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339INDIVIDUALS WITH 1,600 CR, UP 43 FROM LAST YEAR AND 250% FROM FIRST HURUN INDIA RICH LIST 5 YEARS AGO
WITH INR 1, 63,400 CR, MUKESH AMBANI IS NUMBER ONE IN INDIA FOR 5THYEAR
MUMBAI, NEW DELHI AND BENGALURU MAKE UP 60%, ADDING 26, 10 AND 4
127 BILLIONAIRES, A NEW RECORD
PALLONJI MISTRY OF TATA ENTERS TOP 3 FOR FIRST TIME
VACCINE KING CYRUS POONAWALLA STORMS INTO TOP 5
55% ARE FIRST GENERATION ENTREPRENUERS, COMPARED TO 80% IN CHINA
10% HAVE MIGRATED FROM INDIA
37 PADMA AWARDEES CONTRIBUTE 28% OF WEALTH. Pallonji Mistry, Indu Jain and Dilip Shanghvi, AWARDED IN 2016, FIRST TIME someone from the Hurun India Rich List since 2014.
ACHARYA BALAKRISHNA, 44, OF PATANJALI (‘INDIA’S ANSWER TO UNILEVER’) IS HIGHEST NEW FACE AT 26THWITH WEALTH OF INR 25,600 Cr
13 individuals MADE LIST AFTER GOING IPO IN LAST year
Hurun Report India releases Hurun India Rich List 2016, presented by India’s leading jewellery brand, Joyalukkas –“World’s Favorite Jeweler”
- Hurun Report finds 339 individuals with INR1,600Cror more, up 44from last year and double that of two years ago
- The average wealth dropped 7% Year on Year, owing to a lackluster performance of key sectors such as Technology, Jewellery andTrading
- Number of dollar billionaires hasincreased to127, up 2 from last year. The inaugural Hurun India Rich List in 2012had 59 billionaires
- 33 have migrated from India and are NRI’s
- With a cumulative networth of INR 10,318Cr, the Turakhia brothers (aged34 & 36) debut the Hurun India Rich List. Their advertising technology company media.net was acquired by Chinese consortium for almost US$1Bn
- 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;
- 125 individuals saw their wealth decline, led by the Jewellery sector, which witnessed strikes because of regulatory duty hikes
- 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.
- Pune-based Cyrus Poonawalla (75)of Serum Institute rose to 5th position, from 11th last year, after seeing hiswealth grow by 97% to INR 83,000 Cr
- Whilst Mumbai continues to dominate with 30% of the list residing there,Delhi came in second with 19%, followed by Bengaluruwith 8%
- Pharmaceuticals dominate with 12% of the list, followed by FMCG andChemicals & Petrochemicals with11% and 6% respectively
- Only 55% are self-made, down by 1%from last year
- 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
- 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)
- Leading Authority on India’s private wealth, Hurun Report launches the India Rich List for the fifth time
(Bengaluru, 7thSeptember, 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. Wealthcalculations are a snapshot of the networth 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 Pharmaretains his second position. On May 2016Dilip 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 INR1, 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$1Bn in next five years.
Table 1: Hurun India Rich List 2016 – Top 10
Rank / Name / Wealth INR Cr / Change / Company / Age / Residence1- / Mukesh Ambani / 163,400 / 2% / Reliance / 59 / Mumbai
2- / Dilip Shanghvi / 121,500 / -4% / Sun Pharma / 60 / Mumbai
3↑ / Pallonji Mistry / 101,100 / 16% / Shapoorji Pallonji / 86 / Mumbai
4↓ / SP Hinduja & family / 100,700 / -2% / Hinduja / 81 / London
5↑ / Cyrus S Poonawalla / 83,000 / 97% / Serum / 74 / Pune
6↑ / Azim Premji / 74,700 / 44% / Wipro / 71 / Bengaluru
7↓ / Shiv Nadar / 73,000 / -22% / HCL / 71 / New Delhi
8↓ / LN Mittal / 66,900 / -20% / ArcelorMittal / 66 / London
9↑ / Uday Kotak / 51,600 / 8% / Kotak Mahindra / 57 / Mumbai
10↓ / Sunil Mittal & Family / 50,300 / 4% / Bharti Airtel / 58 / New 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 4thrank 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, butit 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 Bnwrite-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 formReliance 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
City / No. of individuals / % change / Change in no of individuals / Richest person1- / Mumbai / 102 / 30% / +17 / Mukesh Ambani
2- / New Delhi / 65 / 19% / +10 / Shiv Nadar
3- / Bengaluru / 28 / 8% / +4 / Azim Premji
4* / Hyderabad / 18 / 5% / +8 / PV Ramaprasad Reddy
5↑ / Kolkata / 14 / 4% / +4 / Benu Gopal Bangur
6- / Pune / 13 / 4% / +2 / Cyrus S Poonawalla
7↓ / Ahmedabad / 11 / 3% / +1 / Gautam Adani
8↓ / Dubai / 10 / 3% / -3 / Micky 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. 33 are based outside India, led by SP Hinduja & Family (Hinduja Group, London), followed by LNMittal(ArcelorMittal,London),Yusuffali MA (Emke Group, Abu Dhabi),MickyJagtiani(Landmark Group, Dubai),Anil Agarwal(Vedanta Resources, London) andRomesh T Wadhwani (Symphony Technology, Palo Alto)
Table 3: Hurun India Rich List 2016 – Richest Non-Resident Indians
Names / Wealth(INR Cr) / City / Company / Age
1 / SP Hinduja & family / 100,700 / London / Hinduja / 82
2 / LN Mittal / 66,900 / London / ArcelorMittal / 66
3 / Yusuffali MA / 36,600 / Abu Dhabi / Emke / 60
4 / MickyJagtiani / 34,400 / Dubai / Landmark / 65
5 / Romesh T Wadhwani / 19,400 / Palo Alto / Symphony / 69
6 / Ravi Pillai / 18,800 / Dubai / RP Group / 63
7 / RakeshGangwal / 15,900 / Miami / Interglobe Enterprise / 63
8 / Sunny Varkey / 14,200 / Dubai / Gems Education / 59
9 / Anil Agarwal / 13,700 / London / Vedanta Resource / 62
10 / Kavitark Ram Shriram / 13,100 / Menlo Park / Google / 59
Source: Hurun Research Institute. For more details visit
Pharmaceuticalsector 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 / % / change / Richest individual1- / Pharmaceuticals / 12% / Up 3% / Dilip Shanghvi
2- / FMCG / 11% / Up 2% / Anand Burman
3↑ / Chemicals & Petrochemicals / 6% / same / Madhukar Parekh
4↓ / Consumer Durables / 6% / same / Adi Godrej
5↑ / Financial Services / 6% / Up 2% / Uday Kotak
6↓ / Automobiles & Auto Components / 4% / Down 1% / Vikram Lal
7↑ / Construction & Engineering / 4% / same / Pallonji Mistry
8↓ / Realty / 4% / Down 1% / Kushal Pal Singh
9* / Software & Services / 4% / same / Azim Premji
10* / Textile / 4% / Up 1% / Ramesh Genomal
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Source: Hurun Research Institute. For more details visit
Top Gainers
The biggest gain registered was a 162% increase by Vijay Shekhar Sharma (38), thefounder of Paytm. RakeshGangwal, “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
Name / Wealth (INR Cr) / % Change / Company / Location / Industry1 / Vijay Shekhar Sharma / 7,300 / 162% / Paytm / New Delhi / Technology
2 / Rakesh Gangwal / 15,900 / 153% / InterGlobe Enterprise / Miami / Transport Services
3 / BR Shetty / 11,000 / 142% / UAE Exchange / Abu Dhabi / Financial Services
4 / Savitri Jindal & Family / 35,000 / 123% / JSW Steel / Hisar / Metals & Mining
5 / Yusuffali MA / 36,600 / 109% / Emke / Abu Dhabi / Retailing
6 / Jai Hari Dalmia & Family / 8,400 / 109% / Dalmia Bharat / New Delhi / Construction 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
- At 61, the average age is same as that of last year; with 11under 40
- The youngest person on the list is Bhavish Aggarwal(30), co-founder of Olacabs
- The oldest is MurliKewalramChanrai,93, of KewalramChanrai
Table 6: Hurun India Rich List 2016 – Entrants under 40
No / Name / Age / Wealth (INR Cr) / City / Company / Self-Made Degree / Industry1 / Bhavish Aggarwal / 30 / 3,000 / Mumbai / Olacabs / 4 / Technology
2 / Rajiv Poddar / 31 / 4,500 / Mumbai / Balkrishna / 3 / Automobiles & Auto Components
3 / KunalBhal / 32 / 2,300 / New Delhi / Snapdeal / 4 / Technology
4 / BinnyBansal / 33 / 5,400 / Bengaluru / Flipkart / 4 / Technology
5 / NilimaMotaparti / 34 / 7,100 / Hyderabad / Divis Laboratories / 3 / Pharmaceuticals
6 / DivyankTurakhia,Bhavin Turakhia / 34/36 / 10,318 / Dubai / Media.net / 5 / Technology
7 / Sachin Bansal / 35 / 5,400 / Bengaluru / Flipkart / 4 / Technology
8 / Nishita Shah Federbush& Family / 36 / 2,200 / Bangkok / Precious Shipping / 3 / Transport Services
9 / Vijay Shankar Sharma / 38 / 7,300 / New Delhi / Paytm / 4 / Technology
10 / Divi Satchandra Kiran / 40 / 6,000 / Hyderabad / Divis Laboratories / 3 / Pharmaceuticals
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 INR28, 000 Cr.
Table 7: Hurun India Rich List 2016 – Richest Women in India
Name / Wealth / %Change / Age / Company / Location / Industry
(INR Cr)
1 / Savitri Jindal & Family / 35,000 / 123% / 66 / JSW Steel / Hisar / Metals & Mining
2 / Indu Jain / 28,000 / 46% / 79 / Bennett Coleman / New Delhi / Media
3 / Smitha V Crishna / 15,700 / New / 66 / Godrej / Mumbai / Consumer Durables
4 / Vinod Gupta / 14,800 / 25% / 71 / Havells India / New Delhi / Consumer Durables
5 / MallikaSrinivasan / 11,700 / 23% / 57 / TAFE / Chennai / Automobiles & Auto Components
6 / Kiran Mazumdar-Shaw / 10,800 / 76% / 63 / Biocon / Bengaluru / Pharmaceuticals
7 / NilimaMotaparti / 7,100 / New / 34 / Divi's Lab / Hyderabad / Pharmaceuticals
8 / Anu Aga / 7,000 / -14% / 74 / Thermax / Pune / Capital Goods
9 / MadhuKapur / 5,600 / 43% / 59 / Yes Bank / Mumbai / Financial Services
10 / Sophie Ahmed / 2,600 / New / - / Cipla / Mumbai / Pharmaceuticals
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
Name / Wealth / Age / Company / Location / Industry(INR Cr)
1 / Rakesh Gangwal / 15,900 / 63 / Interglobe Enterprise / Miami / Transport Services
2 / Samprada Singh / 13,800 / 91 / Alkem Laboratories / Mumbai / Pharmaceuticals
3 / Rahul Bhatia* / 13,300 / 61 / Interglobe Enterprise / New Delhi / Transport Services
4 / Arvind Lal & Family / 5,100 / 67 / Dr. Lal PathLabs / New Delhi / Healthcare
5 / VG Siddhartha / 4,100 / 57 / Café Coffee Day / Bengaluru / Hotels & Restaurants
6 / Kapil Bhatia / 2,600 / 84 / Interglobe Enterprise / New Delhi / Transport Services
7 / Arokiaswamy Velumani / 2,100 / 58 / Thyrocare Technologies / Mumbai / Healthcare
8 / Vasant Laxminarayan Rathi & Family / 2,100 / 68 / Advanced Enzyme Technologies / Yorba Linda / Chemicals & Petrochemicals
9 / Devi Prasad Shetty / 2,000 / 63 / Narayana Hrudayalaya / Bengaluru / Healthcare
10 / Shakuntala Shetty / 1,900 / - / Narayana Hrudayalaya / Bengaluru / Healthcare
11 / Ajit Abraham Isaac / 1,900 / 49 / Quess Corp / Bengaluru / Other Services
12 / Vishal Ajitbhai Mehta / 1,800 / 42 / Infibeam / Ahamedabad / Retailing
13 / Kedar Ramesh Vaze & Family / 1,700 / 42 / SH Kelkar & Company / Mumbai / Chemicals & 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
Award / Number / Richest / Company / Wealth (INR Cr.)1 / Padma Vibhushan / 5 / LN Mittal / ArcelorMittal / 66,900
2 / Padma Bhushan / 20 / Pallonji Mistry / SP Group / 1,01,100
3 / Padma Shri / 17 / Dilip Shanghvi / Sun Pharma / 1,21,500
Source: Hurun Research Institute. For more details visit
Table 9.1: Hurun India Rich List 2016 – Padma awardee details
Padma Award / Name / Company / YearVibhushan & Bhushan / Prathap Reddy / Apollo Hospitals / 2010/1991
Ratan Tata / Tata Sons / 2008/2000
Vibhushan Shri / NR Narayana Murthy / Infosys / 2000/2008
Vibhushan / LN Mittal / ArcelorMittal / 2008
Prithvi Raj Singh Oberoi / East India Hotels / 2008
Bhushan & Shri / Kiran Mazumdar-Shaw / Biocon / 2005/1989
Devi Prasad Shetty / Narayana Hrudayalaya / 2012/2004
Bhushan / Pallonji Mistry / Shapoorji Pallonji / 2016
Azim Premji / Wipro / 2011
Shiv Nadar / HCL / 2008
Sunil Mittal / Bharti Airtel / 2007
Indu Jain / Bennett Coleman / 2016
Kushal Pal Singh / DLF / 2010
Rahul Bajaj / Bajaj Auto / 2001
Adi Godrej / Godrej / 2013
Jamshyd Godrej / Godrej / 2003
Baba Kalyani / Bharat Forge / 2008
Yusuf Hamied* / Cipla / 2005
S Gopalakrishnan / Infosys / 2011
Analjit Singh / Max India / 2011
Nandan Nilekani / Infosys / 2006
Swraj Paul / Caparo Group / 1983
SP Oswal / Vardhman Textiles / 2010
Shri / Dilip Shanghvi / Sun Pharma / 2016
Cyrus S Poonawalla / Serum / 2005
Yusuffali MA / Emke / 2008
Ravi Pillai / RP / 2010
Sunny Varkey / Gems Education / 2009
Mallika Srinivasan / TAFE / 2014
BR Shetty / UAE Exchange / 2009
Karsanbhai Patel / Nirma / 2010
Azad Moopen / DM Healthcare / 2011
Anu Aga / Thermax / 2010
Jawaharlal Gangaramani / Al Fara / 2010
Naresh Trehan / Medanta Medicity / 1991
Shobhana Bhartia / Hindustan Times / 2005
Rajinder Gupta / TridentGroup / 2007
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 1,45,200and INR 139,800Cr respectively.