The evolving economic landscape of India has boosted the number of wealthy individuals in the world’s most populous country, according to a rich list by Hurun.
The number of individuals in India with at least 10 billion Indian rupees ($120 million) reached 1,319, according to a rich list by Hurun India and 360 ONE Wealth. There were 278 new entrants compared to 2022, marking a 76 percent increase over the last five years. 55 individuals dropped out of the list.
The billionaire population of India grew by 38 to 259 individuals. The pharmaceutical sector was the largest contributor of entrants to the list at 133. Other notable contributors include industrial products as well as metals and mining.
Mukesh Ambani, the owner of Reliance Industries, rose to become India’s richest individual after his estimated wealth increased by 2 percent to around $96 billion. He surpassed Gautam Adani, whose wealth more than halved in the past year following the aftermath of the Hindenburg report.
Self-Made Riches
Amongst India’s wealthy individuals, 871 were self-made multi-millionaires and they accounted for around two-thirds of the richest population, up from 753 last year.
«Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000 percent surge,» said Anirudha Taparia, co-founder and joint CEO of 360 ONE Wealth.
The list is Hurun’s 12 annual ranking of the wealthiest in India, which is based on calculations as of 30 August 2023 involving individuals residing or born and bred in the country.
