PRESS RELEASE
WITH 76 NEW FACES, HURUN REPORT LAUNCHES ITS
INDIAN RICH LIST 2015
WITH INR 1,60,950 CR, MUKESH AMBANI IS THE RICHEST MAN IN INDIA FOR 4TH YEAR
INDIA PRODUCES 124 BILLIONAIRES, A RECORD NUMBER SINCE THE INCEPTION OF HURUN INDIA RICH LIST ON 2012
UDAY KOTAK STORMS INTO TOP 10
85% IN THE LIST ARE FAMILY RUN BUSINESSES
MUMBAI AND NEW DELHI MAKE UP HALF OF RICH LIST, ADDING 17 AND 16
FOR THE FIRST TIME, AZIM PREMJI LOSES THE SPOT IN TOP 5, DUE TO HIS PHILANTHROPIC DONATIONS
Hurun Report India releases Hurun India Rich List 2015, presented by jewelry-brand Joyalukkas
· Hurun Report finds 296 individuals with INR 1,600 Cr or more, up 76 from last year and double that of two years ago
· India had a mixed year with some sectors such as mobile phone and e-commerce doing well and other such as real estate and energy had a bad year. Overall, it was an average year of India’s entrepreneur
· Owing to a 6% devaluation of Indian Rupee against the US dollar and a lackluster performance of key sectors such as steel, energy and real estate, the average wealth dropped 7%
· India is adding more billionaires. Number of dollar billionaires has increased to 124 from 109 last year. The inaugural Hurun India Rich List had just 59 billionaires in 2012
· 36 have migrated out of India and are NRI
· 13 saw their wealth double year on year; The fastest riser is Dhiraj Rajaram (40) of Mu Sigma, a data analytics business, shooting up 593% to INR 17,790 Cr.
· 58 individuals saw their wealth decline, led by the oil and gas sector, after uncertainly continued to surround the Middle East. Ajay Kalsi (54) of Indus Gas declined by 242% dropping him to the bottom of the list.
· Mukesh Ambani (58) of Reliance, holds on to his position as the richest man in India with a fortune of INR 1,60,951 Cr, down by 3% from last year. Ambani seems to be betting on digital space by committing over INR 2,50,000 Cr to PM Modi’s Digital India initiative.
· London-based SP Hinduja & Family (81) of Hinduja Group shot up to 3rd position, from 6th last year, after seeing their wealth grow 43% to INR 1,03,030 Cr
· Whilst Mumbai continues to dominate with 29% of the list residing there, Delhi came in second with 19%, followed by Bangalore with 8%
· Manufacturing continues to dominate with 15% of the list, followed by pharmaceuticals and real estate with 9% and 6% respectively.
· Only 61% are self-made, down by 6% from last year
· The only self-made woman in the list is the ‘BioTech Queen’ Kiran Mazumdar-Shaw (62) who saw her net worth decrease by 6% to INR 6143 Cr
· At 28 years, Ankit Bhati and at 29, Bhavish Aggarwal founders of Ola Cabs, “India’s answer to Uber”, are the youngest self-made Indians in the list. The Tyre prince, Rajiv Poddar (30) of Balakrishna Industries follows.
· The combined wealth of India’s richest is a staggering US$478bn, equating to 22% of India’s GDP last year and larger than the GDPs of UAE ($402bn), South Africa ($350bn) & Singapore ($308bn).
· For the first time, Azim Premji (69) loses the spot in Top 5, due to his philanthropic donations
· Supported by 33% increase, with INR 47,608 Cr, Uday Kotak (55) breaks into Top 10
· Leading Authority on India’s private wealth, Hurun Report launches the India Rich List for the fourth time.
(Mumbai, 11 September 2015): Today Hurun Report released the Hurun India Rich List, a list of the richest people in India with a cut-off of INR 1,600 Cr. This is the fourth 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 net worth of living individuals as of 31 July 2015 when the rate of exchange to the US dollar was INR 64.0.
“Despite the weakening of the stock market and the Rupee, the Hurun India Rich List expanded by 76 entrepreneurs, showing the resilience and dynamism of the Indian private sector,” said Anas Rahman Junaid, Hurun Report India GM.
For the full details, please refer to on www.hurun.net.
Mukesh Ambani (58) of Reliance topped the list of 296 individuals for the fourth consecutive year. Reliance Jio, a $6bn subsidiary of RIL, plans to rollout 4G across India. RIL procured world's most sophisticated armored Mercedes S600 for Mukesh Ambani.
Dilip Shanghvi (59) of Sun Pharmaceuticals retained his 2nd place despite a 2% decline in his wealth. Ongoing integration problems of genericdrugmakerRanbaxy continues to hit revenue and profitability of Sun Pharma. In Feb 2015, Sanghvi agreed to buy a 23% stake in Indian wind turbine maker Suzlon Energy for US$290m
SP Hinduja & Family (81) is the 3rd richest person on the list with a net worth of INR 1,03,030 Cr. The Hinduja family controls a highly diversified empire with interests spanning automotive, oil& gas, banking, IT, power, media, real estate, healthcare & trading with annual revenues in excess of INR 1,50,000 Cr. Hinduja announced an investment of INR 64,000 Cr into infrastructure and power sector in India, the biggest ever commitment yet by the family for this region.
Table 1: Hurun India Rich List 2015 – Top 10
Rank / Name / Wealth INR Cr / Change / Company / Age / Residence1- / Mukesh Ambani / 160,950 / -3% / Reliance / 58 / Mumbai
2- / Dilip Shanghvi / 126,290 / -2% / Sun Pharma / 59 / Mumbai
3↑ / SP Hinduja & family / 103,030 / 43% / Hinduja / 81 / London
4↑ / Shiv Nadar / 94,020 / 21% / HCL / 70 / New Delhi
5↑ / Pallonji Mistry / 87,290 / 39% / Shapoorji Pallonji / 86 / Mumbai
6↓ / LN Mittal / 83,400 / -14% / ArcelorMittal / 64 / London
7↓ / Azim Premji / 51,900 / -39% / Wipro / 69 / Bangalore
8↑ / Gautam Adani / 50,500 / 15% / Adani Enterprises / 53 / Ahmedabad
9- / Sunil Mittal & Family / 48,540 / -5% / Bharti Airtel / 58 / New Delhi
10* / Uday Kotak / 47,610 / 33% / Kotak Mahindra / 55 / Mumbai
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Shiv Nadar, (70). Nadar registered a 21% increase in wealth, mainly on the back of a sharp increase in listed HCL Technologies. He is a strong competitor to Azim Premji in philanthropy; For instance, in March the philanthropic arm of the group donated HCL Technologies shares worth INR 1,150 Cr to his foundation.
Pallonji Mistry, (86), with a personal fortune of INR 87,290 Cr, is the 5th richest Indian and also the richest Parsi. Mistry controls a construction empire that operates across India, West Asia and Africa, and is the largest individual shareholder in Tata Sons, where his son Cyrus is currently chairman. An Irish citizen, Pallonji Mistry is known for his commitment towards promoting Irish Cricket by signing a 10 year multi million sponsorship contract with the Ireland Cricket team. From an Indian business perspective, he has committed INR 20,000 Cr towards the development of Hyderabad.
LN Mittal, (64), of ArcelorMittal, who started out as a scrap metal dealer in one of India’s poorest states dropped down one place to 6th with a fortune down 14% to INR 83,400 Cr. Mittal announced a INR 5,000 Cr investment into automotive steel manufacturing in India, the first greenfield investment by the LN Mittal group in India’s steel sector, after years of trying to get a foothold in the country.
Azim Hashim Premji, (69), India’s most generous billionaire moved down to the 7th spot; Azim Premji, the first Indian to sign the Giving Pledge, has set aside more than half of his wealth for charity by allocating an additional 18% stake in the company to fund philanthropy.
Telecom mogul Sunil Mittal, (58), is the 8th richest in the list with an estimated net worth of INR 48,540 Cr (up 1 rank from last year). Airtel entered 17 African countries by acquiring Zain telecom for $10bn, now divesting its tower assets in 5 African countries for $1.3bn to cut its debt and plan to divest more. He was granted the payment bank license in India- a move that could further boost the revenue by INR 1500 Cr, which should positively impact the long-term valuation of the group.
Gautam Adani, (53), Adani has grown Adani Group into one of the fastest growing enterprises in India, with a net worth of INR 50,500 Cr. His Adani Foundation follows a participatory approach to ensure a sense of ownership for the services it provides and the community wealth it creates. Adani managed to bag the contract for the biggest seaport project in South India.
Uday Kotak, (55), shot into the top 10, with a net worth of INR 47,610 Cr up 33% from last year. Fourth largest Indian private sector bank by market capitalization, in November last year, Kotak acquired ING Vysya Bank on an all-stock deal with swap ratio 0.75:1. This became one of the biggest mergers in India’s financial services sector.
Mumbai Top again
With 87 individuals, Mumbai is the capital for India’s super-rich, followed by Delhi (54) and Bangalore (22)
Table 2: Geographical spread of Hurun India Rich List 2015
City / 2015 No. of indiv / 2015 % / Change in indiv / 2014 % / Richest person1 / Mumbai / 87 / 29% / +17 / 23% / Mukesh Ambani
2 / New Delhi / 55 / 19% / +16 / 13% / Shiv Nadar
3 / Bangalore / 23 / 8% / same / 8% / Azim Premji
4 / Dubai / 15 / 5% / same / 5% / Micky Jagtiani
5 / Ahmedabad / 10 / 3% / same / 3% / Gautam Adani
6 / Pune / 11 / 4% / +3 / 3% / Cyrus S Poonawalla
7 / Chennai / 16 / 5% / +5 / 4% / Kalanithi Maran
8 / Kolkata / 10 / 3% / +1 / 3% / Benu Gopal Bangur
Source: Hurun India Rich List. For more details visit www.hurun.net
UAE & UK are the capitals for NRI’S. 36 are based outside of India, led by SP Hinduja & Family (Hinduja Group, London), followed by LN Mittal(ArcelorMittal, London),Micky Jagtiani(Landmark Group, Dubai),Anil Agarwal(Vedanta Resources, London), Romesh T Wadhwani (Symphony Technology, Palo Alto)
Table 3: Hurun India Rich List 2015 – Richest Non-Resident Indians
Names / Wealth(INR Ccr) / City / Company / Age
1 / SP Hinduja & family / 103,030 / London / Hinduja / 81
2 / LN Mittal / 83,360 / London / ArcelorMittal / 64
3 / Micky Jagtiani / 30,930 / Dubai / Landmark / 64
4 / Anil Agarwal / 24,360 / London / Vedanta Resource / 62
5 / Romesh T Wadhwani / 18,140 / Palo Alto / Symphony / 68
6 / Yusuffali MA / 17,530 / Abu Dhabi / Emke / 59
7 / Feroz Allana / 17,440 / Sharjah / IFFCO / -
8 / Ravi Pillai / 13,900 / Dubai / RP Group / 65
9 / Kavitark Ram Shriram / 12,400 / Menlo Park / Google / 59
10 / Manoj Bhargava / 12,290 / Farmington Hills / 5 Hour Energy / 62
Source: Hurun India Rich List. For more details visit www.hurun.net
Manufacturing sector continues to rule
The fastest wealth growing sector is Mobile Phones followed by Chemicals and Leather products. Manufacturing has produced 15% of entries in the Hurun India Rich List 2015, followed by Pharma and Real estate. Other industries that have had a good year include FMCG, Jewelry, Food & Beverage, Media and Entertainment.
Table 4: Hurun India Rich List 2015 – Industry breakdown
Industry / 2015 / 2014 / Richest individual1 / Manufacturing / 15% / 16% / SP Hinduja
2 / Pharmaceuticals / 9% / 8% / Dilip Shanghvi
3 / Real estate / 6% / 6% / Kushal Pal Singh
4 / FMCG / 5% / 8% / Anand Burman
5 / Food & Beverages / 4% / 4% / Feroz Allana
6 / Media & Entertainment / 4% / 4% / Subhash Chandra
7 / Jewelry / 6% / 5% / Rajesh Mehta
8 / Healthcare / 3% / 3% / Malvinder Singh & Shivinder Singh
9 / Energy / 3% / 3% / Mukesh Ambani
10 / Technology / 4% / 5% / Shiv Nadar
Source: Hurun India Rich List. For more details visit www.hurun.net
Gainers
The biggest gain registered was a 593% increase by Dhiraj Rajaram (40), the founder of Mu Sigma. PNC Menon’s investment arm, PNC Investments has further boosted up his net worth to INR 10,960 Cr.
Table 5: Hurun India Rich List 2015 – Biggest Gainers
Name / Wealth (INR Cr) / % Change / Company / Location / Age / Industry1 / Dhiraj Rajaram / 17,800 / 593% / Mu Sigma / Bangalore / 40 / E-Commerce
2 / Sameer Gehlaut / 9,800 / 445% / India Bulls / Mumbai / 41 / Financial Services
3 / Balkrishnan Goenka / 9,820 / 308% / Welspun / Mumbai / 49 / Tubes and Pipes
4 / PNC Menon / 10,960 / 279% / PNC Investments / Bangalore / 67 / Real estate
5 / Nusli Wadia / 29,380 / 277% / Britannia / Mumbai / 71 / FMCG
Source: Hurun India Rich List. For more details visit www.hurun.net
All the young entrepreneurs under 40 in Hurun India Rich List 2015 are active in their respective business
· At 62, the average age is same as that of last year; with 11 under 40