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11 under-30 founders named in Hurun India’s Future Unicorn Index 2024

<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

<ul><li>RIL CMD <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> has not only regained the top spot on the list of richest Indians, he has lost much less wealth compared to <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>.</li><li><keyword id="10924" type="General" weightage="80" keywordseo="ambani" source="Orion">Ambani</keyword> is now the only Indian in the top ten in the 2023 M3M Hurun Global Rich List.</li><li>Overall, 41 Indian billionaires saw their wealth decline by at least $1 billion when compared to last year, losing a cumulative wealth of $122.7 billion.</li><li>Globally, five billionaires dropped out of the list every week.</li><li>Mumbai, the financial capital of India, also accounted for a third of the total billionaires in India, followed by Delhi.</li></ul>Reliance Industries’ CMD Mukesh Ambani has raced past Gautam <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> to emerge as the richest Indian in 2023 M3M Hurun Global Rich List. While both Ambani and Adani saw their wealth erode on a year-on-year basis, Adani ended up losing 35% of his wealth due to the <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-last-9-days-wipe-out-gains-clocked-by-adani-group-in-2022/articleshow/97572328.cms">Hindenburg</a> saga, while Ambani lost less at 20% between 2022 and 2023’s Hurun Rich List. Adani, who was briefly the second <keyword id="1615233" type="General" weightage="20" keywordseo="richest-person" source="Orion">richest person</keyword> in the world on the Bloomberg Billionaires Index, saw his wealth plummet from $119 billion on January 24, to $57.2 billion now. On the other hand, Mukesh Ambani, who also witnessed a decline of $21 billion in his wealth, stood out as the richest Indian and Asian. He is also the only Indian in the top ten richest people in the world on the 2023 M3M Hurun Global Rich List. Adani also lost the most wealth out of the top ten billionaires in India. Even when Adani was the richest Indian, Ambani’s<a href="https://www.businessinsider.in/business/corporates/news/reliance-industries-emerges-as-top-company-in-terms-of-value-revenue-and-profits-in-hurun-2022-list/articleshow/95910143.cms"> Reliance Industries topped the list</a> of Hurun’s most valuable companies. <cmsannotation type="cmsannotation" annotationid="Biggest wealth losers" comment="subhead" text="Biggest wealth losers">Biggest wealth losers</cmsannotation> Underlining just how bad the last one year was for billionaires, the top nine billionaires in terms of wealth erosion lost a cumulative $339 billion, which is only slightly lower than Hong Kong’s GDP of $361 billion. <div type="image" title="chart-1" msid="98930751" hostid="261" sizebytes="47050" caption="&amp;lt;p&amp;gt;Biggest wealth losers&amp;lt;/p&amp;gt;"></div> Overall, 41 Indian billionaires saw their wealth decline by at least $1 billion compared to last year. These billionaires lost a cumulative $122.7 billion during this period, placing India on the third position, only behind China and the US. <div type="image" title="chart-2" msid="98930767" hostid="261" sizebytes="44964" caption="&amp;lt;p&amp;gt;Billionaires who lost at least $1 billion&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Not just India, billionaires are down globally" comment="subhead" text="Not just India, billionaires are down globally">Not just India, billionaires are down globally</cmsannotation> However, it’s not just Adani and Ambani who have lost wealth this year – according to the list, the world lost 5 billionaires every week over the last one year. The number of billionaires is down by 269, from 3,381 last year to 3,112 now. Not just the number of billionaires, even the cumulative wealth of these billionaires has declined by 10% to $13.7 trillion. Overall, nine out of the top ten Indian billionaires lost their wealth, according to the Hurun rich list. Only Cyrus Poonawalla, the chairman and managing director of biotechnology company Serum Institute of India, managed to grow his wealth. Poonawalla has also emerged as the richest healthcare billionaire in the world. <div type="image" title="chart-3" msid="98930807" hostid="261" sizebytes="49000" caption="&amp;lt;p&amp;gt;India&amp;#39;s top 10 billionaires&amp;lt;/p&amp;gt;"></div> Interestingly, it’s not all gloomy for billionaires – India added 15 new billionaires to its list, with the richest of them all being Rekha Rakesh Jhunjhunwala, the wife of the<a href="https://www.businessinsider.in/india/news/akasa-air-founder-top-broker-rakesh-jhunjhunwala-passes-at-62/articleshow/93551704.cms"> late Rakesh Jhunjhunwala</a>, who was also known as the ‘Big bull’. <cmsannotation type="cmsannotation" annotationid="A third of India’s billionaires are based in Mumbai, Delhi a distant second" comment="subhead" text="A third of India’s billionaires are based in Mumbai, Delhi a distant second">A third of India’s billionaires are based in Mumbai, Delhi a distant second</cmsannotation> Mumbai, India’s financial capital, also emerged as the top source of billionaires, accounting for a third of the total billionaires in India. According to the Hurun rich list, 66 out of 187 Indian billionaires are based in Mumbai. <div type="image" title="chart-4" msid="98930818" hostid="261" sizebytes="35878"></div> Mumbai also dominates when it comes to the top ten billionaires in India, accounting for five out of the ten. Interestingly, two of these ten billionaires reside in London. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/back-to-square-one-nifty-circles-back-to-levels-last-seen-in-september-2021-markets-likely-to-end-2023-in-the-red/articleshow/98898424.cms">Back to Square One: Nifty circles back to levels last seen in September 2021, markets likely to end 2023 in the red</a> <a href="https://www.businessinsider.in/finance/banks/news/indian-banks-better-placed-than-their-us-peers-due-to-attractive-valuations-and-stickier-deposits/articleshow/98859627.cms">Indian banks better placed than their US peers due to attractive valuations and stickier deposits</a> <a href="https://www.businessinsider.in/investment/news/time-to-accumulate-bonds-and-lock-in-attractive-yields-with-peak-rates-around-the-horizon/articleshow/98815117.cms">Time to accumulate bonds and lock-in attractive yields with peak rates around the horizon</a>

Mukesh Ambani races past Gautam Adani as richest Indian: Only Indian in the top 10 in 2023 M3M Hurun Global Rich List

234-year-old company EID Parry is only a tad more valuable than year-old  unicorn GlobalBees

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> jumped 27 paise to 82.32 against the US dollar in early trade on Thursday amid a weak American currency and inflow of foreign funds in the domestic equity market. Traders said declining <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> also supported the Indian rupee. At the interbank foreign exchange, the domestic unit opened stronger at 82.38 against the dollar, climbed as high as 82.26 and hit the lowest level of 82.41. Later, the Indian currency was trading at 82.32, registering a gain of 27 paise over its previous close. On Tuesday, the rupee settled at 82.59 against the US dollar. The foreign exchange market was closed on Wednesday on account of Gudi Padwa. Meanwhile, the <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, was 0.23 per cent lower at 102.11. Global oil benchmark Brent crude futures fell 0.86 per cent to USD 76.03 per barrel. The 30-share BSE Sensex was trading 340.92 points or 0.59 per cent lower at 57,873.67 points while the broader NSE Nifty was down 84.25 points or 0.49 per cent at 17,067.65 points. The decision of the US Federal Reserve on Wednesday to raise interest rate by a quarter of percentage in line with the market expectations boosted the overall investor sentiments. <keyword id="6438315" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) turned net buyers in the domestic capital market on Wednesday as they purchased shares worth Rs 61.72 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-rekha-rakesh-jhunjhunwala-the-top-indian-entrant-in-2023-m3m-hurun-global-rich-list/slidelist/98916777.cms">Meet Rekha Rakesh Jhunjhunwala, the top Indian entrant in 2023 M3M Hurun Global Rich List</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/healthcare-consumer-goods-minted-the-most-indian-dollar-billionaires/articleshow/98913863.cms">Healthcare, consumer goods minted the most Indian dollar billionaires</a>

Rupee surges 27 paise to 82.32/USD on foreign fund inflows, declining crude prices

<keyword id="45057" type="UNKNOWN" weightage="20" keywordseo="Poverty">Poverty</keyword> seems to be as old as the earth. It is clear that we are all born equally poor, hungry and naked, but then get overwhelmed by a series of innovations that no longer put all of us on an even keel. With every step, <keyword id="6355118" type="ENTERTAINMENT" weightage="20" keywordseo="technology">technology</keyword> has increased prosperity for a few. It has not ended poverty. In fact, it has deepened it in many ways--expanding the range of products and tools, and increasing the gap between those for whom it is available, and others for whom it is not. 
 China and US have the maximum number of billionaires, according to the 2014 <keyword id="2721202" type="UNKNOWN" weightage="20" keywordseo="Hurun-Global-Rich-List">Hurun Global Rich List</keyword>. India was the third surprise entry, displacing Russia, which dropped to the fourth rank. However, while technology has pushed up these countries to the top, it did not eliminate their poverty. There are still 1.6 billion people in the world who are below the poverty line, according to the <keyword id="2721203" type="UNKNOWN" weightage="20" keywordseo="Global-Multidimensional-Poverty-Index">Global Multidimensional Poverty Index</keyword> of 2014, and more than half of those in developing countries live in South Asia. About 45 million Americans too are stuck below the poverty line, according to its Census Bureau. 
 
Tech is managed better 
Still, innovations have indeed changed avenues. The printing press began a revolution, the steam engine started another, and the Internet today has opened yet one more. The Industrial Revolution created abysmal urban poverty initially, though it soon led to upgradation and improvement over the years with better management. Later, the technologically advanced parts of the world enjoyed better lifestyles than other regions. 
 
Hence, the drive to eliminate poverty can be successful only when we address the inequality through efficient tech tools, rather than upgrade them only for those who want the change, or just for those who can pay for it. 
 
Searching for solutions 
Recently, Bill and Melinda Gates made a simple prediction----that technology would help the lives of poor people to gallop in the next 15 years. To wave the magic wand, science in the fields of health, agriculture, financial inclusion and education can innovate and disburse relevant solutions, they feel. 
 
However, will technology really pull western and eastern economies out of poverty and despair? Well, yes and no. Technology improves access to new innovation, but it certainly doesn’t even out the inequalities. Just bringing a lot of technology to the poorer districts doesn’t make anyone rich quickly, except the manufacturers. 
 
Hence, it would be more profitable to introduce intelligent management practices that can distribute technology efficiently, targeting every part of the world. With huge tech subsidies for agriculturists, education through multimedia, healthcare with the latest medical breakthroughs and use of mobile phones to help in dispensing information as well as in answering questions related to loans, economy and updates, technology can indeed begin the process of eliminating poverty. 
 
Double-edged sword 
Technology helps if it is harnessed in the right way. Change.org gathers worldwide signatures and support for crucial issues, for instance. GoForFunds facilitates the collection as well as distribution of funds from everywhere for the needy. Twitter, Facebook, blogs and comments in every article have opened the windows for people to send messages. Charity drives and welfare policies, such as food banks, or mobile crèches, are communicated to the public by the electronic media, which directs, checks and reports on the efficient distribution of resources. 
 
However, the knife can cut both ways. The Arab Spring was stoked and harvested by the Internet, but then so was the ISIS recruitment of employables. Biogas and garbage incineration can do the trick only when there is a collaborative association at every stage. Modern toilets are being installed widely in many places, but are they being taught to be used? 
 
Technology is thus not a stand-alone solution. While the right kind of technology is the need of the hour, the state needs to push in too and see that it is working. Even private entrepreneurs can be encouraged to innovate and build profitable business models that have a social responsibility. 
 
Finally, getting involved in the devil of details can sap our energy, but can also ensure that we pull ourselves out from poverty. Technology is as much about inventive management and distribution, as it is about innovation. Exposing everyone to the Internet through mobile phones, for instance, has brought the world to each person’s fingertips, as nothing else can. 
Image: Thinkstock

Technology can eliminate poverty, only if...

Almost one in five of India’s future unicorns drop off the race as funding winter bites

<ul class="summary-list"><li>China's super-wealthy have seen their fortunes tumble by the most in 24 years, per the Hurun Rich List. </li><li>Alibaba founder Jack Ma's net worth dropped 29% to $25.7 billion, as tech bosses took a hit. </li></ul>Chinese super-rich billionaires like Alibaba's Jack Ma have seen their wealth plunge the most in over 20 years as a combination of the impact of the Ukraine war and COVID-19 curbs slow down China's economy. The total wealth of the most affluent people in China dropped 18% year-on-year to $3.5 trillion, according to the <a href="https://www.hurun.net/en-US/Info/Detail?num=PYP6BFIKRUYQ">Hurun China Rich List 2022</a> published Tuesday. Only 1,305 people made the cut for the list, which ranks people with a minimum net worth of 5 billion yuan ($690 million) — a drop of 11%."This year has seen the biggest fall in the Hurun China Rich List of the last 24 years," the list's chief researcher Rupert Hoogewerf said in a statement. He noted the drop was driven mainly by losses for real estate and healthcare entrepreneurs."Part of the reason has been a global economy downturn, led by the fallout from the Russia-Ukraine war, a sharp drop in tech prices and the generally slow post-COVID economic recovery, but also at the national level, the continued disruptions to the economy from localized COVID outbreaks," the Hurun Report chairman said.China's strict zero-COVID policy of using lockdowns, mass testing and quarantines to curb the spread of the virus has hampered its economic growth. At the same time, a <a href="https://www.businessinsider.com/china-housing-market-explainer-cost-debt-wealth-evergrande-impact-2021-9">real estate crisis</a> has added to recession fears.More recently, <a href="https://markets.businessinsider.com/news/stocks/alibaba-china-us-stocks-president-xi-jinping-baidu-term-growth-2022-10">President Xi Jinping's consolidation of power</a> and signs that Beijing's focus has turned to ideology rather than the economy in its decision making have sparked pessimism about the economy.Chinese stocks have taken a battering over the past year. The <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite Index</a> has lost 12.6%, while Hong Kong's <a href="https://markets.businessinsider.com/index/hang_seng?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Hang Seng Index</a> has dropped 33%.A crackdown by Beijing's regulators has weighed on big Chinese tech stocks, many of which are listed in Hong Kong.Ma, founder of Chinese e-commerce giant Alibaba, was one of the tech bosses whose wealth took a hit, with a 29% drop in his net worth to $25.7 billion. His ranking on the rich list sank four places to ninth.ByteDance founder Zhang Yiming's wealth tumbled 28% to $35 billion, while Tencent founder Pony Ma's fortune dropped 32% to $30.7 billion, according to Hurun's research. Overall, the number of people with a net worth of $10 billion dropped by 29 to 56, while the number of dollar billionaires fell by 239 to 946.But Hoogewerf said that despite the declines, the rich list is still 50% bigger than five years ago. Entrepreneurs in the industrial products and energy sectors were among those who saw their wealth grow in the past 12 months, he said.

China's super-rich like Alibaba's Jack Ma have seen billions of dollars wiped from their fortunes as the economy slumps

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> appreciated by 8 paise to close at 81.22 (provisional) against the US dollar on Thursday on broad dollar weakness after <keyword id="9106308" type="General" weightage="20" keywordseo="Federal-Reserve-Chairman-Jerome-Powell" source="Orion">Federal Reserve Chairman Jerome Powell</keyword> said the pace of interest rate hikes may slow. Forex traders said <keyword id="441091" type="General" weightage="20" keywordseo="foreign-fund-inflows" source="Orion">foreign fund inflows</keyword> and a rally in domestic equities boosted investor sentiments. At the interbank foreign exchange market, the local unit opened at 81.08 and touched an intra-day high of 80.98 and a low of 81.32 against the greenback. The local unit finally settled at 81.22, registering a rise of 8 paise over its previous close. On Wednesday, the rupee closed at 81.30 against the US dollar, on month-end exporter dollar selling and MSCI rebalancing related inflows. "The Indian rupee started the new month on a front foot following stronger Asian currencies and risk-on sentiments. "It has gained in three out of the last four days as the dollar index slipped to a three-month low after Fed Chair Jerome Powell confirmed the pace of interest rates set to slow along with China easing the COVID restrictions," said Dilip Parmar, Research Analyst, HDFC Securities. Parmar further noted that in the near-term, spot USDINR has support at 80.72, the 100 days simple moving average and resistance at 81.91, the recent swing high formed on November 21. The bias remains bearish for the pair as long as it trades below 82.10. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.41 per cent to 105.51. Global oil benchmark Brent crude futures declined 0.10 per cent to USD 86.88 per barrel. On the domestic equity market front, the 30-share BSE Sensex advanced 184.54 points or 0.29 per cent to end at 63,284.19, while the broader NSE Nifty gained 54.15 points or 0.29 per cent to 18,812.50. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 9,010.41 crore, according to exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/byju-oyo-ola-serum-swiggy-among-top-10-valuable-unlisted-companies-in-india/slidelist/95910460.cms">Serum Institute of India, BYJU’S, Ola, OYO among top 10 valuable unlisted companies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/top-10-companies-based-on-highest-revenue-in-india-as-per-hurun-report/slidelist/95910204.cms">Top 10 companies in India with the highest revenue in 2022, according to Hurun</a>

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11 under-30 founders named in Hurun India’s Future Unicorn Index 2024

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Mukesh Ambani races past Gautam Adani as richest Indian: Only Indian in the top 10 in 2023 M3M Hurun Global Rich List

Rounak Jain

234-year-old company EID Parry is only a tad more valuable than year-old unicorn GlobalBees

Vaamanaa Sethi

Rupee surges 27 paise to 82.32/USD on foreign fund inflows, declining crude prices

PTI

Technology can eliminate poverty, only if...

Preetam Kaushik

Almost one in five of India’s future unicorns drop off the race as funding winter bites

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China's super-rich like Alibaba's Jack Ma have seen billions of dollars wiped from their fortunes as the economy slumps

Zahra Tayeb

Rupee gains 8 paise to close at 81.22 against US dollar

PTI

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