Home / News / India /  Mukesh Ambani’s wealth soars 73% in a year; Ashok Soota enters top 100 rich list

MUMBAI: Mukesh Ambani, chairman, Reliance Industries Ltd, has topped the IIFL Wealth Hurun India Rich List 2020 for ninth consecutive year. His wealth, at an astounding 6,58,400 crore, surged 73% over the last 12 months, making him the richest man in Asia and fourth richest person in the world, according to the findings in Hurun Report India and IIFL Wealth Management Ltd released on Tuesday.

The list comprises 828 richest individuals across 111 cities with a wealth of 1,000 crore or more as on 31 August.

"Cumulative wealth for this year increased by 20% compared to that of last year while average wealth increase by 9%. 674 individuals saw their wealth increase or stay the same – that is 81% of the list," said the report.

At the beginning of covid-19 pandemic, Ambani’s wealth had dropped by 28% to 3,50,000 crore but then backed by a series of fund raising and strategic investment from Facebook, Google among others into Jio and Reliance Retail, his valuation improved by 85% in four months. Despite crisis brought about by the pandemic, Reliance’s market cap topped 10 lakh crore and registered a 73% increase in Mukesh Ambani’s wealth.

“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.

London-based Hinduja brothers (SP Hinduja, along with his three brothers) with a combined wealth of 1,43,700 crore are second on the list while HCL Tech founder Shiv Nadar at 1,41,700 crore ranks third, followed by Gautam Adani & family at the fourth spot and Azim Premji at the fifth spot.

Radhakishan Damani, founder of Avenue Supermarts, debuted in the top 10 wealthiest individuals ranking in the IIFL Wealth Hurun India Rich List 2020.

With a wealth of 94,300 crore, Cyrus S Poonawalla of Serum Institute of India occupies the sixth position. Poonawalla’s wealth rose 6%, pushing him two spots higher. In June, Poonawalla had debuted in the top 100 Hurun Global Rich List.

Serum Institute of India (SII) is working closely with Oxford University and multiple institutions to manufacture and distribute covid-19 vaccines. In August, the company had announced a partnership with Bill and Melinda Gates Foundation to deliver up to 100 million doses of the vaccine to India and other low and middle-income countries.

Since the IPO in 2017, Avenue Supermarts’ share price has risen by over 250% while Damani's rank in the list scaled 23 places. Media shy Damani, who is also a revered investor, was in the news recently for buying 2.75% stake in India Cements through an open market transaction.

The tenth position in the list is shared by the Pallonji brothers, Cyrus and Shapoor Pallonji, with a wealth of 76,000 crore.

Some of the Indians who have entered the top 100 rich list are Nithin Kamath and Nikhil Kamath (co-founders of the online trading platform Zerodha), Ashok Soota (backed by success of Happiest Mind IPO), Ronnie Screwvala (Unilazer Ventures), Lachman Das Mittal (an LIC agent turned entrepreneur who founded Sonalika Tractors), Vinod Saraf (Vinati Organics founder) and Dharam Pal Gulati (MDH founder).

Nearly 5% of the list (40 individuals) comprises women. Of these 40, 10 are self-made. The richest woman in the list is Smita V Crishna (Godrej with 32,400 crore), followed by Kiran Mazumdar-Shaw (Biocon with a wealth of 31,600 crore). The average age of women on the list is 61 years.

Being home to 217 individuals that comprise 26% of the list, Mumbai is the residential capital of India’s wealthy, followed by New Delhi and Bengaluru.

About 122 of the richest belong to the pharmaceuticals industry, followed by chemicals and petrochemicals with 55 individuals, and software and services with 50 individuals. Automobile and auto components, food & beverages, manufacturing, construction and engineering are some of the other big contributors to the IIFL Wealth Hurun India Rich List 2020.

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