Hurun India Rich List 2016


  1. 339 Individuals with INR1,600 cr, up 43 from last year and 250% from first HURUN INDIA RICH LIST 5 Years Ago

  2. With INR 1, 63,400 cr, Mukesh Ambani is number one in India for 5th year Mumbai, New Delhi and Bengaluru make up 60%, adding 26, 10 and 4

  3. 126 billionaires, a new record

  4. Pallonji Mistry of Tata enters top 3 for first time vaccine king Cyrus Poonawalla storms into top 5

  5. 55% are first generation entreprenuers, compared to 80% in China

  6. 10% have migrated from India

  7. 37 Padma awardees contribute 28% of the wealth. Pallonji Mistry, Indu Jain and Dilip Shanghvi, awarded in 2016, first time someone from the Hurun India Rich List since 2014.

  8. Acharya Balakrishna, 44, of Patanjali (‘India’s answer to Unilever’) is highest new face at 26th with wealth of INR 25,600 cr

  9. 13 individuals made list after going ipo in last year

  10. Hurun Report finds 339 individuals with INR1,600 Cr or more, up 43 from last year and double that of two years ago

  11. The average wealth dropped 7% Year on Year, owing to a lackluster performance of key sectors such as Technology, Jewellery and Trading

  12. Number of dollar billionaires has increased to126, up 2 from last year. The inaugural Hurun India Rich List in 2012 had 59 billionaires

  13. 32 have migrated from India and are NRI’s

  14. With a cumulative networth of INR 6600 Cr, the Turakhia brothers (aged 35 & 36) debut the Hurun India Rich List. Their advertising technology company was acquired by Chinese consortium for almost US$1Bn

  15. The ‘Usain Bolt’ of the Hurun India Rich List 2016: The fastest riser is Vijay Shekhar Sharma (38) of Paytm, a payment technology company. His wealth shot up by 162% to INR 7,300 Cr. 6 saw their wealth double YoY;

  16. 123 individuals saw their wealth decline, led by the Jewellery sector, which witnessed strikes because of regulatory duty hikes

  17. With a fortune of INR 1, 63,400 Cr, Mukesh Ambani (59) of Reliance holds on to his position as the richest man in India.

  18. Pune-based Cyrus Poonawalla (75) of Serum Institute rose to 5th position, from 11th last year, after seeing his wealth grow by 97% to INR 83,000 Cr

  19. Whilst Mumbai continues to dominate with 30% of the list residing there, Delhi came in second with 19%, followed by Bengaluru with 8%

  20. Pharmaceuticals dominate with 12% of the list, followed by FMCG and Chemicals & Petrochemicals with11% and 6% respectively

  21. Only 55% are self-made, down by 1% from last year

  22. Savitri Jindal (66), the richest woman in the list with the fortune of INR 35,000 Cr saw her wealth rise by 123%; This is backed by the stellar performance of JSW steel, which doubled in value over the past year

  23. The combined wealth of India’s richest is a staggering US$482Bn, equating to 1/5thof India’s GDP last year and larger than the GDPs of UAE ($325Bn), South Africa ($266Bn) &Singapore ($294Bn)

  24. Leading Authority on India’s private wealth, Hurun Report launches the India Rich List for the fifth time

(Bengaluru, 7th September, 2016): Today Hurun Report released the Hurun India Rich List 2016, a ranking of the richest people in India with a cut-off of INR 1,600 Cr. This is the fifth year of the list, which has become a benchmark for the private sector and has become widely accepted to be the most robust attempt at covering entrepreneurship in India. Wealth calculations are a snapshot of the net worth of living individuals as at 31 July 2016 when the rate of exchange to the US dollar was INR 66.69.

“Despite an above average monsoon and a steep 24% wage hike, India Inc. fails to cheer the market, resulting in a muted growth in average wealth for 2016. Subdued investors interest in e-commerce and online businesses declined valuations of ecommerce unicorns in 2016 as compared to 2015”, says Anas Rahman Junaid, Hurun Report India, Managing Director and Chief Researcher.

Mukesh Ambani (59) running the oil to yarn conglomerate ranked first in the list for the fifth consecutive year. He recently launched Jio and has “declared war” with rest of the telecom operators through aggressive market entry strategy. His strategy of reaching 90% of India’s population has the potential of placing him at the top 3 in Hurun Global Rich List. Recently, his wife Nita Ambani became the first Indian woman member of International Olympic Committee.

With a net worth of INR 1, 21,500 Cr, Dilip Shanghvi (60) of Sun Pharma retains his second position. On May 2016 Dilip Shanghvi withdraws plans to form a payments bank jointly with the Indian financial firm IDFC Bank and an arm of Norway’s Telenor. The Government of India awarded him the Padma Shri, fourth largest civilian honor in 2016.

The man who constructed iconic RBI HQ and Bombay Stock Exchange in Mumbai, Pallonji Mistry (87) nicknamed ‘Phantom of Bombay House’ is on the third position with a net worth of INR 1, 10,100 Cr. The government of India bestowed him with Padma Bhushan third highest civilian award in 2016. Mistry’s primary source of wealth remains his 18.4% stake in Tata Sons, the holding company for the US$130 Bn Tata Group. Backed by the stellar performance of the group, he rose to top 3 for the first time, from 5th last year.

SP Hinduja & family aggregated their wealth at INR 1, 00,700 Cr. The Hindujas lost their “bronze medal” to Pallonji Mistry. The automobile-to-financial services conglomerate plans to expand business in automotive, oil, chemicals, trading and infrastructure sectors across Africa by investing US$1 Bn in next five years.

Table 1: Hurun India Rich List 2016 – Top 10 RankNameWealth INR CrChangeCompanyAgeResidence 1-Mukesh Ambani1634000.02Reliance59Mumbai 2-Dilip Shanghvi121500-0.04Sun Pharma60Mumbai 3↑Pallonji Mistry1011000.16Shapoorji Pallonji86Mumbai 4↓SP Hinduja & family100700-0.02Hinduja81London 5↑Cyrus S Poonawalla830000.97Serum74Pune 6↑Azim Premji747000.44Wipro71Bengaluru 7↓Shiv Nadar73000-0.22HCL71New Delhi 8↓LN Mittal66900-0.2ArcelorMittal66London 9↑Uday Kotak516000.08Kotak Mahindra57Mumbai 10↓Sunil Mittal & Family503000.04Bharti Airtel58New Delhi

↑ Rank increase yoy ↓ Rank decrease yoy – No Rank change yoy * New to Top 10 Source: Hurun Research Institute. For more details visit

Cyrus S Poonawalla (72) world’s largest manufacturer of vaccines deriving 82% revenue from overseas market witnessed a 97% jump wealth backed by industry leading net profit margin 55% compared to the industry average margin. In November 2015 Poonawalla group announced “Poonawalla Clean City Movement” first of its kind in the country to spend INR 100 Cr to turning Pune into one of the cleanest cities in the country.

Azim Premji (71) also known as the Czar of the Indian IT Industry completed 50 years of leading Wipro. Mr. Premji who was 21 years old then, joined Wipro on 1966 as chairman after returning from Stanford University transformed an enterprise focused on vegetable oil business to an IT company in 1981. He wrote a single cheque of US$150Mn for investment into Ranjan Pai’s MEMG, the highest individual investment amount.

Shiv Nadar (71) lost INR 21,000 Cr in 2016 and slipped to 7th rank with a net worth of INR 73,000 Cr from 4th rank in 2015. According to a leading Indian financial daily, his flagship company HCL lost at least US$1.5 Bn worth of contracts last year. This could be due to the trend of clients shifting towards cloud computing.

Steel baron Lakshmi Niwas Mittal (66) faced a meltdown of INR 16,300 Cr of his wealth due to the steel crisis, but it is still every fifth car uses the steel manufactured by Mittal’s company. ArcelorMittal reported a net loss of US$7.9 Bn in 2015 mostly because of a US$4.8 Bn write- down on iron ore mining business and a US$1.3 Bn charge on inventory due to the global steel price plunge.

Uday Kotak (57) climbed to 9th rank 2016 backed by the 9% increase in the share price Kotak Mahindra Bank in which he holds 33.7% stake. Kotak Mahindra Bank acquired a 20% stake in Airtel M-Commerce Services, a subsidiary of Bharti Airtel holding a payments bank license.

Sunil Mittal & Family – Sunil Mittal (58), is the founder of Bharti Enterprises, which has interests ranging from telecommunications and retail to financial services and solar power step down to 10th rank owing to 13% decline in the flagship company Bharti Airtel’s share price. Rising competition form Reliance Jio Bharti Airtel invested more than US$4 Bn in 2015 into network improvements and plan to invest US$9 Bn over three years.

Mumbai Top again

With 104 individuals, Mumbai is the capital for India’s super-rich, followed by New Delhi (65) and Bengaluru (28)

Table 2: Geographical spread of Hurun India Rich List 2016 CityNo. of individuals% changeChange in no of individualsRichest person 1-Mumbai1040.317Mukesh Ambani 2-New Delhi650.1910Shiv Nadar 3-Bengaluru280.084Azim Premji 4*Hyderabad180.058PV Ramaprasad Reddy 5↑Kolkata140.044Benu Gopal Bangur 6-Pune130.042Cyrus S Poonawalla 7↓Ahmedabad110.031Gautam Adani 8↓Dubai90.03-3Micky Jagtiani

↑ Rank increase yoy ↓ Rank decrease yoy – No Rank change yoy * New to Top 8 Source: Hurun Research Institute. For more details visit

Richest migrants

UAE & UK are the capitals for NRIs. 32 are based outside India, led by SP Hinduja & Family (Hinduja Group, London), followed by LN Mittal (ArcelorMittal, London), Yusuffali MA (Emke Group, Abu Dhabi), Micky Jagtiani (Landmark Group, Dubai), Anil Agarwal (Vedanta Resources, London) and Romesh T Wadhwani (Symphony Technology, Palo Alto)

Table 3: Hurun India Rich List 2016 – Richest Non-Resident Indians NamesWealth (INR Cr)CityCompanyAge 1SP Hinduja & family100700LondonHinduja82 2LN Mittal66900LondonArcelorMittal66 3Yusuffali MA36600Abu DhabiEmke60 4Micky Jagtiani34400DubaiLandmark65 5Romesh T Wadhwani19400Palo AltoSymphony69 6Ravi Pillai18800DubaiRP Group63 7Rakesh Gangwal15900MiamiInterglobe Enterprise63 8Sunny Varkey14200DubaiGems Education59 9Anil Agarwal13700LondonVedanta Resource62 10Kavitark Ram Shriram13100Menlo ParkGoogle59

Source: Hurun Research Institute. For more details visit

Pharmaceutical sector rules

The fastest wealth growing sector is transportation which grew by 65% followed by Construction materials and Retailing. The huge growth in transportation sector is supported by IPOs of airlines and logistics companies. Pharma has produced 12% of entries in the Hurun India Rich List 2016, followed by FMCG and Chemicals & Petrochemicals. Other industries that have had a good year include Financial Services and Textiles.

Table 4: Hurun India Rich List 2016 – Industry breakdown Industry%changeRichest individual 1-Pharmaceuticals0.12Up 3%Dilip Shanghvi 2-FMCG0.11Up 2%Anand Burman 3↑Chemicals & Petrochemicals0.06sameMadhukar Parekh 4↓Consumer Durables0.06sameAdi Godrej 5↑Financial Services0.06Up 2%Uday Kotak 6↓Automobiles & Auto Components0.04Down 1%Vikram Lal 7↑Construction & Engineering0.04samePallonji Mistry 8↓Realty0.04Down 1%Kushal Pal Singh 9*Software & Services0.04sameAzim Premji 10*Textile0.04Up 1%Ramesh Genomal

↑ Rank increase yoy ↓ Rank decrease yoy – No Rank change yoy * New to Top 8 Source: Hurun Research Institute. For more details visit

Top Gainers

The biggest gain registered was a 162% increase by Vijay Shekhar Sharma (38), the founder of Paytm. Rakesh Gangwal, “the king of blue skies”, boosted his networth to INR 15,900 Cr, supported by the post IPO performance of Indigo Airlines. Paytm was one of the first Indian investments of Alibaba last year.

Table 5: Hurun India Rich List 2016 – Biggest Gainers NameWealth (INR Cr)% ChangeCompanyLocationIndustry 1Vijay Shekhar Sharma73001.62PaytmNew DelhiTechnology 2Rakesh Gangwal159001.53InterGlobe EnterpriseMiamiTransport Services 3BR Shetty110001.42UAE ExchangeAbu DhabiFinancial Services 4Savitri Jindal & Family350001.23JSW SteelHisarMetals & Mining 5Yusuffali MA366001.09EmkeAbu DhabiRetailing 6Jai Hari Dalmia & Family84001.09Dalmia BharatNew DelhiConstruction Materials

Source: Hurun Research Institute. For more details visit

All the young entrepreneurs under 40 in Hurun India Rich List 2016 are active in their respective business

  1. At 61, the average age is same as that of last year; with 11 under 40

  2. The youngest person on the list is Bhavish Aggarwal (30), co-founder of Olacabs

Table 6: Hurun India Rich List 2016 – Entrants under 40 NoNameAgeWealth (INR Cr)CityCompanySelf- Made DegreeIndustry 1Bhavish Aggarwal303000MumbaiOlacabs4Technology 2Rajiv Poddar314500MumbaiBalkrishna3Automobiles & Auto Components 3Kunal Bhal322300DelhiSnapdeal4Technology 4Binny Bansal335400BengaluruFlipkart4Technology 5Nilima Motaparti347100HyderabadDivis Laboratories3Pharmaceuticals 6Sachin Bansal355400BengaluruFlipkart4Technology 7Divyank Turakhia353000MumbaiDirecti Web Services4Technology 8Bhavin Turakhia363000MumbaiDirecti Web Services4Technology 9Nishita Shah Federbush& Family362200BangkokPrecious Shipping3Transport Services 10Vijay Shankar Sharma387300DelhiPaytm4Technology 11Divi Satchandra Kiran406000HyderabadDivis Laboratories3Pharmaceuticals

The oldest is Murli Kewalram Chanrai, 93, of Kewalram Chanrai Table 6: Hurun India Rich List 2016 – Entrants under 40

Source: Hurun Research Institute. For more details visit

Only 4% women

Men dominate, with just 4% women occupying a place in the list. The only self-made women entrepreneur is Bengaluru-based Kiran Mazumdar-Shaw (63) of Biocon, with a networth of INR 10,800 Cr.

Savitri Jindal (66), is the richest woman with a personal fortune pegged at INR 35,000 Cr and bags the 18th position in the Hurun India Rich List 2016. Her flagship company JSW Steel, run by her sons had a good year last year, owing to backward integration; this resulted in doubling share price of JSW. She is the only politically affiliated women in Hurun India Rich List 2016. She is followed by Indu Jain (79) at INR 28, 000 Cr.

Table 7: Hurun India Rich List 2016 – Richest Women in India NameWealth (INR Cr)% ChangeAgeCompanyLocationIndustry 1Savitri Jindal & Family350001.2366JSW SteelHisarMetals & Mining 2Indu Jain280000.4679Bennett ColemanNew DelhiMedia 3Smitha V Crishna15700New66GodrejMumbaiConsumer Durables 4Vinod Gupta148000.2571Havells IndiaNew DelhiConsumer Durables 5Mallika Srinivasan117000.2357TAFEChennaiAutomobiles & Auto Components 6Kiran Mazumdar Shaw108000.7663BioconBengaluruPharmaceuticals 7Nilima Motaparti7100New34Divi's LabHyderaba dPharmaceuticals 8Anu Aga7000-0.1474ThermaxPuneCapital Goods 9Madhu Kapur56000.4359Yes BankMumbaiFinancial Services 10Sophie Ahmed2600New-CiplaMumbaiPharmaceuticals

Source: Hurun Research Institute. For more details visit

The IPO millionaires

The companies of 13 individuals went public this year. 10 New IPO’s hits Indian bourses of which 7 IPOs contributed 8 members to this year list. Healthcare contributes three names to IPO millionaire’s in 2016.

Table 8: Hurun India Rich List 2016 – Latest IPO’s NameWealth (INR Cr)AgeCompanyLocationIndustry 1Rakesh Gangwal1590063Interglobe EnterpriseMiamiTransport Services 2Samprada Singh1380091Alkem LaboratoriesMumbaiPharmaceuticals 3Rahul Bhatia*1330061Interglobe EnterpriseNew DelhiTransport Services 4Arvind Lal & Family510067Dr. Lal PathLabsNew DelhiHealthcare 5VG Siddhartha410057Café Coffee DayBengaluruHotels Restaurants 6Kapil Bhatia260084Interglobe EnterpriseNew DelhiTransport Services 7Arokiaswamy Velumani210058Thyrocare TechnologiesMumbaiHealthcare 8Vasant Laxminarayan Rathi & Family210068Advanced Enzyme TechnologiesYorba LindaChemicals Petrochemicals 9Devi Prasad Shetty200063Narayana HrudayalayaBengaluruHealthcare 10Shakuntala Shetty1900-Narayana HrudayalayaBengaluruHealthcare 11Ajit Abraham Isaac190049Quess CorpBengaluruOther Services 12Vishal Mehta Ajitbhai180042InfibeamAhamedab adRetailing 13Kedar Ramesh Vaze & Family170042SH Kelkar & CompanyMumbaiChemicals Petrochemicals

Source: Hurun Research Institute. For more details visit

Entrepreneurs appreciated by the government of India

37 are Padma awardees, of which four are women. Three individuals were awarded in the last year, led by Pallonji Mistry, Indu Jain and Dilip Shanghvi, the first time someone from the Hurun India Rich List was awarded since 2014.

There is no one in Hurun India Rich List 2016 who has received the highest civilian award, “Bharat Ratna”. 5 individuals hold either of the two awards. For instance Kiran Mazumdar Shaw of Biocon and Devi Prasad Shetty of Narayana Hrudayalaya holds both Padma Shri and Padma Bhushan. Pratap reddy of Apollo Hospitals and Ratan Tata of Tata Sons holds both Padma Vibhushan and Padma Bhushan.

Table 9: Hurun India Rich List 2016 – Padma awardees AwardNumberRichestCompanyWealth (INR Cr.) 1Padma Vibhushan5LN MittalArcelorMittal66900 2Padma Bhushan20Pallonji MistrySP Group101100 3Padma Shri17Dilip ShanghviSun Pharma121500

Source: Hurun Research Institute. For more details visit

Table 9.1: Hurun India Rich List 2016 – Padma awardee details Padma AwardNameCompanyYear Vibhushan & BhushanPrathap ReddyApollo Hospitals2010/1991 Vibhushan & BhushanRatan TataTata Sons2008/2000 Vibhushan & ShriNR Narayana MurthyInfosys2000/2008 VibhushanLN MittalArcelorMittal2008 VibhushanPrithvi Raj Singh OberoiEast India Hotels2008 Bhushan & ShriKiran Mazumdar-ShawBiocon2005/1989 Bhushan & ShriDevi Prasad ShettyNarayana Hrudayalaya2012/2004 BhushanPallonji MistryShapoorji Pallonji2016 BhushanAzim PremjiWipro2011 BhushanShiv NadarHCL2008 BhushanSunil MittalBharti Airtel2007 BhushanIndu JainBennett Coleman2016 BhushanKushal Pal SinghDLF2010 BhushanRahul BajajBajaj Auto2001 BhushanAdi GodrejGodrej2013 BhushanJamshyd GodrejGodrej2003 BhushanBaba KalyaniBharat Forge2008 BhushanYusuf Hamied*Cipla2005 BhushanS GopalakrishnanInfosys2011 BhushanAnaljit SinghMax India2011 BhushanNandan NilekaniInfosys2006 BhushanSwraj PaulCaparo Group1983 BhushanSP OswalVardhman Textiles2010 ShriDilip ShanghviSun Pharma2016 ShriCyrus S PoonawallaSerum2005 ShriYusuffali MAEmke2008 ShriRavi PillaiRP2010 ShriSunny VarkeyGems Education2009 ShriMallika SrinivasanTAFE2014 ShriBR ShettyUAE Exchange2009 ShriKarsanbhai PatelNirma2010 ShriAzad MoopenDM Healthcare2011 ShriAnu AgaThermax2010 ShriJawaharlal GangaramaniAl Fara2010 ShriNaresh TrehanMedanta Medicity1991 ShriShobhana BhartiaHindustan Times2005 ShriRajinder GuptaTridentGroup2007

Source: Hurun Research Institute. For more details visit

Largest public traded companies

Of the publicly traded companies on the list, Mukesh Ambani’s Reliance has the highest valuation of INR 3,19,700 Cr (contributing 5.35% to the NIFTY index), followed by Infosys with INR 2,46,600 Cr and Sun Pharmaceutical INR 1,99,500 Cr. Followed by Tata Motors & Kotak Mahindra with market cap of INR 1,45,200 and INR 139,800 Cr respectively.

Table 10: Hurun India Rich List 2016 – Self-Made Degree Self-Made DegreeNo Of IndividualsRichest IndividualCompanyAgeWealth INR Cr. 530Shiv NadarHCL7173000 4173Dilip ShanghviSun Pharma60121500 3128Mukesh AmbaniReliance59163400 21Anil AmbaniADA Reliance5728500 13Savitri JindalJSW Steel6635000

Source: Hurun Research Institute. For more details visit

Hurun Report continued its Self-Made Scorecard, measuring 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.

Self-made with a little help from parents was the most common route to becoming a billionaire, featuring 51% of the list. Second was self-made without help from parents, making up 9% of the list. Third was inheriting a business and growing it into a much bigger entity, with 38% and only one person was Self-Made Degree 1.

Industry analysis

The industries that added the most number of new millionaires to the list were pharmaceuticals, FMCG, financial service, chemicals and engineering & construction.

For a snapshot of the industry that added most number of new entries, refer the table below.

Table 11: Industry producing most number of new entrants IndustryNew additionsCumulative Wealth (INR Cr)Richest New IndividualCompany Pharmaceuticals1356100B Parthasaradhi ReddyHetero group FMCG1150300Acharya BalakrishnaPatanjali Textiles, Apparels & Accessories714900Rameshchandra T JainBhilosa Industries Chemicals& Petrochemicals611200Vinod SarafVinati Organics Financial Services614600Raamdeo Ramgopla AgarwalMotilal Oswal

Source: Hurun Research Institute. For more details visit


With an astounding figure of 21 Billionaires and 18 other individual mentions in the list, pharma sector has registered the highest contribution to the list. In 2016, the sector witnessed a 17% growth in cumulative wealth compared to 2015. The number of individuals doubled. Although the growth in cumulative wealth is substantially driven by the performance of private players, it should be noted that the listed players fared poorly. For instance, in 2015 the listed players registered a 66% average growth in share price compared to 9% in 2016. The vaccine icon Cyrus S Poonawalla of Serum Institute of India elevated his position by 6 ranks and is now comfortably placed in Top 5.


In 2016 when most sectors failed to keep up the momentum, FMCG registered a decent growth of 14% in terms of the cumulative wealth. Yoga Acharya’s Patanjali took the market by storm and is eating away market share of other multinational FMCG’s. Patanjali registered a turnover of INR 5,000 Cr and expects to hit INR 10,000 Cr in 2017.

Chemicals & Petrochemicals

21 individuals derived their wealth from the Chemicals & Petrochemicals sector. 6 new entrants are in the list. This sector saw its wealth increase on an average of 18% compared to that of last year. Gurbachan Singh & Kuldip Singh Dhingra, Berger Paints, saw their wealth grow by 53%during the period 2015-16. Devendra Kumar Jain (87), of Gujarat Flourochemicals is the oldest billionaire from this