Gautam Adani earned Rs 1,612 crore a day in 2021 to become the world’s second richest and top the charts in IIFL Wealth Hurun India Rich List 2022. The study pegs his (Gautam Adani & family) wealth at a staggering Rs 10.94 trillion – up 15 per cent in the last one year.
Adani was far ahead of Reliance Industries’ chairman Mukesh Ambani (Mukesh Ambani & family), whose wealth rose 11 per cent in the last one year, as per IIFL Wealth Hurun India Rich List 2022, to Rs 7.95 trillion. The youngest on the list is 19-year-old Zepto founder Kaivalya Vohra, whose wealth is estimated at Rs 1,000 crore.
Gautam Adani’s wealth, according to Hurun India, more than doubled (116%) in the last one-year and in absolute terms, he added Rs 5.89 trillion. In the last five years, the first-generation entrepreneur’s wealth has increased by 1440 per cent. The combined market value of the Adani group’s seven publicly traded companies, all of which carry the industrialist’s name, has increased significantly in the past few years. The mining-to-energy conglomerate has promised to invest $70 billion in green energy and become the world’s largest renewables producer.
‘From an Indian wealth creation perspective, 2022 will be remembered for Adani’s meteoric rise. Briskly expanding his commodity trading company into a coal–to–port-to-energy conglomerate, he is the only Indian to have built not one, but seven companies with a market-cap of one lakh crore. The cumulative wealth growth of the IIFL Wealth Hurun India Rich List 2022 excluding Adani is only 2.67 per cent, compared to the overall 9 per cent. The youngest, ten years ago, was 37 and today, is 19, indicating the impact of the startup revolution,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.
While Gautam Adani and family grew their wealth 15.4 times in 5 years, Vinod Shantilal Adani & family grew their wealth by 9.5 times, Shiv Nadar & family grew their wealth by 5 times, followed by Radhakishan Damani & family, who grew their wealth by 3.8 times in five years, the findings suggest.
At an aggregate level, there were 1,103 individuals with Rs 1,000 crore in wealth, up by 96, an increase of 62 per cent over the last five years. More than 82 per cent of the billionaires on the list are above the age of 50, and only 0.6 per cent of the rich in the list are below the age of 30, the Hurun India study said.
With 36 entrepreneurs, the pharmaceuticals sector minted the most number of dollar billionaires followed by chemicals & petrochemicals (23) and software & services (21). A record 735 entrepreneurs or 67 per cent are self-made, up from 659 last year, and up from 367(54 per cent) five years ago. 79 per cent (117) of new faces this year are self-made.
Founder of Nykaa – Falguni Nayar, overtook Kiran Mazumdar-Shaw to become the richest self-made Indian woman. Co-founder of Confluent, a streaming data technology company, Neha Narkhede is the youngest self-made woman entrepreneur in India, Hurun findings suggest.