While chemicals and financial services added the greatest number of new entrants to the list, pharma is still at number one and has contributed 126 entrants to the list. The youngest on the list is aged 19, four years younger than the youngest last year.
This list refers to individuals residing or born and bred in India. This is the 11th annual ranking of the richest individuals in India. Wealth calculations are a snapshot as of August 30, 2022.
Yatin Shah, co-founder & joint CEO, IIFL Wealth, said, “There are 65 founders of 37 unicorns along with 14 professional managers who have emerged as the cornerstone of wealth creation this time in the list.”
According to the report, in 2012, Gautam Adani’s wealth was hardly one-sixth of Ambani’s wealth but now he has overtaken Ambani to become the richest man in India in ten years.
According to the list, 67% of the wealthy are self-made, up from 54% five years ago. Also, 79% of the new faces this year are self-made as well.
“The Rich List 2022 also has 100 entrants from 59 startups and going forward, the share of startups is likely to increase manifold. The youngest ten years ago was 37, last year was 23 and this year is 19,” says Anas Rahman Junaid, MD and Chief Researcher, Hurun India.
For the first time in ten years, Mukesh Ambani,65, has lost the top ranking despite his wealth increasing by 11% in an eventful year which saw many headwinds including the Russia-Ukraine war. His wealth is pegged at Rs 7,94,700 crore and has increased by 115% in the last five years.
Cyrus S Poonawalla, 81, of Serum Institute of India has moved three ranks after his wealth increased by 25% or Rs 41,700 crore in the last year. His privately held company is the world’s biggest vaccine maker and has recently developed the country’s first cervical cancer shot that will hit the market soon.
Shiv Nadar, 77, of HCL moved down one rank to the fourth spot after his wealth declined by 21% to Rs 1,85,800 crore. His wealth has increased by 400% or Rs 1,48,400 crore in the last five years.
Kaivalya Vohra, 19, and his partner Aadit Palicha, 20, are also the youngest startup founders in the Hurun India Future Unicorn Index 2022. Quarantined in their Mumbai homes after dropping out of Stanford, the two felt the urgent need for quick and contactless delivery of essentials.
Home to 26% of the list – Mumbai is the preferred city for India’s biggest wealth creators, followed by New Delhi and Bengaluru. Mumbai registered a net increase of 28 individuals followed by New Delhi which registered a net increase of 18.
The pharma sector contributes the highest to the list with 126 entries and India is now an acknowledged supplier of generic drugs to the world. There are eight new additions to the list while 12 lost the status to be featured in the list. The pharma industry has also greatly benefited from the pandemic-induced need for vaccines and increased focus on drugs.
From Chennai, there’s Rangarajan S,64, of Data Patterns (DP), with a wealth of rS 2,700 crore. He is the first defence and aerospace entrepreneur to feature in the list. Rangarajan started DP in 1985 using personal computers in non-data processing applications. Along the way, he supplied products to many industries till DP decided to pitch to Isro for a navigation system.
The Chennai-based company now makes nanosatellites to ground receiving systems, avionics for Tejas light combat aircraft; launch control systems for Sukhoi 30 aircraft; actuator pins for torpedoes; rugged display systems for helicopters; electronic warfare systems; electronic intelligence and communication intelligence receivers (ELINT and COMINT); landing support radars. And, of course, critical parts for the BrahMos missile programme.
And for those interested in astrology, here’s a quirky fact from the list: People born under Cancer sign had a great year, almost doubling their wealth, followed by Geminis, Taurus and Pisces. Overall Virgos and Scorpios led the way, with the highest number of entries on this year’s list, followed by Aries. Over a period of 5 years, Cancer rich listers created the most wealth, followed by Sagittarius and Aries.