India's rich club grows to 1,103; Zepto's Kaivalya youngest in Hurun list

One hundred and forty nine new individuals joined the rich list club of 1,103 Indians across 122 cities who cumulatively accumulated a wealth of Rs 100 trillion.

Bengaluru -based Kaivalya Vohra, 19, of grocery delivery application Zepto is the youngest self-made and the youngest rich individual, according to IIFL Wealth Hurun India Rich List 2022.

The report found 1,103 Indians with a networth of Rs 1,000 crore each — an increase of 62 per cent over five years.

There are 221 billionaires (Rs 100 crore networth) in India on the 2022 list — down 16 compared with last year, while 13 people born in the 1990s made it to the list, all self-made.

Wealth calculations are a snapshot as of August 30 this year.

“The trends prove that India has taken booster shots against the global crisis.

"Be it the Ukraine war or inflationary pressures, the India growth story continues despite all odds as India also gave a new No. 2 — Gautam Adani — to the Hurun Global Rich List,” said Anas Rahman Junaid, managing director and chief researcher, Hurun India.

“The unprecedented wealth creation in the past five years in India, when other countries are stalling and are in recessionary mode, reaffirms India as the ‘engine of growth’ for the global economy.

"Remember, the new additions to the list have occurred at a time when valuations are at a low, both in the listed and privately-held companies,” said Junaid.

The report said self-made Gautam Adani, chairman of Adani Group, earned Rs 1,612 crore a day, since September 2021— topping India’s rich list.

The study pegs Adani and family wealth at a staggering Rs 10.94 trillion.

Adani was far ahead of Reliance Industries chairman Mukesh Ambani, whose wealth rose 11 per cent in the past year, to Rs 7.95 trillion.

Adani’s wealth, according to Hurun India, more than doubled (116 per cent) in the past year and in absolute terms, he added Rs 5.89 trillion.

In the past five years, the first-generation entrepreneur’s wealth has increased 1440 per cent.

The combined market value of Adani Group’s seven publicly-traded companies — all of which carry the industrialist’s name — has increased significantly in the past few years.

The mining-to-energy conglomerate has promised to invest $70 billion in green energy and become the world’s largest renewable producer.

While Adani and family grew their wealth 15.4x in five years, his elder brother Vinod Shantilal Adani and family grew their wealth 9.5x.

HCL’s Shiv Nadar and family grew their wealth 5x, followed by DMart founder Radhakishan Damani and family, who grew their wealth 3.8x in five years.

With an increase of 376 per cent, Ravi Modi of Vedant Fashions is the biggest gainer this year, followed by Nykaa’s Falguni Nayar and family (345 per cent) and Rafique Abdul Malik and family (240 per cent) of Metro Brands, a multi-brand footwear retail chain.

More than 82 per cent of the billionaires on the list are above the age of 50, and only 0.6 per cent of the rich in the list are below the age of 30, said the Hurun India study.

With 36 entrepreneurs, the pharmaceutical sector minted the most number of dollar billionaires, followed by chemical and petrochemical (23) and software and services (21).

A record 735 entrepreneurs, or 67 per cent, are self-made, up from 659 last year, and up from 367 (54 per cent) five years ago.

Seventy nine per cent (117) of new faces this year are self-made.