Gautam Adani beats Mukesh Ambani to secure the top spot in IIFL-Hurun’s Richest Indian List

Billionaire Gautam Adani has topped the list of wealthy Indians with a net-worth of Rs 10,94,400 crore, as per the rankings released by the research firm Hurun India in partnership with wealth management firm, IIFL Wealth. As per the rankings, Mukesh Ambani, who was on top of the list last year, secured the second spot with a net-worth of Rs 7,94,700 crore. 

"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 while launching the list. 

This list refers to individuals residing or born and bred in India. This is the 11th annual ranking of the richest individuals in India. The wealth calculations are a snapshot as of August 30, 2022.

The third, fourth and fifth spots were occupied Cyrus S. Poonawalla (Rs 2,05,400 crore), Shiv Nadar (1,85,800), and Radhakishan Damani (Rs 1,75,100 crore).

The list saw several additions as well this year including pharma tycoon Dilip Sanghvi and banking magnate Uday Kotak who re-entered the top 10 list at ninth and tenth positions, respectively.

According to the report, this is for the first time ever since the annual reports were launched that the cumulative wealth of the listers has grown by Rs 100 lakh crore. 

The youngest individual on the list is Kaivalya Vohra, the 19-year-old co-founder of delivery start-up, Zepto, indicating how start-ups are on the forefront on impact and wealth creation.

As many as 1,103 individuals across 122 cities having Rs 1,000 crore have made it to the list. The cumulative wealth has increased by 9.4 per cent, while average wealth has decreased by 1 per cent. Additionally, chemicals and financial services added the maximum number of new entrants to the list with 221 billionaires. The report revealed that India has the highest fintech adoption rate with 16 fintech unicorns and 17 entrants in the list.

Pharma remains the number one sector which has contributed 126 entrants to the Hurun list.