India boasts 334 billionaires; Zepto co-founders new entrants

Bengaluru: India minted a new billionaire every five days in 2023, according to the Hurun India Rich List 2024. The country’s billionaire count has touched 334, adding 272 new entrants, with Gautam Adani and family topping the list with a total wealth of Rs 11.62 lakh crore. Mukesh Ambani and family took the second spot with a wealth of Rs 11.15 lakh crore.

Among the new and youngest entrants in the billionaire’s list are quick commerce start-up Zepto’s co-founders Kaivalya Vohra, 21, and Aadit Palicha, 22. 

Benefiting from the initial public offering (IPO) frenzy in the stock markets, several people including Amit Saraf and family of Juniper Hotels and Pradeep Ghisulal Rathod and Pankaj Ghisulal Rathod - promoters of stationary maker Cello also debuted on the list

With 17 new entrants to the Hurun list, Hyderabad has pipped Bengaluru for the first time, securing the third position on the list in terms of the number of residents, after Mumbai and Delhi.

The cumulative wealth of Hurun India rich listers released on Thursday, grew to Rs 159 lakh crore, which is more than half of India’s gross domestic product (GDP).

The list comes amid the reality of widening wealth gap in the world’s fastest growing major economy, with the top 1 per cent of Indians earning 22.6 per cent of the national income compared to 15 per cent earned by the bottom 50 per cent of the population, according to reports. 

Mumbai is the billionaire capital of Asia, overtaking Beijing in 2024, and accounting for 25 per cent of the ultra-rich people in the continent.

Fuelled by the success of Kolkata Knight Rider’s (KKR) and his production house Red Chillies Entertainment, Shah Rukh Khan is among the new entrants from the film industry with a total wealth of Rs 7,300 crore. Hrithik Roshan also debuted on the list with a wealth of Rs 2,000 crore, owing to his sportswear and fitness brand HRX.

As per the Hurun list, the richest women in India are Radha Vembu of Zoho leading at Rs 47,500 crore, followed by Falguni Nayar of Nykaa and Jayshree Ullal of Arista Networks, both with over Rs 32,000 crore. 

From an industry overview, real estate and industrial products added the most significant number of new entrants to the list, the former contributing 142 billionaires. Additionally, 64 per cent of the new entrants this year are self-made individuals. Asian Paints, Alkem Laboratories, Tube Investments of India are among the top companies which produced the highest number of rich listers.

The list also reveals the extraordinary percentage growth in the wealth of entrepreneurs including Abhay Soi of Radiant Life Care, who experienced a growth of staggering 1,132 per cent followed by Satyanarayan Nuwal of Solar Industries India and Ravi Modi of Vedant Fashions, whose wealth surged over 880 per cent.

HIGHLIGHTS

India saw a new billionaire every five days in 2023

Country's billionaire list added 272 new entrants

Zepto’s co-founders Kaivalya Vohra, Aadit Palicha among the entrants

Hyderabad pips Bengaluru for first time, securing the third position