at ₹94,300 crore. Serum Institute of India (SII) is working closely with Oxford University and multiple institutions to manufacture and distribute COVID-19 vaccine.
"With a wealth of ₹87,200 crore, Radhakishan Damani, the founder of Avenue Supermarts, stormed into the top 10 for the first time in the IIFL Wealth Hurun India Rich List. Since its IPO in 2017, Avenue Supermarts’ share price has increased by more than 250% and his rank in the list increased by 23 places." according to IIFL Wealth Hurun India Rich List 2020 report.
Uday Kotak ranks eighth in the IIFL Wealth Hurun India Rich List 2020 with a wealth of ₹87,000 crore. Dilip Shanghvi regains ninth rank in the IIFL Wealth Hurun India Rich List 2020. His total wealth stands at ₹84,000 crore, according to the report.
The tenth position in the list is shared by the Pallonji brothers, Cyrus and Shapoor Pallonji. Each of them registered a wealth of ₹76,000 crore, according to IIFL Wealth Hurun India Rich List 2020.
IIFL Wealth Hurun India Rich List 2020, identified 828 individuals, including 40 women, with at least ₹1,000 crore, spread across 111 cities. The average wealth in the list is ₹7,300 crore and the average age is 63.
Source: IIFL Wealth Hurun India Rich List 2020
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