PRESS RELEASE
World adds 437 billionaires last year, more than one billionaire a day. China mints four new billionaires a week
2,694 billionaires in the world, up 437 from last year. New record
Total wealth up 31% to US$10.5 trillion, equivalent to 13.2% of global GDP
Jeff Bezos, 54, of Amazon adds US$51bn to storm into 1st place with US$123bn
Warren Buffett overtakes Bill Gates and breaks through US$100bn mark after 31%
jump in wealth
Chinese billionaires grow by 210 to 819, huge 40% more than in USA
India reclaims third position from Germany, adding 32 billionaires
For the first time top 10 all self made
Pony Ma of Tencent becomes richest Asian with US$47bn
With US$5.3bn, Chris Larsen of Ripple is officially the first blockchain billionaire
Hungary-born financier George Soros, 87, donates US$18bn to bring his lifetime giving
to US$32bn
India added a billionaire in every week over last year
India adds 56 billionaires. 15 dropouts. More than 1/3rd of the list replaced
With a wealth of INR 286,600cr (US$45bn), Mukesh Ambani retains the richest Indian title (Global
rank: 19)
Hurun Report finds 170 Indians or Indian origin billionaires with US$1bn or more
Mumbai is home to 55 billionaires, followed by New Delhi (29) and Ahmedabad (9)
Mumbai and Delhi adds 13 & 8 billionaires this year
Youngest is Shradda Agarwal, 32, worth US$1.1bn (INR 7,000cr) of outcome health
3 Billionaires under 40. Vijay Shekhar Sharma (39) of Paytm, Divyank Turakhia (35) of media.net
and Shraddha Agarwal (32) are the self-made under 40 billionaires
Youngest is Shradda Agarwal, 32, worth US$1.1bn (INR 7,000cr) of outcome health
3 Billionaires under 40. Vijay Shekhar Sharma (39) of Paytm, Divyank Turakhia (35) of media.net and Shraddha Agarwal (32) are the self-made under 40 billionaires
39 individuals migrated from India
UAE the most preferred destination with 13 immigrants; with a networth of INR 117,600cr
(US$18bn), Lakshmi Mittal (Global Rank: 65) is the richest immigrant.
Average age is 64; 156 men and 14 women.
With 20 billionaires, pharmaceuticals lead the rich list followed by tmt with 15 & auto mobile &
components 14 billionaires respectively
Retail king Radhakishan Damani (global rank: 350), 62, of Avenue Supermarts reported a 445%
increase in wealth to INR 38,100cr (US$6bn) is the fastest riser
56 Indians or entrepreneurs of Indian origin debuted Hurun Global Rich List 2018
60% are first generation entrepreneurs
Cyrus Mistry (51) and brother Shapoor Mistry (54) (Global Rank: 184), of Tata Sons is the
wealthiest new face at 11th position with a networth of INR 60,900cr (US$9.6bn)
67% derives wealth from listed entities. India preferred destination for listing.
Kiran Mazumdar-Shaw (Global Rank: 656) is the richest Indian self made woman billionaire with
wealth of INR 24,600cr (US$3.9bn)
Leading authority on Asia’s private wealth, Hurun Report launches the seventh edition of the
Global Rich List
Mukesh ambani, the telecom warrior, is the only Indian to feature in sub 20 position in the
Hurun Global Rich List 2018.
Lakshmi Mittal (global rank: 65) with INR 117,600 cr (US$18bn) secure second position in
Hurun Global Rich List India, followed by Dilip Shanghvi (global rank: 87) ranked at third
with a wealth of INR 96,200cr (US$15bn)
It’s interesting to note that while pharmaceuticals sector created 20 billionaires, the
average wealth stood at inr 20,500cr (us$3bn) compared to global average of us$39bn.
But TMT with only 15 billionaires the average wealth is at inr 27,900cr (us$4bn) compared
to global average of us$5bn.
With 5 billionaires, Godrej group contributes most number of billionaires, followed by Hero
Honda and Asian Paints each with 3.
99 of the 170 are self made and 71 are inherited billionaires.
The total wealth of India’s top 170 in 2018 increased to inr 3,546,400cr (us$557bn), 32%
rise from last year.
Indian origin billionaires contributing 5% to global billionaire wealth
(MUMBAI, 28 February 2018): Today Hurun Report released the Hurun Global Rich List India, a list of
the richest people in India featuring in the Hurun Global rich list with a cut-off of US$1bn. This is the 7th
year of the list, which has become a benchmark for the private sector. For all conversion purposes USD
to INR is INR63.6/USD
Mukesh Ambani, 60, retains the top spot in the list for the seventh year in a row with INR 2,86,600
crores or US$45bn. The telecom mogul’s wealth has increased 73% since last year (from US$27bn).
Over the last one year, Reliance Industries shares have gained an over 1.5% in every seven days,
rising by 82% in 52 weeks. RIL signed an MOU with Andhra Pradesh government to invest INR 55,000
crore energy and digital infrastructure sectors over next five years.
Lakshmi Mittal, 67, of ArcelorMittal marches to the second spot on the back of a rebound in steel prices
and demand. He is valued at INR117,600 crores or US$18bn. ArcelorMittal sold its 29% stake in
bankrupt UttamGalva Steel at a loss to make it eligible for Bhushan Steel bidding and also keen on
bidding for stressed Essar Steel asset.
Dilip Sanghvi, 62, (Global Rank: 87) remains at third spot with INR96,200 crores or US$15bn. His Sun
Pharmaceuticals has been seeing a steady decline in its share price for last 2 years in response to the
USFDA barring product approvals. The company’s shares improved 6.4% last December after the news
of Sun’s application approval by the USFDA. Sanghvi’s net worth increased by 7%.
“Story of wealth creation in India talks about the story or modern businesses and new competition
dynamics in India. India is now the third largest billionaire creating country in the world. When India’s
GDP touches USD 6 trillion by 2022, we expect the number of billionaires to at least double the current
number” said Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun Report India.
HCL founder and Chairman Shiv Nadar (Global Rank: 98), 72, secures the Fourth spot with a net
worth of INR91,700 crores and a 17% increase in his net wealth. He recently extended his term as the
chairman and managing director at HCL. Shiv Nadar intends to set aside at least 20% of his family’s
wealth for education to setup university and Shiv Nadar schools.
Gautam Adani (Global Rank: 98), 55, lands the fifth spot with a net wealth of INR86,200 crores or
US$14bn. His wealth has jumped 109%. The conglomerate operates in diverse fields including
Agribusiness, Energy & Mining and Logistics among others. Adani Group cancelled a US$2.6bn
contract with Australian mining services company Downer as part of a cost-cutting drive, a week after
the Queensland government vetoed a concessional loan to the Indian giant for the controversy-hit
Carmichael coal mine.
Cyrus Poonawala (Global Rank: 127) With a wealth of INR 78,100 Crores or US$12bn, up to the sixth
spot with a wealth increase of 9%. Recently they rolled out four new vaccines and are working on
vaccines for Malaria and Dengue and signed 2 long-term agreements with Panacea Biotec to develop
injectable polio vaccine.
Azim Premji, (Global Rank: 127) makes to the seventh spot up by 1, after his wealth increased 24% to
INR77,700 crores. Last July, he bought a 2.2% stake in Aditya Birla Capital. Premji was named as one
of the recipients of 2017 Carnegie Medal, the most prestigious prize in philanthropy, for his efforts to
restructure India’s public school system.
Acharya Balakrishna (Global Rank: 127), 45, grabs the eighth spot in this year’s richest Indians after
his wealth grew a whopping 224% to INR76,500 crores (US$12bn). His ayurvedic consumer goods
maker Patanjali had a sale of INR10,500 crores in FY17.
Chairman of Kotak Mahindra 58-year-old Uday Kotak (Global Rank: 150), grabs the 9th spot with the
net wealth of INR69,900 crores (US$11bn). His wealth has increased 53% over the last year. In May, he
reduced his stake in his publicly listed company from 30.74% to 29.79%, earning a payday of INR1,687
crores.
Savitri Jindal, (Global Rank: 150) 67-year-old is currently worth INR68,100 crores, along with her
family. The share price of JSW Steel has risen up to 300% since 2016. The JSW Group is aggressively
bidding for stressed assets in cement, steel and power that are undergoing bankruptcy proceedings
under the National Company Law Tribunal.
Mumbai Tops again
With 55 individuals from the Hurun India Global List 2018, Mumbai is the capital for India’s super-rich,
followed by Delhi (29) and Ahmedabad (9). Maharashtra contributes most no. of billionaires in Hurun
Global Rich List 2018.
Gainers
The biggest gain registered was a 445% increase by Radhakishan Damani (62), Chairman of Avenue
Supermarts followed by Acharya Balakrishna (45), of Patanjali Ayurved with a wealth increase of 224%
and Dinesh Nandwana of Vakrangee Software with a wealth increase of 180%.
Another notable performer was Kishore Biyani of Future Retail who reentered the list. Merger of Future
Retail and Bharti Retail created the biggest supermarket chain with a turnover of INR 15,000 crore and
its subsequent relisting resulted in significant wealth creation for Biyani.
14 Female billionaires with US$1bn or more
Savitri Jindal & Family tops the female billionaire list consecutively with a net worth of INR 68,100CR
(US$11bn). Kiran Mazumdar Shaw is richest self-made female entrepreneur from India globally ranked
656th witnessed an 105% increase in wealth to INR 24,600CR (US$3.9bn) followed by Jayashree Ullal
of Arista Network ranked 1,411 globally with a net worth of INR 12,700CR and Shraddha Agarwal of
Outcome Health globally ranked 2362 with a net worth of INR 7,000CR.
Industry analysis
Broader market index such as BSE SENSEX and Nifty recorded 29% and 28% returns in the past year
reflected in the wealth creation of Indian billionaires as cumulative wealth increased by 32%. All the
sectoral index performed well except BSE Healthcare and BSE PSU.
Recovery in steel prices and strong demand create significant wealth to metal and mining billionaires
this year.
The top-performing sector is pharmaceutical with 20 billionaires out of 170 billionaires from the list
followed by TMT and Automobile & Components. Other industries that had a good year include FMCG
and Conglomerate.
Pharmaceuticals, FMCG, Conglomerate and Automobile & Components added 6 new billionaires each
to this year wealth.
Pharmaceuticals
About 20 Indian billionaires are in the Pharmaceuticals sector, with the total of INR 408,300CR
(US$64bn) of wealth. Dilip Shanghvi (Global Rank: 87) of Sun Pharma, is the largest billionaire in the
Pharmaceuticals sector with the net worth of INR 96,200 CR (US$15bn). VC Nannapaneni of Natco
Pharma is the new entrant with the net worth of 9,800 CR (US$1.5bn). Pharmaceuticals sector adds 6
new billionaires this year.
TMT
The TMT sector has produced 15 individuals led by Shiv Nadar (Global Rank: 98) of HCL with net worth
of INR 91,700CR (US$14bn). Jayashree Ullal (Global Rank: 1412) of Arista Network with a net worth of
INR 12,700 CR (US$2bn) is the newest entry in our list. Sundar Pichai of Google has made finally made
it to our list with a net worth INR 6,400 CR.
Automobile & Components
14 individuals on the Hurun Global Rich List derived their wealth from the Automobile & Components
sector. With 134% increase in wealth Rahul Bajaj (Global Rank: 248) of Bajaj Auto leads the sector with
a net worth of INR48,000 CR (US$7.5bn). 6 new entrants from this sector. Anurang Jain & Family
(Global Rank: 1179) is the newest entrant with a net worth of 15,300 CR (US$2.4bn).
Stock market performance and other sectoral indices
The BSE Sensex grew 29% and NSE Nifty 28% over the last one year.
The BSE Realty Index has grown by 89%, Oberoi Realty gained over 70%
The BSE Metals Index has grown by 31%, in last one year, JSW Steel gained over 48%
BSE Healthcare Index has declined by 3%
Billionaires Residing Outside of IndiaWith 13 billionaires, UAE is the most preferred destination for immigration, followed by USA with 10and UK with 6. With INR 117,600CR, Lakshmi N Mittal of ArcelorMittal is the wealthiest immigrant intoUK. With fortune of INR 34,700CR, Micky Jagtiani is the wealthiest immigrant into UAE.
56 New Entrants from India – Hurun Global Rich List 2018
With a wealth of INR 60,900CR, each Cyrus Mistry and Shapoor Mistry of Tata Sons are the richest
new entrants followed by Kishore Biyani of Future group with a Net worth INR 26,000.
Degree of self-madeness
Hurun Report measures the degree to which billionaires are inherited or self-made.
The scorecard is out of five, where 1 is inherited and not active in business, and 5 is self-made without
help from parents.The first category focuses on self-made billionaires without the help from parents and
Shiv Nadar (selfmade 5) falls into this category. The second category, Self-made with a little help from
parents, is the most common route in becoming a billionaire. Eg. Dilip Shanghvi (self-made 4). The third
focuses is inheritance of business and growing it into a much bigger entity, eg Mukesh Ambani (self-made 3).
The fourth category is the inheritance of business that resulted in stagnated growth (Self-made 2). The fifth
category is the inheritance of business and is not active. Eg Savitri Jindal & family (self-made 1)
Comparative study of Hurun’s Indian and Chinese Billionaires
China has 819 billionaires almost 5 times bigger than India with 170 billionaires.
Hurun Global India Rich List 2018Table 10: Hurun Global India Rich List 2018
