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The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> on Thursday latched on to a new rich list to attack the Centre, alleging that Prime Minister Narendra Modi's "<keyword id="21027901" type="General" weightage="100" keywordseo="billionaire-raj" source="keywords">billionaire raj</keyword>" is more unequal than even the <keyword id="20034027" type="General" weightage="20" keywordseo="British-Raj" source="keywords">British Raj</keyword> and it is also the cornerstone of the government's <keyword id="22965777" type="General" weightage="20" keywordseo="economic-policy-making" source="keywords">economic policy-making</keyword>. Congress general secretary in-charge communications <keyword id="20035989" type="General" weightage="20" keywordseo="Jairam-Ramesh" source="keywords">Jairam Ramesh</keyword> shared on X a media report which cited the <keyword id="21075617" type="General" weightage="20" keywordseo="Hurun-India-Rich-List" source="keywords">Hurun India Rich List</keyword> to state that India created a new billionaire every five days throughout 2023. "India has had one billionaire for every five days in 2023, and the non-biological Prime Minister's closest friend is the foremost among them all," Ramesh said on X. "Modi's Billionaire Raj is more unequal than even the British Raj. But it is also the cornerstone of the government's economic policy-making," he alleged. This is why, at a time when countries across the world are coalescing around the idea of a global billionaire tax, the Indian government has been conspicuously silent and continues to remain blind to rapidly increasing economic inequalities, Ramesh said. Recouping the dent caused by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> report, <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword>'s networth shot up 95 per cent to Rs 11.6 lakh crore last year, which helped him replace <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> to become the richest Indian, according to the 2024 Hurun India Rich List. Reliance Industries Chairman and Managing Director Ambani's overall networth increased by 25 per cent to Rs 10.14 lakh crore, as per the Hurun list. In 2023's report, Adani's wealth declined by 57 per cent to Rs 4.74 lakh crore, and Ambani was way ahead with a fortune of Rs 8.08 lakh crore. It can be noted that Adani's networth declined sharply following various allegations levelled by US-based short seller Hindenburg Research. The conglomerate has denied all the allegations. In the 2014 edition, Hurun had pegged Adani's fortunes at Rs 44,000 crore, which made him the tenth richest Indian then.

PM Modi's 'Billionaire Raj' more unequal than even British Raj: Congress

<keyword id="19895142" type="General" weightage="100" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword>, widely known as the "King of <keyword id="19897820" type="General" weightage="20" keywordseo="Bollywood" source="keywords">Bollywood</keyword>," has officially joined the ranks of India’s wealthiest, debuting on the 2024 <keyword id="21075617" type="General" weightage="20" keywordseo="Hurun-India-Rich-List" source="keywords">Hurun India Rich List</keyword> with an impressive wealth of Rs 7,300 crores. But how did a Delhi boy with dreams of making it big in Mumbai become one of India’s richest individuals? Let’s dive into the ventures that propelled King Khan into the billionaires' club. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="20033371" type="General" weightage="20" keywordseo="Red-Chillies-Entertainment" source="keywords" meta.keywordsubtype="org" meta.entityname="Red Chillies Entertainment" meta.hostid="261" meta.entityid="Red Chillies Entertainment">Red Chillies Entertainment</keyword></h3>Shah Rukh Khan’s production company, Red Chillies Entertainment, has been a significant contributor to his wealth. Founded in 2002, Red Chillies has become a key player in Bollywood, producing blockbuster films and investing in high-quality visual effects. From chart-topping films like Chennai Express and Raees to the massive success of Pathaan in 2023, Red Chillies has consistently delivered box office hits. <div type="Article" hostid="261" msid="112412196" title="&amp;#39;Deadpool &amp;amp; Wolverine&amp;#39; screenwriters reveal secrets and spoilers, including the movie&amp;#39;s original villain and who wrote that Hugh Jackman divorce joke" mstype="2" mssubtype="0"></div>With an estimated revenue consistently in the hundreds of crores and a profit of Rs 85 crores last year, the company has not only cemented SRK’s position as a top actor but also as a successful producer. Furthermore, the company’s VFX division, Red Chillies VFX, has set new benchmarks in the <keyword id="20161413" type="General" weightage="20" keywordseo="Indian-film-industry" source="keywords">Indian film industry</keyword>, working on major projects that have earned critical and commercial acclaim, such as Ra.One, Fan, and Laal Singh Chaddha. These ventures have significantly bolstered SRK’s wealth, making Red Chillies Entertainment a cornerstone of his business empire. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="19899758" type="General" weightage="20" keywordseo="Kolkata-Knight-Riders" source="keywords" meta.keywordsubtype="org" meta.entityname="Kolkata Knight Riders" meta.hostid="261" meta.entityid="Kolkata Knight Riders">Kolkata Knight Riders</keyword></h3>Shah Rukh Khan’s entry into the sports business with the IPL franchise Kolkata Knight Riders (KKR) has been a masterstroke. Co-owned by SRK, Juhi Chawla, and Jay Mehta, KKR has become one of the most successful and profitable franchises not just in the Indian Premier League, but also in the sporting world. The team’s consistent performance on the field has been matched by its financial success off it, with KKR’s brand value rising steadily over the years. As per Forbes, the cricket team was valued at over $1 billion in 2022. This surge in valuation played a crucial role in boosting SRK’s wealth, contributing significantly to his fortune. The success of KKR, coupled with its passionate fan base and strong marketing, has made it a jewel in SRK’s business portfolio, further solidifying his status as a businessman. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Brand SRK: The most followed Indian on social media</h3>More than just a business mogul, Shah Rukh Khan is also a brand unto himself. With 44.1 million followers on Twitter, SRK is the most followed individual from the 2024 Hurun India Rich List on Indian social media. His massive <keyword id="20462299" type="General" weightage="20" keywordseo="social-media-presence" source="keywords">social media presence</keyword> has translated into lucrative endorsement deals and collaborations with global brands. <div type="Article" hostid="261" msid="112249289" title="One of Singapore&amp;#39;s flashiest CEOs was planning to throw a Tomorrowland-style party for the books. Then the mirage started to fall apart." mstype="2" mssubtype="0"></div>Consistently being one of the most visible endorsers, SRK earns substantially from <keyword id="20004407" type="General" weightage="20" keywordseo="brand-endorsements" source="keywords">brand endorsements</keyword>, with an estimated fee of Rs 4-5 crores per endorsement. His portfolio includes major brands like Hyundai, Dubai Tourism, and BYJU'S, further adding to his immense wealth. His ability to leverage his celebrity status into profitable business ventures has undoubtedly been a key factor in his <keyword id="21015152" type="General" weightage="20" keywordseo="wealth-accumulation" source="keywords">wealth accumulation</keyword>. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Real estate</h3>Real estate has always been a key component of wealth building, and Shah Rukh Khan is no exception. Shah Rukh Khan’s <keyword id="22962036" type="General" weightage="20" keywordseo="real-estate-ventures" source="keywords">real estate ventures</keyword> extend far beyond his iconic Mumbai residence, Mannat. One of his lesser-known yet highly lucrative ventures is in Dubai, where he and his wife Gauri Khan launched a luxurious beachfront residential project, the "SRK Boulevard," located in the posh Dana Islands. This mega project, worth over Rs 18,000 crore, features 10 residential buildings with high-end facilities, including marine sports and leisure amenities. Designed by Los Angeles architect Tony Ashai, with interiors by Gauri Khan, this project highlights SRK’s foray into international real estate <h3>And of course, films</h3>Shah Rukh Khan’s earnings from films and endorsements are a significant part of his wealth. Known as one of the highest-paid actors in India, SRK reportedly charges over Rs 100 crores per film. This is certainly no small amount, but it is unlikely that filmmakers will find fault with it, considering how his films regularly break box office records. As per IMdB, both 2023 films Jawan and Pathaan grossed over Rs 1000 crores worldwide. All in all, King Khan’s entry into the Hurun India Rich List is significant not just for him, but for the entire entertainment industry. SRK’s success reflects the growing financial clout of Indian film stars and the increasing importance of entertainment in wealth creation. In 2024 alone, Hurun India Rich Listers from the entertainment industry added Rs 40,500 crores to their wealth, with SRK leading the charge. This trend highlights the expanding influence of Bollywood and the entertainment sector in India’s broader economic landscape.

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<ul><li><keyword id="111343" type="General" weightage="20" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword> added ₹5 lakh crore to his wealth last year to become the richest Indian, beating <keyword id="3820" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="Orion">Mukesh Ambani</keyword> by ₹3 lakh crore.</li><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> 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.</li><li>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%.</li></ul>Gujarat-based billionaire Gautam Adani added ₹5 lakh crore to his wealth last year to become India’s richest man as per IIFL Wealth <keyword id="15044910" type="General" weightage="20" keywordseo="hurun-india-rich-list-2022" source="Orion">Hurun India Rich List 2022</keyword>. 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 <keyword id="3656833" type="General" weightage="20" keywordseo="hurun-india-rich-list" source="Orion">Hurun India Rich List</keyword> 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. <a href="https://www.businessinsider.in/business/news/gautam-adani-just-1-billion-away-from-becoming-the-second-richest-person-in-the-world-as-per-bloomberg-index-report/articleshow/94242575.cms">Adani is also the second richest person in the world, according to Bloomberg Billionaires Index, with a total wealth of $150 billion.</a> <cmsannotation type="cmsannotation" annotationid="Mukesh Ambani falls to the second position" comment="subhead" text="Mukesh Ambani falls to the second position">Mukesh Ambani falls to the second position</cmsannotation> 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. <div type="image" title="Hurun India Rich List 2022 Top 10 vs rest." msid="94348155" hostid="261" sizebytes="25244" caption="&amp;lt;p&amp;gt;Hurun India Rich List 2022&amp;lt;/p&amp;gt;"></div> Together, Adani and Ambani account for 59% of the total wealth of the top ten richest people in India. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth (in cr) </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,94,400 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">116% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,94,700 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,05,400 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,85,800 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,75,100 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vinod Shantilal Adani &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,69,000 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SP Hinduja &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,65,000 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-25% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal &amp; family </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,51,800 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,33,500 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Kotak </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,19,400 </td><td style="border-left:solid #000000 0.9978225000000001pt;border-right:solid #000000 0.9978225000000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: IIFL Hurun India Rich List 2022 <cmsannotation type="cmsannotation" annotationid="Zepto co-founder Kaivalya Vohra youngest on Hurun rich list" comment="subhead" text="Zepto co-founder Kaivalya Vohra youngest on Hurun rich list">Zepto co-founder Kaivalya Vohra youngest on <keyword id="424923" type="General" weightage="20" keywordseo="hurun-rich-list" source="Orion">Hurun rich list</keyword></cmsannotation> <a href="https://www.businessinsider.in/business/startups/news/zepto-raised-100-million-at-570-valuation-to-deliver-product-in-10-minutes/articleshow/88394937.cms">Zepto co-founder Kaivalya Vohra</a> 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. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-indian-equity-gold-and-debt-investments-have-performed-over-the-past-two-decades/articleshow/94304653.cms">Story in charts: How Indian equity, gold and debt investments have performed over the past two decades</a> <a href="https://www.businessinsider.in/thelife/personalities/news/anil-agarwal-profile-vedanta-resources-listing-in-london-stock-exchange-gujarat-semiconductor-chipset-plant/articleshow/94297057.cms">Anil Agarwal – how a Bihar boy who knew only ‘yes’ and ‘no’ went onto list the first Indian company on London Stock Exchange</a> <a href="https://www.businessinsider.in/stock-market/news/for-every-100-pulled-out-by-foreign-investors-from-the-indian-equity-markets-domestic-investors-have-ploughed-back-89-this-year/articleshow/94220904.cms">For every ₹100 pulled out by foreign investors from the Indian equity markets, domestic investors have ploughed back ₹89 this year</a>

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

"Imake $180,000 a month off of properties I don't even own," Hailie Anderson, who's 21, brags matter-of-factly to her 30,000 followers on TikTok. It may sound too good to be true, but she's engaging in a trend that's come to be known as <a target="_blank" class="" href="https://www.businessinsider.com/renting-airbnb-not-passive-wont-do-it-again-2024-7">Airbnb</a> arbitrage, where entrepreneurial lessees rent out their apartments or homes on short-term-rental sites, hiking up the nightly price to make a profit on top of what they owe their landlords. It's not uncommon. Most seem to do it quietly. Anderson, however, is part of a particularly brazen and typically young cohort of hosts who flaunt their side hustle online, critics — and in some cases the law — be damned.Arbitrage hosts like Anderson take to <a target="_blank" class="" href="https://www.businessinsider.com/hottest-tiktok-makeup-trend-right-now-moo-deng-blush-2024-9">TikTok</a>, YouTube, and Instagram to offer advice and promote paid courses on how to start and build your own short-term-rental empire. Anderson herself was inspired by other arbitrage influencers. She started two years ago, renting three apartments in the same building in Austin when she was 19, she says. Anderson spent several weeks furnishing and decorating the apartments (invariably sleek and minimalist, with gray and white couches and linens and abstract wall art), uploading well-lit photos, and managing the bookings. Today she has nearly 50 places listed on Airbnb in Salt Lake City, <a target="_blank" class="" href="https://www.businessinsider.com/austin-home-prices-falling-texas-mortgage-rates-housing-crisis-success-2024-9">Austin</a>, and Nashville under her property-management business that she runs from Florida. Plus, she side-hustles with her part-coaching, part-influencer online business.From <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-elon-musk-starlink-hurricane-helene-fema-2024-9">Donald Trump</a> to Dave Ramsey, rich and successful (actual or seemingly) real-estate personalities have long offered tips and tricks for others to follow in their paths — and selling that advice can be wildly valuable. These Airbnb-arbitrage coaches, many of whom say they are or appear to be in their early 20s, are the Gen Z versions of '80s-era Trump, or social-media twists on HGTV shows, combining the ideas of a 5-to-9 side hustle, passive income, and TikTok clout. They document themselves shopping at Target for throw pillows, art, and kitchen essentials to stock in their apartments, answering emails, and touring new properties. A 25-year-old TikToker with the handle @airbbnbmastery101 titled one video "How to quit your job in 2024 and get rich." Another, Inayah McMillan, previously told Business Insider that she earned <a target="_blank" href="https://www.businessinsider.com/airbnb-host-how-i-set-up-scaled-properties-inayah-mcmillan-2022-12">more than $300,000</a> in 2022, at age 20, and her coaching site boasts more than 2,000 students. They claim to be a new type of real-estate mogul — tycoons who reign supreme without even holding a deed.Not everyone is thrilled about this. This style of short-term hosting bumps up against tighter restrictions as local governments push back on the proliferation of short-term rentals. Opponents say Airbnbs take long-term housing off the market and contribute to rising rents: A Zillow found earlier this year that rent growth had outpaced wages in 44 of America's largest 50 cities since 2019. New York last year enacted a licensing system that effectively booted whole-apartment rentals from Airbnb unless people were looking to book them for 30 days or longer. Cities around the world are scrambling to curtail Airbnb by making onerous restrictions or outright banning short-term rentals, as Barcelona has said it will do in 2028.But online, business for these hosts appears to be booming. Anderson's TikTok shows her travels through Europe and Asia and a day in the life running her business, which can include working from a cabana with a water slide. The job involves lots of reaching out to <a target="_blank" class="" href="https://www.businessinsider.com/more-landlords-offer-rental-perks-concessions-free-rent-parking-nyc-2024-8">landlords</a> (sometimes hundreds in one city, Anderson says) and inquiring about running short-term rentals in their properties; managing a staff; sending in cleaners; and chatting with guests. She says she pays about $100,000 in rent to her many landlords each month but can pocket as much as $80,000 during busy travel seasons across bookings on Airbnb, Vrbo, and Booking.com and from those who come to her directly. But she's also filming videos and teaching courses, making TikToks, and traveling to conferences. Despite the profits, Anderson sees herself as immaterial to the real-estate quandary — and she says she rents properties that are legally approved for short-term renting, fully disclosing to landlords what she's doing. "I don't think me personally having 48 Airbnbs is single-handedly affecting the whole entire housing crisis," she tells me. Some of her commenters put the blame on her, but Anderson thinks there are plenty of leases to go around. The housing crisis "goes a lot deeper than that," she says. "There's a point where I try not to feel too guilty about it. But also, every single business negatively affects something in the world."Her Airbnb profiles have around 2,000 reviews that average out to about 4.9 out of 5 stars. Hundreds of people have signed up for her online courses, which cost as much as $2,000 and include videos and templates on topics like reaching out to landlords, furnishing Airbnbs, and understanding leases, along with weekly Q&amp;As with Anderson and access to a Discord community. She shows people how to write lease addendums that permit subletting and which software to use to manage properties and calculate prices. While angry mayors and residents point their finger at Airbnb for raising rents and bringing partiers to neighborhoods, she sees it as an opportunity for those to start their business with little to nothing. And flaunting the business on social media or at conferences has helped her find more guests who want to stay and led to new apartment leases. "I started this because I didn't have money to buy a house," she says. "If I can help 700 people not have to work their whole life at a 9-to-5, then why not?"There's no way to know for sure how popular Airbnb arbitrage is. Airbnb did not provide data on the number of hosts who engage in arbitrage, and it's nearly impossible to tell from listings on the site who owns a property versus who hosts it. Jamie Lane, the chief economist and senior vice president of analytics at AirDNA, which provides data on short-term rentals, says that the arbitrage trend has slowed overall since 2018 and that the drastic decrease in travel and short-term-rental demand brought on by the COVID-19 pandemic led some of the largest companies in arbitrage to flop. Arbitrage is essentially what larger short-term-rental companies like Sonder do, or what those like Domio and Stay Alfred did before shutting down in 2020. They're designed to come in and manage many short-term rentals for a building.But for smaller real-estate hopefuls, there's still a market. A big part of the appeal of arbitrage is that the startup costs are far lower than buying a property to use as a short-term rental, and some view it as an accessible entry into real estate. "It's still a great way to get into the short-term-rental industry," Lane says. As for those claiming to make millions: "Are there people making lots of money doing arbitrage? Absolutely," he says. "Is that the exception more than the rule? Probably."In some cases, hosts have skirted the law to engage in arbitrage. Some do it without signing leases with landlords that allow subletting. In July, Konrad Bicher, an Airbnb-arbitrage host, was sentenced to more than four years in prison for defrauding landlords. The self-proclaimed "Wolf of Airbnb" had signed lease agreements on New York apartments and sublet them without permission. Between 2019 and 2022, authorities say, Bicher failed to pay more than $1 million in rent but made more than $1 million renting those same units on Airbnb and another short-term-rental marketplace. To keep the apartments under his control, he relied on government protections meant to help renters through the pandemic.But Airbnb arbitrage, in theory, isn't illegal; it depends on local laws governing how short-term-rental properties are licensed. Still, rules could change at any time, leaving hosts on the hook for leases when they may no longer be legal to rent out short term. That's what happened to Tom DeRose, who operated an Airbnb-arbitrage company in New York with about a dozen apartments. When the regulations there changed in 2023, he pivoted. DeRose says that he regrets working in short-term-rental arbitrage and that "it's very clearly hurting" the housing market. Now he has a real-estate management company called HousingPanda, where he rents apartments in New York and then charges a premium for people to sublet them for either three or nine months. He says the leases are meant to appeal to students who live in the city for the school year or a summer internship.Airbnb has recently made moves to make its stays look unique or personalized. Last year it pushed stays in homes with guests, a feature it called Airbnb Rooms, which harked back to the platform's original idea of a formalized couch-surfing and room-renting site. Then this spring it unveiled Icons, a set of decked-out, specialized stays in places like Prince's "Purple Rain" house or a recreation of the "X-Men" mansion. But ultimately, whether the company endorses arbitrage publicly or not, it profits from it: More listings mean more money. Airbnb did not provide comments on the popularity of the trend, or the coaching courses and online content, for this story. The company does have a guide to help hosts communicate with building managers about using properties as rentals.I reached out to a handful of Airbnb-arbitrage hosts on TikTok who did not respond to interview requests. It's often difficult to tell from their videos what takes precedence: the hosting or the coaching. For Anderson, it's all a stepping stone of the way to her ultimate goal: owning property, which she calls "the real flex." (She would maybe one day even let someone run an Airbnb out of it, if she got tired of being in charge.) She says that she thinks about opening a boutique hotel one day but that it wouldn't be possible at such a young age without her foray into Airbnb. Still, "it's not get-rich-quick, easy money," Anderson tells me. It may not be as quick or easy as it looks, but she's certainly hit the jackpot.<a target="_blank" rel="" class="" href="https://www.businessinsider.com/author/amanda-hoover">Amanda Hoover</a> is a senior correspondent at Business Insider covering the tech industry. She writes about the biggest tech companies and trends.

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