Combined wealth of individuals in the list is $719 bn, or a fourth of India’s GDP
For Ritesh Agarwal, promoter of Oravel Stays that runs the popular hospitality brand OYO, it's a day to celebrate. On the day when he sewed up $1 billion via a fresh round of funding and made a grand entry into the unicorn club, he has also made a debut to the list of 831 richest Indians living today by Hurun Report India and Barclays.
Agarwal, who founded OYO in 2011 and made it among the most valued start-up companies in India with a $5 billion valuation, is the youngest Indian on the list.
The 95-year-old chief of MDH, Dharam Pal Gulati is the senior most person in the list.
Mukesh Ambani, chairman, Reliance Group of Companies, topped the list for the seventh consecutive year with total net worth of Rs 3,71,000 crore. With wealth increase of 430%, Krishna Kumar Bangur of Graphite India is the biggest gainer.
Hurun Report India and Barclays on Tuesday unveiled the 2018 edition of 'Barclays Hurun India Rich List 2018' - a compilation of the richest individuals in India having a net worth of Rs 1,000 crore or more. As per the report, the number of individuals featured in the 2018 edition has increased by a third to 831 from 617 in 2017.
Sector-wise, pharmaceuticals dominates with 13.7% of the list, followed by software & services and fast-moving consumer goods with 7.9% and 6.4%, respectively.
The list was compiled on the basis of net worth of living Indians as on July 31, 2018, when the rate of exchange to the US Dollar stood at Rs 68.51. The list relates to Indians only, defined as born or brought up in India.
As per the report, cumulative wealth of the 831 individuals featured in the list stood at $719 billion - amounting to a quarter of Indian GDP of $2,848 billion (as per IMF estimate on 1st April 2018). 306 new entrants were added to the list in the 2018 edition while 75 of those featured in 2017, didn't make it to the present edition. Individuals having a net worth of Rs 9,000 crore and more were featured in the top 100 rankings.
Mumbai emerged as the hub of the rich and famous – with 233 names hailing from the city; while New Delhi and Bengaluru accounted for 163 and 70 names, respectively.
Commenting on the report, Anas Rahman Junaid, managing director and chief researcher, Hurun Report India, said, "Amidst the huge political debate around India's current economic scenario, Barclays Hurun India Rich List 2018 depicts that Indian businesses are booming. In fact, the number of Rs 1,000 crore+ wealthy Indians have nearly doubled in the past two years – from 339 in 2016 edition to 831 presently. Interestingly, the India edition of the Rich List is the fastest growing rich list in the world – highlighting the optimism of a young, vibrant and ambitious country".
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