Gautam Adani, Mukesh Ambani account for 59% of India’s top 10 billionaires’ wealth

• Gautam Adani added ₹5 lakh crore to his wealth last year to become the richest Indian, beating Mukesh Ambani by ₹3 lakh crore.
• Adani added ₹1,612 crore to his wealth each day – almost 8 times that of Ambani, who added ₹210 crore per day in the last one year.
• Overall, the top ten richest people in India have a total wealth of nearly ₹32 lakh crore, of which Adani and Ambani account for nearly 60%.

Gujarat-based billionaire Gautam Adani added ₹5 lakh crore to his wealth last year to become India’s richest man as per IIFL Wealth Hurun India Rich List 2022.

In 2021, the founder of the Adani Group was behind Mukesh Ambani by ₹2 lakh crore. He is now ahead of Ambani by ₹3 lakh crore. The report calls it the ‘₹5 lakh crore catch up’.

Adani’s total wealth stands at ₹10.94 lakh crore, and he added ₹1,612 crore per day over the last year, the release stated.

“From an Indian wealth creation perspective, 2022 will be remembered for Adani’s meteoric rise. Briskly expanding his commodity trading company into a coal–to–port-to-energy conglomerate, he is the only Indian to have built not one, but seven companies with a market cap of one lakh crore,” said Anas Rahman Junaid, MD and chief researcher, Hurun India.

The rapid rise in the value of his seven listed companies – nine now, with the addition of Ambuja Cements and ACC – has helped Adani zoom past Ambani.

“In 2012, Adani’s wealth was hardly one-sixth of Ambani’s wealth and no one could imagine that he would overtake Ambani to become the richest man in India in ten years,” said Junaid.

The report also said that India also gave a new number two, Gautam Adani, to the Hurun Global Rich List. Adani’s gains also helped boost the overall wealth of the Indian billionaires.

“The cumulative wealth growth of the IIFL Wealth Hurun India Rich List 2022 excluding Adani is only 2.67%, compared to the overall 9%,” said Junaid.

As many as 149 individuals entered the IIFL Hurun India Rich List of 1,103 – all of whom have a wealth of ₹1,000 crore or more. They cumulatively have a wealth of ₹100 lakh crore.

Adani is also the second richest person in the world, according to Bloomberg Billionaires Index, with a total wealth of $150 billion.

Mukesh Ambani falls to the second position

After holding on to the richest Indian tag for ten years, Mukesh Ambani fell to the second position in this year’s list with a wealth of ₹7.94 lakh crore.

Despite being dethroned from the numero uno position, Ambani’s wealth grew 11% last year – as he added ₹210 crore to his wealth every day during the period, making him the second-best performer after Adani.

Together, Adani and Ambani account for 59% of the total wealth of the top ten richest people in India.


Source: IIFL Hurun India Rich List 2022

Zepto co-founder Kaivalya Vohra youngest on Hurun rich list

Zepto co-founder Kaivalya Vohra is the youngest to debut on Hurun rich list, at the age of just 19 years. The youngest debutant on this list 10 years ago was a 37-year-old, according to a release by Hurun.

The wealth creation by startups has been immense – according to the report as 100 startup founders figure in this year’s rich list.

Together, these 100 startup founders account for ₹5.06 lakh crore wealth and have an average age of 40 years.

“The IPOs of some of the high-profile startups realigned the valuation spread between institutional and retail investors. Having said the aforementioned, we believe the startup wealth creation will continue,” Junaid added.

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