Barclays Hurun India rich list 2018: Mukesh Ambani retains top spot; 214 new additions

MUMBAI: India’s billionaire club is expanding with disruptive businesses boosting entrepreneurial spirit. Software services to paint industry individuals have figured across the industries. According to Barclays Hurun India Rich List 2018, updated July-end this year, the country added 214 individuals, whose net worth is Rs 1,000 crore or more. Mukesh Ambani, chairman of Reliance Industries NSE 1.19 % , who has been topping the rich list since it was launched in 2012, has retained the position as the richest Indian with net worth of Rs 371,000 crore. “Ambani’s wealth is more than the combined wealth of the next three on the list. His wealth increased by Rs 300 crore a day over the past year.

The successful launch of Jio, backed by above average margins maintained by RIL’s petrochemical business, tripled with a successful retail business foray have resulted in RIL’s share price increasing by more than 47%,” the report said. With 831 members, the list has increased by a third since 2017 and almost eight times since 2012, said Anas Rahman Junaid, MD and chief researcher, Hurun Report India. Pharmaceuticals dominated with 13.7% individuals on the list followed by software services and FMCG entrepreneurs at 7.9% and 6.4%, respectively, whereas industries such as jewellery, media and aviation have suffered setbacks in the last year.

“Wealth creation in India is growing at an unprecedented pace and the time taken to accumulate wealth is shorter than ever before,” said Satya Narayan Bansal, CEO, Barclays Private Clients, who was present at the unveiling of the report. The cumulative wealth of the 831 individuals featured in the list stood at $719 billion, roughly a quarter of India’s GDP of $2,848 billion. With 141billionaires, the report pegged India as third in terms of countries with highest number of billionaires behind China and the US.