IIFL WEALTH HURUN INDIA RICH LIST 2020 29 SEPTEMBER 2020 Press Release Introduction 2020 has been a challenging year for Indian entrepreneurs. Lockdowns brought a halt to business activities. The Bombay Stock Exchange (BSE) Sensex was up 4.1%, despite the Indian Rupee depreciating 7% against the US dollar, 14% against GBP and 13% against Euro. Despite these headwinds, IIFL Wealth Hurun India Rich Listers’ wealth has grown twice as fast as the net market capitalization growth of all the companies listed in the BSE. IIFL Wealth Hurun India Rich List 2020 added 162 new faces, recording a cumulative wealth growth of 20% or INR 10 lakh Cr compared to last year. The combined wealth of India’s richest is a staggering USD 823bn, equating to 1/3rd of India’s GDP and more than the combined GDP of Pakistan, Bangladesh, Sri Lanka, Afghanistan and Bhutan. IIFL Wealth Hurun India Rich List 2020, identified 828 individuals, including 40 women, with at least INR 1,000 cr, spread across 111 cities, up from 94 last year. The average wealth in the list is INR 7,300 Cr and the average age is 63. The list features self-made founders and professional managers, inheritors, CEOs, NRIs, investors, cashed out entrepreneurs and so on. Hurun promotes entrepreneurship through its lists and research, highlighting the stories of these wealth creators. We look forward to the feedback of our readers in helping us to acknowledge the wealth creators and their stories. Happy Reading! 29 September 2020 Mumbai IIFL Wealth Hurun India Rich List 2020 – Key Highlights HURUN INDIA FINDS 828 INDIVIDUALS WITH INR 1,000 CR, UP THREE-FOLD AS COMPARED TO 5 YRS AGO MUKESH AMBANI GAINS INR 90 CR PER HOUR SINCE THE “MARCH LOCKDOWN”; AMBANI’S WEALTH INCREASED BY INR 2,77,700 CR TO INR 6,58,400 CR AND RETAINS THE RICHEST INDIAN TITLE FOR THE 9TH YEAR RUNNING 179 DOLLAR BILLIONAIRES, UP 3 TIMES SINCE HURUN INDIA STARTED IN 2013 627 INCREASED THEIR WEALTH, OF WHICH 162 NEW FACES; 76% OF NEW FACES ARE SELF- MADE 229 SAW THEIR WEALTH GO DOWN. 75 DROPOUTS. 6 PASSED AWAY SELF-MADE INDIAN ENTREPRENEURS IN THE LIST ARE ON THE UP AT 64%, FROM 54% OF THE LIST 5 YEARS AGO; 90% BUSINESSES IN THE LIST ARE FAMILY RUN, INDICATING THE SUCCESS OF FAMILY RUN ENTREPRENEURSHIP IN INDIA. WITH A WEALTH OF INR 32,400 CR, SMITA V CRISHNA, 69, IS THE RICHEST WOMAN IN THE LIST. AND WITH A WEALTH OF INR 31,600 CR AND INCREASE OF 71%, KIRAN MAZUMDAR SHAW, 67, IS THE RICHEST SELF-MADE WOMAN AND IS WITHIN ARM’S REACH OF BECOMING THE RICHEST WOMAN IN THE COUNTRY 21, OF WHOM 17 ARE SELF-MADE, UNDER THE AGE OF 40 WITH 217 INDIVIDUALS MUMBAI TOPS THE LIST FOLLOWED BY NEW DELHI (128) AND BENGALURU (67); NEW DELHI HAS LOST 5 RICH LISTERS, MUMBAI GAINS 41 AND CHENNAI OVERTOOK KOLKATA 11 PROFESSIONAL MANAGERS MADE IT TO THE LIST. WITH INR 11,300 CR, THE RICHEST IS THOMAS KURIAN, 60, WHO ENCASHED HIS STAKE IN ORACLE; WITH INR 3,200 CR, IGNATIUS NAVIL NORONHA, 45, OF AVENUE SUPERMARTS IS THE RICHEST CEO BASED IN INDIA BACKED BY THE BULL RUN OF GOOGLE SHARES, SUNDAR PICHAI, 48, REGISTERED A 79% INCREASE IN WEALTH OF INR 5,900 CR FOUNDERS OF B2B MARKETPLACE UDAAN GAINED 274% IN WEALTH, ON THE BACK OF A NEW ROUND OF FUNDRAISING, AND ARE THE BIGGEST GAINERS, FOLLOWED BY CHIGURUPATI KRISHNA PRASAD, 65, OF PHARMA MAJOR GRANULES INDIA, WHO GAINED 218% FOUNDERS OF 11 UNICORNS MADE IT INTO IIFL WEALTH HURUN INDIA RICH LIST 2020 19 SAW WEALTH DOUBLE, OF WHOM 6 FROM PHARMACEUTICALS AND 3 FROM RETAIL. PHARMA ADDED 27 NEW ENTRANTS AND 122 TOTAL ENTRANTS NETTING A CUMULATIVE WEALTH OF INR 2 LAKH CR BACKED BY A 51% INCREASE IN D-MART’S SHARE PRICE, RADHAKISHAN DAMANI, 65, STORMS INTO TOP 10 WITH INR 87,200 CR BACKED BY STELLAR IPO OF HAPPIEST MINDS, THE FOUNDER ASHOK SOOTA, 77, WITH A WEALTH OF INR 3,700 CR, DEBUTS THE LIST. ROUTE MOBILE’S IPO LAUNCHED SANDIPKUMAR GUPTA, 46, AND RAJDIPKUMAR GUPTA, 45, WITH A WEALTH OF INR 2000 CR EACH TOP 5 FAMILIES HOLD 21% OF THE CUMULATIVE WEALTH OF IIFL WEALTH HURUN INDIA RICH LIST 2020 WITH 91 LAKH FOLLOWERS IN TWITTER, RATAN TATA IS THE MOST FOLLOWED ENTREPRENEUR FROM THE IIFL WEALTH HURUN INDIA RICH LIST ON INDIAN SOCIAL MEDIA, FOLLOWED BY ANAND MAHINDRA WHO HAS 81 LAKH FOLLOWERS STAR SIGNS: RICH LIST ENTRANTS BORN UNDER THE ARIES STAR SIGN HAD A GOOD YEAR AND REGISTERED A 55% INCREASE IN CUMULATIVE WEALTH, FOLLOWED BY THOSE BORN UNDER SCORPIO AT 52%. WORLD’S LARGEST RICH LIST PROVIDER HURUN LAUNCHES 9TH EDITION OF HURUN INDIA RICH LIST TOGETHER WITH IIFL WEALTH IIFL WEALTH and HURUN INDIA release IIFL Wealth Hurun India Rich List 2020 (29 September 2020, Mumbai) Hurun India and IIFL Wealth today released the IIFL Wealth Hurun India Rich List 2020. This is the 9th annual ranking of the richest individuals in India. Wealth calculations are a snapshot of 31st August 2020. 828 individuals across 111 cities have been identified in IIFL Wealth Hurun India Rich List 2020. Cumulative wealth for this year increased by 20% compared to that of last year while average wealth increase by 9%. 674 individuals saw their wealth increase or stay the same – that is 81% of the list. Speaking at the launch, Yatin Shah, Executive Director, IIFL Wealth & Asset Management said, “The IIFL Wealth Hurun India Rich List 2020, is a testament to our belief in the India growth story. Despite these unprecedented times, it is encouraging to note that the IIFL Wealth Hurun India Rich List 2020 has only grown. The sentiment among entrepreneurs and industry leaders has improved in recent months. India is witnessing multiple themes playing out simultaneously, which include rising wealth creation in Tier 2 and Tier 3 cities, change in behaviour of wealthy families with wealth preservation dominating investment decisions.” Anirudha Taparia, Executive Director, IIFL Wealth & Asset Management commented, “India is a land of entrepreneurs and we are indeed pleased that IIFL Wealth Hurun India Rich List 2020, is able to showcase not just entrepreneurship but various other facets of our nation’s wealth creators. What is even more encouraging is that while the number of wealthy in the top cities have increased, the list features entrepreneurs from 111 cities, which is a testimony of the wealth creation taking place across the country.” Commenting on the launch, Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said, “The IIFL Wealth Hurun India Rich List is a barometer of the Indian economy, helping us understand which industries have gone up, innovated or gone down. The stories of these entrepreneurs tell the stories of India’s modern businesses.” "28% of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking Ambani's meteoric success post diversifying from oil to telecom and retail. A further 21% of the additional wealth has been generated by pharma, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19.” “With rising new wealth creators such as innovative startups, family businesses with strong professional management, investors who believe in the India story, and a demographic advantage that is inferior to none, the India’s wealth creation story is still yet to reach the half-way mark.” “Assuming that for every one Hurun rich lister we have found, we have probably missed two, it is likely that India today has 3,000 individuals with INR 1,000 Cr”, continued, Anas Rahman Junaid, MD and Chief Researcher, Hurun India. Top 10 Wealthiest Individuals Avenue Supermarts founder Radhakishan Damani makes a debut and Dilip Shanghvi of Sun Pharma regains a spot in the top 10. Mukesh Ambani and the Hinduja brothers have retained their respective positions for the third consecutive year. The cut-off for the top 10 rose by 6% to INR 76,000 Cr this year, a 10% increase compared to the previous year. Table 1: The Top 10 in the IIFL Wealth Hurun India Rich List 2020 Wealth Rank Name Change Company Age Residence INR Cr 1- Mukesh Ambani 658,400 73% Reliance Industries 63 Maharashtra Maharashtra, 2- Hinduja brothers 143,700 -23% Hinduja - UK, Switzerland Shiv Nadar & 3 (↑2) 141,700 34% HCL 75 Delhi family Gautam Adani & 4 (↑2) 140,200 48% Adani 58 Gujarat family 5 (↓2) Azim Premji 114,400 -2% Wipro 75 Karnataka Cyrus S Serum Institute of 6 (↑2) 94,300 6% 79 Maharashtra Poonawalla India Radhakishan 7* (↑6) 87,200 56% Avenue Supermarts 65 Maharashtra Damani & family Kotak Mahindra 8 (↓1) Uday Kotak 87,000 -8% 61 Maharashtra Bank Sun Pharmaceutical 9 (↑2) Dilip Shanghvi 84,000 17% 64 Maharashtra Industries Cyrus Pallonji 10 (↓1) 76,000 -1% Shapoorji Pallonji 52 Maharashtra Mistry Shapoor Pallonji 10 (↓1) 76,000 -1% Shapoorji Pallonji 55 Monaco Mistry ↑ Rank increase yoy ↓ Rank decrease YoY - No Rank change yoy * New to Top 10 Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020 With a wealth of INR 6,58,400 Cr, Mukesh Ambani, continues to be the richest man in India. At the beginning of the Covid-19 pandemic, Ambani’s wealth dropped by 28% to INR 3,50,000 Cr and then backed by a series of fund raising and strategic investment from Facebook, Google and so on into Jio and Reliance Retail, his valuation registered a “V shaped recovery” and increased by 85% in 4 months.