Mumbai: The broader slowdown in the domestic economy did not have any major impact on the wealth creation in the organised sector as the number of individuals with a net worth of Rs 1,000 crore and above has more than doubled over the last one-year.
According to Hurun India Rich List 2017, there are 617 individuals with a net-worth of Rs 1,000 crore and above as on July 31, 2017, up 278 from last year.
The study found that the combined wealth of India’s richest is a staggering $640b, which is 1/4th of India’s GDP last year and similar to the GDPs of Switzerland ($660b), and combined GDP of South Africa ($317b) & Israel ($340b).
As expected, business tycoon and chairman of Reliance Industries (RIL) Mukesh Ambani topped the list with his wealth increasing by 58 per cent to Rs 2.57 lakh crore followed by Dilip Shanghvi of Sun Pharma whose wealth stood at Rs 89,000 crore despite a 36 per cent drop in the share prices of his company.
“It is rare to find a country with such a dominant richest person (Mukesh Ambani) whose wealth is thrice more than that of the no. 2 in the list. We have never seen such a wide margin between the richest and the second richest in big countries that include USA, China, UK, Russia and so on”, said Rupert Hoogewerf, chairman and chief researcher, Hurun Report Global adding that his (Mukesh Ambani) wealth is 50 per cent more than the GDP of the country of his birth – Yemen.
The steel baron Lakshmi Niwas Mittal secured the third spot for the first time with a networth of Rs 88,200 crore due to an uptick in steel prices and demand.
Acharya Balkrishna, CEO of Patanjali is now officially part of India Rich List Top 10. His wealth soared 173 per cent to Rs 70,000 crore making him the eighth richest person in India from 25th last year.
Mumbai registered an increase of 78 individuals in the rich list and Delhi added 52. With 182 individuals, Mumbai is the capital for India’s super-rich, followed by New Delhi (117) and Bengaluru (51). With 26 new entrants, Ahmedabad managed to get into the top 5 cities housing billionaires.
With major policy initiatives such as demonetisation and goods and services tax showing the least impact on the wealth creation in the organised sector, the report noted that the declining trend in national GDP growth points to the impact of such schemes on the unorganised sectors.
- According to Hurun India Rich List 2017, there are 617 individuals with a net-worth of Rs 1,000 crore and above as on July 31, 2017, up 278 from last year.
- The study found that the combined wealth of India’s richest is a staggering $640b, which is 1/4th of India’s GDP last year and similar to the GDPs of Switzerland ($660b).