Mukesh Ambani earned Rs 90 crore every hour since lockdown

Mukesh Ambani’s personal wealth rose by Rs 2,77,700 crore to Rs 6,58,400 crore, according to the IIFL Wealth Hurun India Rich List 2020.

Mukesh Ambani tops Hurun India Rich list 2020; earned Rs 90 crore every hour since lockdown
NEW DELHI: India’s richest man, Mukesh Ambani, has earned Rs 90 crore every hour since the March lockdown, suggests the IIFL Wealth Hurun India Rich List 2020.

As per the yearly report, Ambani’s personal wealth rose by Rs 2,77,700 crore to Rs 6,58,400 crore, as he retained the richest Indian title for the ninth year running. Ambani’s wealth is now bigger than the combined wealth of the next five in the list.

Ambani, Hurun said, is the only Indian to feature among the top 5 on its global rich list.


The chairman and managing director at the oil-to-telecom major Reliance Industries saw his total wealth surging 73 per cent in last 12 months, making him the richest individual in Asia and fourth richest in the world.

Since the Hurun Billionaire List was launched in 2013, the number of dollar billionaires in India has gone up three times to 179. Hurun India said there are 828 individuals in India with over Rs 1,000 crore wealth today, up three-fold over the numbers five year ago. The combined wealth of India’s richest stood at $823 billion, which was one-third of India’s GDP and more than the combined GDP of Pakistan, Bangladesh, Sri Lanka, Afghanistan and Bhutan.

“A 28 per cent of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking his meteoric success post diversifying from oil to telecom and retail. A further 21 per cent of the additional wealth has been generated by pharmaceuticals, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19," said Anas Rahman Junaid, MD and Chief Researcher at Hurun India.
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London-based Hinduja brothers i. e. SP Hinduja and his three brothers, had a joint wealth of Rs 1,43,700 crore and are second on the rich list. HCL Founder Shiv Nadar with a wealth of Rs 1,41,700 crore ranked third, followed by Gautam Adani & family at fourth spot and Azim Premji at fifth spot, Hurun report said.

Radhakishan Damani, the founder of Avenue Supermarts, debuted in the top 10 wealthiest individuals ranking. Backed by stellar IPO of Happiest Minds, the founder Ashok Soota, 77, with a wealth of Rs 3,700 crore, made his debut on the rich list.

The IIFL Wealth Hurun India Rich List 2020 is compiled by the Hurun Research Institute, using a cut-off of 31 August 2020 when the rate of exchange to the dollar was 73.67. The list relates to Indians only, defined as born or brought up in India.

“Assuming that for every one Hurun rich lister we have found, we have probably missed two, it is likely that India today has 2,000 individuals with Rs 1,000 crore or more wealth,” Junaid said.
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Among the 823 who made it to the list, 627 saw a jump in their wealth in 2020. There were 162 new faces on the list, of which 76 per cent are self-made. As many as 229 of the people who featured on the latest list saw their wealth go down during the year.

“Self-made Indian entrepreneurs on the list are up at 64 per cent from 54 per cent of five years ago. As many as 90 per cent businesses on the list are family run, indicating the success of family-run entrepreneurship In India,” the report said.
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The IIFL Wealth Hurun India Rich List 2020 has been researched and compiled by the Hurun Research Institute for the seventh year running, using a cut-off of August 31, 2020 when the rate of exchange to the US dollar was Rs 73.67. The list relates to Indians only, defined as born or brought up in India.

With a wealth of Rs 32,400 crore, Smita V Crishna, 69, is the richest woman on the list. And with Rs 31,600 crore wealth, that has risen 71 per cent in last one year, Biocon’s Kiran Mazumdar comes next.

Shaw, 67, is the richest self-made woman and is within arm’s reach of becoming the richest woman in the country, the report said.

With 217 individuals, Mumbai topped the rich list followed by New Delhi (128) and Bengaluru (67). New Delhi lost five rich listers, Mumbai gained 41 even as Chennai overtook Kolkata on the list.

Eleven professional managers made it to the rich list. With Rs 11,300 crore wealth, the richest was Thomas Kurian, 60, who encashed his stake in Oracle. With Rs 3,200 crore wealth, Ignatius Navil Noronha, 45, of Avenue Supermarts emerged the richest CEO.




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