- M3M Hurun India Rich List 2026 records 12.8% surge in collective wealth despite Nifty, Sensex declines
- Gautam Adani & family reclaim No. 1 spot with ₹9.23 lakh crore; Mukesh Ambani & family at ₹8.63 lakh crore
- India now has record 391 dollar billionaires; 76 are new entrants
- 70% of the 1,810 rich-list members are self-made, signalling widening entrepreneurial wealth creation
- AI makes its debut as a standalone sector with 19 entrants commanding ₹3.07 lakh crore
NE BUSINESS BUREAU
MUMBAI, SEPT 25
India’s wealth-creation engine appears to be accelerating even as the stock market lost ground, with the collective fortune of the country’s richest individuals rising 12.8% to ₹187.5 lakh crore ($1.96 trillion), according to the 15th edition of the M3M Hurun India Rich List 2026 released in Mumbai on Thursday.
The list features 1,810 individuals, 128 more than last year, spread across 163 cities, including 106 cities in India. The surge in wealth came even as the Nifty 50 fell 3.9% and the Sensex declined 5.8% over the corresponding period.
The report also records a new milestone: India now has 391 dollar billionaires, 27 more than last year.
At the top, Gautam Adani (64) & family reclaim the No. 1 position with wealth of ₹9.23 lakh crore, followed by Mukesh Ambani (69) & family at ₹8.63 lakh crore. LN Mittal (76) & family climbed eight places to third with ₹3.39 lakh crore.
AI enters the wealth map
The 2026 edition captures a changing architecture of Indian wealth, with Artificial Intelligence making its debut as a standalone sector.
The sector has 19 entrants with combined wealth of ₹3.07 lakh crore, including 15 new entrants. Defence, manufacturing and green energy are also identified as changing the sources of wealth creation.
Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said: “The M3M Hurun India Rich List 2026 captures a year in which wealth creation outpaced the stock market. Cumulative wealth rose 12.8% to INR 187.5 lakh crore, even as the Nifty 50 fell 3.9% and the Sensex declined 5.8%. Defence, manufacturing, green energy and artificial intelligence are changing both the sources of Indian wealth and the people creating it. India has a record 391 dollar billionaires, including 76 new entrants. At the 2014 exchange rate, we would have 559, with the same fortunes. Artificial intelligence makes its debut as a standalone industry with 19 individuals worth INR 3.07 lakh crore, including 15 new entrants. If you want to understand the story of wealth creation in India, the M3M Hurun India Rich List is a good place to start.”
Self-made wealth takes centre stage
One of the report’s defining findings is the growing contribution of entrepreneurs who have built their fortunes rather than inherited them.
A record 1,266 entrepreneurs, or 70% of the list, are self-made, while 347 new entrants have joined the 2026 edition. The number of women on the list has also increased to 131 from 100 last year.
Dr. Payal Bansal Kanodia, Promoter, M3M India & Chairperson & Trustee, M3M Foundation, said: “The M3M Hurun India Rich List has become an important annual barometer of how India is creating, accumulating and reshaping wealth. For M3M, our association with Hurun is not merely about putting a name to a list; it is about supporting a research-led effort to understand the economic forces and entrepreneurial journeys that are shaping India’s next phase of growth. The 2026 M3M Hurun India Rich List reflects the depth and dynamism of India’s wealth-creation story. With 70% of the 1,810 individuals being self-made and 347 new entrants, it is clear that India’s entrepreneurial ecosystem continues to expand and diversify, with growing participation from younger entrepreneurs and women. As a promoter, I see the Rich List as more than a measure of wealth; it offers a window into the sectors, cities and entrepreneurial journeys shaping India’s economic trajectory. I congratulate this year’s new entrants and all the wealth creators featured. For M3M, our partnership with Hurun represents a shared commitment to documenting these shifts and understanding where Indian enterprise is headed next.”
Mumbai remains India’s wealth capital
Geographically, Mumbai leads with 465 individuals, followed by New Delhi with 236 and Bengaluru with 129.
The sectoral composition also points to the breadth of India’s wealth economy. Industrial Products is the most populous sector with 166 entrants, followed by Chemicals (142) and Pharmaceuticals (136).
The emergence of AI as a standalone category adds a new dimension to the traditional industrial, chemicals and pharmaceutical wealth base.
Fifteenth-year research tracks changing fortunes
The M3M Hurun India Rich List 2026 has been researched and compiled by the Hurun Research Institute for the fifteenth consecutive year. Its wealth cut-off date is 24 August 2026, when the exchange rate stood at ₹95.6346 to the US dollar.
The list covers individuals born or brought up in India, irrespective of their current residence or passport.
Hurun Research states that it uses publicly available information and undertakes extensive cross-checking with entrepreneurs, industry experts, journalists and investors.
For unlisted companies, valuations are based on the latest investor round and comparisons with listed equivalents using prevailing industry multiples, including Price to Earnings, Price to Sales, EV to Sales and EV to EBITDA.
Like-for-like comparisons revised
The 2026 edition also includes restated comparatives where family holdings have been disaggregated among individual members, ensuring year-on-year wealth changes are measured on a like-for-like basis. The Bajaj Group and Torrent Pharmaceuticals holdings are cited as significant examples.
Ranks for 2025 remain as originally published, while industry classifications have been restructured from 44 categories to 33 in the 2026 edition. Consequently, the report cautions that year-on-year sector comparisons are limited to categories whose definitions remain unchanged.
The latest Rich List, therefore, offers more than a roll call of India’s wealthiest. Its numbers point to a changing entrepreneurial landscape in which self-made fortunes, emerging technologies, new sectors, younger entrepreneurs and women are gaining a larger presence alongside India’s established business dynasties.
