At Rs 11 lakh cr, Adani’s wealth doubles in 1 year: Hurun

Mumbai: Adani Group founder Gautam Adani has surpassed Reliance Industries Chairman Mukesh Ambani to become India’s richest man for the first time in the ‘IIFL Wealth Hurun 2022 India Rich List’ with a net worth of 10 Rs ,9 lakh (nearly $140 billion). The listing shows that Adani’s wealth more than doubled, growing 116% in just one year, while Ambani’s net worth increased 11% to 7.9 lakh crore (about $99 billion).
Ambani led Adani 2 lakh crore Rs in the 2021 edition of the list. But Adani’s catch of more than Rs 50,000 has taken the “tycoon takeover” to Rs 30,000 by 2022. Ambani has held the top spot since Hurun’s India rich list was launched in 2012. Adani’s net worth in absolute terms increased by Rs 5.9 lakh crore. According to bankers, a significant portion of Adani’s shares are being stymied as they are used to raise funds for new acquisitions. The Hurun Rich List takes into account calculations as of August 30, 2022.
Adani’s brother Vinod Adani, who manages commercial businesses from Dubai, also increased his fortune by 28% to Rs 1.7 lakh crore to move up to number six from 49 last year. In the past 5 years, his wealth has increased by 850%, making him the richest person in the NRI.
Adani made Ambani the first richest Indian on the Bloomberg Billionaires Index in early February this year. At the time, he had a net worth of $88.5 billion, beating Ambani’s net worth of $87.9 billion to become Asia’s richest man.
Last week, he also became the world’s second-richest person after Elon Musk, according to Bloomberg.
After listing on e-commerce platform Nykaa, Falguni Nayar, surpassed Biotechnology Director Kiran Mazumdar-Shaw to become India’s richest self-made woman. With this, Nayar has also become the richest Indian woman.
Another big gainer of the year is vaccine king Cyrus Poonawalla, who has become the third richest Indian with a fortune of just over Rs 20,000. Last year, Poonawalla was seventh on the list.
The IIFL Wealth Hurun Rich List ranks Indians according to their wealth level based on public and disclosed information. According to the report, there are 1,103 individuals with assets above Rs 1,000 crore, 96 more than the previous year. Over the past five years, the number of people with over Rs 1,000 crore has increased by 65%.
For the first time since the launch of the Hurun listing, the accumulated wealth of the rich has surpassed Rs 100 lakh, more than the gross domestic product of Singapore, UAE and Saudi Arabia combined.
The pharmaceutical industry is the largest contributor to the wealth creators list with 126 entrepreneurs in the sector. Chemicals and petrochemicals contributed 102 entrepreneurs to the list.
“What makes the Indian wealth creation story so inspiring is that 67% of the list is self-made, up from 54% five years ago. In addition, 79% of this year’s new faces are self-made. The wealth creation engine of first-generation entrepreneurs and professional managers is strong and a key driver for India’s GDP to hit the $5 trillion mark,” said Anas Rahman Junaid, MD & lead researcher, Hurun India said.
There are a few surprises on this year’s rich list. For the first time, a teenager – 19-year-old Kaivalya Vohra, founder of Zepto – is on the list. Alakh Pandey, commonly known as the ‘physical wallah’ and his co-founder Prateek Boob appeared on the list and both are ranked at 300th with a fortune of Rs 4,000 after Their startup PhysicsWallah became a unicorn.

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