NE BUSINESS BUREAU
MUMBAI, SEPT 29
The personal networth of Reliance Industries Limited (RIL) chairman Mukesh Ambani rose by 73 percent to Rs 6.58 lakh crore, helping him retain the title of being the richest Indian for the ninth consecutive year with a wider margin, according to a report released on Tuesday.
Ambani, 63, who has been selling stakes in telecom and retail arms lately leading to a strong performance in the Reliance Industries stock price, is also in the top five at a global level, the report prepared by Hurun in association with IIFL Wealth said.
The rankings come at a time when the COVID-19 pandemic has resulted in a deep economic impact on the lives and fears are being expressed about a K-shaped recovery, which will result in more inequalities in the society. The list identified 828 Indians who are worth over Rs 1,000 crore as of August 31 and made it to the list of richest Indians.
Cyrus Mistry and Shapoor Mistry of Shapoorji Pallonji group, which is seeking nearly Rs 1.78 lakh crore for its 18 percent stake in Tata Sons, saw a 1 percent decline in their wealth at Rs 76,000 crore each. Gujarat-based Gautam Adani, who is diversifying into many businesses, saw a 48 percent rise in his wealth to Rs 1.40 lakh crore and moved up two places in rankings to become the fourth richest Indian. Hinduja Brothers, who are reported to be in a property dispute, are worth Rs 1.43 lakh crore and were able to retain the second standing despite a 23 percent reduction, according to the list.
They are followed by HCL’s Shiv Nadar and family whose fortunes rose 34 percent to Rs 1.41 lakh crore. Wipro’s Azim Premji slipped two places to fifth in the rankings with fortunes of Rs 1.14 lakh crore. The world’s largest vaccine maker Serum Institute of India’s Cyrus Poonawalla had a 6 percent rise in wealth at Rs 94,300 crore and was at sixth place.
D-Mart’s Radhakishan Damani and family broke into the top-ten with a 56 percent rise in wealth to Rs 87,200 crore. Kotak Mahindra Bank promoter Uday Kotak saw an 8 percent reduction in his networth to Rs 87,000 crore, slipping one place to being the eighth richest Indian.
On the back of a blockbuster IPO, 77-year-old Ashok Soota of Happiest Minds debuted on the list with a networth of Rs 3,700 crore, it said. The financial capital continues to have an edge over the national capital in being home to rich Indians, while among the global Indians, the US has the highest numbers in the rich list. Only 40 of the 828 individuals or 5 percent of the list are women, with 69-year-old Smita Crishna of Godrej leading with a networth at Rs 32,400 crore and Kiran Majumdar Shaw of Biocon trailing her with Rs 31,600 crore networth. Hurun’s managing director for India and chief researcher Anas Rahman Junaid said there is possibility of missing two individuals for every one included in the list, and pegged the total number of those worth over Rs 1,000 crore at 3,000.
