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. Despite the ongoing pandemic, the Reliance’s market cap
crossed INR 10 lakh Cr and registered a 73% increase in Mukesh Ambani’s wealth.

“Ambani’s wealth is now bigger than the combined wealth of the next 5 in the list.”, said Anas
Rahman Junaid, MD and Chief Researcher, Hurun India.

With a wealth of INR 1,43,700 Cr, the Hinduja brothers occupy the second spot in the list. The
brothers saw the valuation drop by 23% due to a lackluster performance of their flagship
companies such as IndusInd Bank, Gulf Oil and GOCL Corporation Limited whose share price
came down by 54%, 12% and 19% respectively. The brothers are based between London,
Geneva and Mumbai.

With a wealth of INR 1,41,700 Cr, the founder of HCL, Shiv Nadar ranks third, backed by a 37%
increase in HCL’s share price. Nadar jumped 2 ranks to third place in the IIFL Wealth Hurun
India Rich List 2020. In July 2020, after Shiv Nadar stepped down as the Chairman, his daughter
Roshni Nadar Malhotra took charge of HCL as its Chairperson.

With a wealth of INR 1,40,200 Cr, Gautam Adani & family ranks fourth in the IIFL Wealth
Hurun India Rich List 2020. Backed by the performance of Adani Green, Gautam Adani’s wealth
increased by 48% compared to that of last year. Adani moved up two places to the fourth
rank, thereby breaking into the top 5 for the first time. This year, in August, Adani Green
became the first Adani Group company to cross the 1 Lakh Cr market cap. Adani Group also
manages 6 airports in the country and have bid for more.

With a wealth of INR 1,14,400 Cr, Azim Premji moves down 2 positions to the fifth rank. A
celebrated philanthropist, Azim Premji through his foundation and two other scientific
institutes joined hands in May 2020 to fight the COVID-19 pandemic, by conducting research
to find innovative testing methods. He celebrated his 75th birthday this year and the publisher
Harper Collins announced the commencement of his biography titled “The Man Beyond
Millions”.

With a wealth of INR 94,300 Cr, Cyrus S Poonawalla of Serum Institute of India occupies the
sixth position. Poonawalla’s wealth increased by 6% and gained two ranks; in June 2020,
Poonawalla debuted the top 100 in Hurun Global Rich List. Serum Institute of India (SII) is
working closely with Oxford University and multiple institutions to manufacture and distribute
Covid-19 vaccines. In August this year, SII announced its partnership with Bill and Melinda
Gates foundation to deliver up to 100 million doses of the vaccine to India and other low and
middle-income countries.

With a wealth of INR 87,200 Cr, Radhakishan Damani, the founder of Avenue Supermarts,
stormed into the top 10 for the first time in the IIFL Wealth Hurun India Rich List. Since its IPO
in 2017, Avenue Supermarts’ share price has increased by more than 250% and his rank in the
list increased by 23 places. A media shy veteran, Damani, who is also a revered investor, was
in the news for buying 2.75% of India Cements through an open market transaction.
With a wealth of INR 87,000 Cr, Uday Kotak ranks eighth in the IIFL Wealth Hurun India Rich
List 2020. On account of 5.1% drop in Q1 net profit, Uday Kotak’s wealth registered a drop of
8% or INR 7,100 Cr compared to last year.

With a wealth of INR 84,000 Cr, Dilip Shanghvi regains ninth rank (up 2 places) in the IIFL
Wealth Hurun India Rich List 2020. Backed by a 22% increase in share price of Sun Pharma,
Dilip Shanghvi’s wealth increased by 17% or INR 12,500 Cr. Sun Pharma’s share price
decreased by 25% during the beginning of March lock down and registered a strong V shaped
recovery, and gained back a whopping 60% over the last 6 months.

“These V shaped recoveries suggest that the March lows was a reasonably good opportunity
to invest in the companies owned by some of the top wealth creators in India”, said Anas
Rahman Junaid, MD and Chief Researcher, Hurun India.

The tenth position in the list is shared by the Pallonji brothers, Cyrus and Shapoor Pallonji.
Each of them registered a wealth of INR 76,000 Cr. On the back of SP group agreeing to sell
its 18.37% stake in Tata Sons for a valuation of INR 1.75 lakh Cr, the Shapoorji Pallonji-
Tata relationship spanning over 70 years would finally be coming to an end.

Other notable entrants

With a wealth of INR 6,500 Cr, Ronnie Screwvala (63) of Unilazer Ventures debuted in IIFL
Wealth Hurun India Rich List 2020 and secured 188th position. Most of his wealth is derived
from upGrad, an e-learning platform that offers education for working professionals. He is
also an early investor in some of the most successful Indian start-ups such as Lenskart, Niki.ai,
Kimaye and so on.

The rise of Kamath Brothers: Nithin Kamath & Nikhil Kamath co-founded the online trading
platform Zerodha and grew it to become India’s largest stockbroker by number of clients. With
a wealth of INR 16,900 Cr, Nithin Kamath, 40, stormed into Top 100 in IIFL Wealth Hurun India
Rich List 2020 and Nikhil Kamath, 34, registered a wealth INR 7,100 Cr.

The IPO Star: Backed by the post IPO performance of Software Services company, Happiest
Minds, which got subscribed by 150 times, Ashok Soota, 77, registered a wealth of INR 3,700
Cr and debuted the IIFL Wealth Hurun India Rich List 2020 at the 282th rank. Soota was the
Founding Chairman and Managing Director of MindTree, which again completed a successful
IPO during his tenure. Soota is the co-author of the national bestseller “Entrepreneurship
Simplified”.

LIC agent then, billionaire now: Lachman Das Mittal, 89, an LIC agent turned entrepreneur
founded Sonalika Tractors that has grown to become the third largest tractor manufacturer in
India. With a wealth of INR 7,700 Cr, Lachman Das Mittal ranked 164th on the IIFL Wealth
Hurun India Rich List 2020.

With a wealth of INR 8,500 Cr, Vinod Saraf, 70, secured 152nd spot in IIFL Wealth Hurun India
Rich List 2020. Saraf, the founder of Vinati Organics (named after his daughter and the CEO –
Vinati Saraf), a speciality chemical company, was the fastest riser in last year and registered a
16% increase in wealth this year. During the founding days, he pumped in his entire personal
savings of INR 57 lakh, borrowed from friends and family and has now built one of the most
valuable chemicals business in India. Saraf was presented with the “Hurun Value Creator of
the Year” award during the Hurun Most Respected Entrepreneurs Summit 2019.

Rags to Riches Veteran: With a wealth of INR 5,400 Cr, Dharam Pal Gulati, 96, of MDH is the
oldest individual in IIFL Wealth Hurun India Rich 2020 find his place at 216th Rank. Gulati was
born in Pakistan and moved to India after partition with INR 1,500.

With a wealth of INR 6,800 Cr, Krishna Chivukula,73, of Indo-MIM ranked 182nd in IIFL Wealth
Hurun India Rich List 2020 and is a new entrant. His flagship company, Indo-MIM is the World’s
largest metal injection moulding company.

Where They Live

Being home to 217 individuals that comprise 26% of the list, Mumbai is the residential capital
of India’s wealth creators, followed by New Delhi and Bengaluru. With 58 new entrants and
17 dropouts, Mumbai registered a net increase of 41 individuals and for the first time New
Delhi registered a net loss of 5 with 17 new additions and 21 dropouts.

With 248 and 128 entrants respectively, Maharashtra and Delhi are the preferred states of
residence for individuals in IIFL Wealth Hurun India Rich List 2020. Adding 11 individuals,
Gujarat breaks into top 5.

“Over half of the new additions in the IIFL Wealth Hurun India Rich List 2020 are contributed
by the Top 3 cities this year - a spike from the 36% last year. The fact that the list features
entrepreneurs from 111 cities evidence the length and breadth of India’s wealth creation
story”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India

Table 2: City/ State of Residence of IIFL Wealth Hurun India Rich List 2020
Rich List Rich List
Richest Individual
Rank City Entries Rank State Entries
2020
(Change) (Change)
1- Mumbai 217 (+41) Mukesh Ambani 1- Maharashtra 248 (+34)
2- New Delhi 128 (-5) Shiv Nadar & family 2- Delhi 128 (-5)
3- Bengaluru 67 (+10) Azim Premji & family 3- Karnataka 72 (+13)
4- Hyderabad 51 (+4) Murali Divi 4↑ Tamil Nadu 65 (+13)
5- Ahmedabad 38 (+5) Gautam Adani 5- Gujarat 60 (+11)
6↑ Chennai 37 (+6) Kalanithi Maran 6↓ Telangana 55 (+3)
7↓ Kolkata 32 (-2) Benu Gopal Bangur 7- West Bengal 32 (-3)
8- Pune 21 (-7) Cyrus S Poonawalla 8- Kerala 16 (+2)
9- Dubai 15 (-1) Vinod Shantilal Adani 8- Haryana 16 (0)
Uttar
10↑ Coimbatore 13 (+1) K Srinivasan & family 10- 9 (0)
Pradesh
10- London 13 (0) SP Hinduja & family 10↑ Rajasthan 9 (+3)
12- Surat 11 (+3) Savji Dholakia 12- Punjab 8 (+3)
 Andhra
13↑ Gurugram 8 (+1) Nirmal Kumar Minda 13↓ 7 (-2)
Pradesh
Paritosh Kumar &
13* Ludhiana 8 (+3) 14↓ Bihar 4 (-1)
family
15↓ San Francisco 7 (+0) Jayshree Ullal 14* Jharkhand 4 (+1)
Bhikhabhai
15↑ Rajkot 7 (+1)
Popatbhai Virani
17* Singapore 5 (+0) Shyam Bhartia
17↓ Nagpur 5 (+0) Satyanarayan Nuwal
Ballabh Prasad
17↑ Noida 5 (-1)
Agarwala & family
George Alexander
20↓ Ernakulam 4 (+1)
Muthoot & family
20* Thrissur 4 (+0) Joy Alukkas
Prem Prakash Sikka &
20* Tirupur 4 (+0)
family
20* New York 4 (+1) Ajaypal Singh Banga
20* Salem 4 (+1) R Rajendran & family
↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net

Indian Diaspora

Indian diaspora around the world counts among the most successful immigrant ethnic groups.
Followed by India is USA, UAE, UK and Singapore.

Table 3: Indian diaspora

Rank Country of Residence No of Individuals
1 India 744
2 USA 37
3 UAE 18
4 UK 14
5 Singapore 5
6 Others 10
828
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net
Richest Indian Professional Managers

Professional Managers in the list consist of individuals who joined busines after it has been
founded, helped it grow and these managers were given stock options from which they have
created their wealth.

“These Indian executives have been the cornerstones in wealth creation of some of the most
valuable and respectable companies in the world. Their stories are truly inspirational for
young Indian professionals, India being home to the youngest professional work force in the
world”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Table 4: IIFL Wealth Hurun India Rich List 2020 – Top 10 Richest Indian Professional
Managers
Wealth Wealth
No Names Country Company Age
(INR Cr) Change
1 Thomas Kurian 11,300 7% USA Oracle 60
2 Jayshree Ullal 9,100 -7% USA Arista Networks 59
3 Ajaypal Singh Banga 7,200 38% USA Mastercard 60
4 Nikesh Arora 6,500 8% USA Palo Alto Networks 52
5 Satya Nadella 5,900 16% USA Microsoft 53
5 Sundar Pichai 5,900 79% USA Alphabet 48
7 Shantanu Narayen 4,500 0% USA Adobe 57
8 Indra K Nooyi 3,500 9% USA PepsiCo 64
9 Ignatius Navil Noronha 3,200 45% India Avenue Supermarts 45
10 Aditya Puri 1,300 New India HDFC Bank 69
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net

With a wealth of INR 11,300 Cr, Thomas Kurian is the number one richest professional
manager in the IIFL Wealth Hurun India Rich List 2020. An MBA graduate, Kurian began his
career at McKinsey & Company in New York. Later, he joined Oracle, where his career spanned
for more than two decades. Most of his wealth is attributed to his stake sale in Oracle. He now
leads the Cloud division of Google.

With a wealth of INR 9,100 Cr, President and CEO of Arista Networks, Jayshree Ullal is the
second richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020. In
June 2014, Arista Networks filed for IPO under the leadership of Ullal.
A 2016 Padma Shri awardee, Ajaypal Singh Banga holds the third position in the ranking of
richest non-promoter Indians in the list. He is the President and CEO of Mastercard and
registered a wealth of INR 7,200 Cr – mainly on the back of his holdings and stake sale in
Master Card.

The fourth richest professional manager Indian in the IIFL Wealth Hurun India Rich List 2020 is
Nikesh Arora who registered a wealth of INR 6,500 Cr. Arora is currently the CEO and
Chairman of Palo Alto Networks. Prior to joining Palo Alto Networks, he served in the
leadership positions of SoftBank and Google. Most of his wealth is derived from stake sale in
SoftBank.

With a wealth of INR 5,900 Cr, Microsoft’s CEO, Satya Nadella is the fifth richest professional
manager Indian in the IIFL Wealth Hurun India Rich List 2020. Born and raised in Hyderabad,
Nadella left for the US to pursue master’s in computer science. Since 1992, Nadella has been
working with Microsoft and most of his wealth is derived from Microsoft stake sale.

With a wealth of INR 5,900 Cr, Sundar Pichai shares the fifth position with Satya Nadella in
the ranking of richest professional manager Indians in the list. He joined Google in 2004 and
was promoted to CEO in under a decade. Pichai is one of the highest paid CEOs in the world.
Google Chrome’s development and Android’s acquisition by Google are two of the major
milestones of his career.

With a wealth of INR 4,500 Cr, Shantanu Narayen, Chairman of Adobe is the seventh richest
professional manager in IIFL Wealth Hurun India Rich List 2020. An Indian-origin techie,
Shantanu’s began his career with Apple. Apart from his current role at Adobe, he also serves
in leadership roles of the US-India Strategic Partnership Forum and Pfizer. In 2019, he was
felicitated with Padma Shri, India’s fourth highest civilian award.

With a wealth of INR INR 3,500 Cr, Former CEO and Chairperson of PepsiCo, Indra K Nooyi
holds the eighth position amongst the richest professional manager Indians in IIFL Wealth
Hurun India Rich List 2020. She became the first independent female director of ICC after
joining the institution in 2018. Nooyi, whose career at PepsiCo spanned for 25 years, derived
most of her wealth through stake sale in Pepsi.

With a wealth of INR 3,200 Cr, Ignatius Navil Noronha is the ninth richest professional
manager Indian in the IIFL Wealth Hurun India Rich List 2020. He currently serves as the CEO
of Avenue Supermarts, which is a parent organization of Indian hypermarket chain, DMart. He
is the richest professional manager Indian serving on the board of an Indian company.

A new entrant to the ranking of wealthiest non-promoter Indians in the IIFL Wealth Hurun
India Rich List 2020, Aditya Puri, the Managing Director of HDFC Bank, registered a wealth of
INR 1,300 Cr. Puri joined HDFC Bank in 1994, after working with Citibank for 2 years. In July
2020, he sold his 0.13% stake in HDFC Bank valued at INR 842 Cr.

Biggest Gainers

Udaan, co-founded by former Flipkart executives Amod Malviya, Sujeet Kumar and Vaibhav
Gupta had their wealth increase by 274% on account of strong investor interest in B2B e-
commerce and topped the biggest gainer list in IIFL Wealth Hurun India Rich List 2020 for the
second consecutive year. Valuation of Udaan increased from INR 20,000 Cr in October 2019
to INR 52,500 Cr in February 2020.

Chigurupati Krishna Prasad’s flagship company, Granules India’s strong growth in

formulation revenue, new product additions in the API segment, and reduced costs owing to
backward integration resulted in a 257% increase in its share price this year. He is the
second fastest riser.

Backed by the stellar performance of his flagship company, Laurus Labs, C Satyanarayana
entered Top 5 gainers league this year. In 2015, with an investment of INR 450 Cr, Laurus
entered the formulations business and over the least three years, the company reported a
165 times growth in revenue to INR 825 Cr.

Samsung has announced that it would locally manufacture almost 85-90% of the televisions
they sell in India, expanding their partnership with Dixon Technologies. Dixon Technologies’
share price is riding on the hopes of India becoming the hub of contract manufacturing for
electronics. In August 2020 company crossed INR 10,000 Cr market capitalization and helped
its founder, Sunil Vachani become the fifth fastest riser in the list.

“19 individuals managed to double wealth in the IIFL Wealth Hurun India Rich List 2020 of
whom 5 were able to triple their wealth over the last year. The top 20 fastest gainers are based
in India and spread across sectors, indicating the holistic investment opportunity in India’s
domestic market” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India

Table 5: IIFL Wealth Hurun India Rich List 2020 – The Biggest Gainers
% Wealth
No Name Age Company Industry
Change (INR Cr)
1 Amod Malviya 274% 13,100 39 Udaan Retail
2 Sujeet Kumar 274% 13,100 40 Udaan Retail
3 Vaibhav Gupta 274% 13,100 40 Udaan Retail
Chigurupati Krishna
4 218% 3,500 65 Granules India Pharmaceuticals
Prasad
5 C Satyanarayana 210% 3,100 59 Laurus Labs Pharmaceuticals
6 Sunil Vachani 192% 3,800 51 Dixon Technologies Manufacturing
Dinesh Chandra
7 177% 3,600 51 IndiaMart Publishing
Agarwal
Deepak Chimanlal Chemicals &
8 167% 4,800 63 Deepak Nitrite
Mehta & family Petrochemicals
Chirayu R Amin & Alembic
9 157% 9,500 73 Pharmaceuticals
family Pharmaceuticals
10 Brijesh Agarwal 150% 2,500 44 IndiaMart Publishing
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net
Major Rank Changes over the last 5 years.

This section presents the data pertaining to some of the major individual rank changes that
have occurred in the list over the course of 5 years.

“The rise of these wealth creators representing sectors ranging from real-estate to fin-tech
confirms the rising story of India Inc. over the last 5 years.”, said Anas Rahman Junaid, MD
and Chief Researcher, Hurun India.

Table 6: Biggest Rank Changes

Rank Change 2020 Wealth
Rank Name Rank INR Cr
Since 2016
1 Vijay Shekhar Sharma 171 44 23,000
2 Niranjan Hiranandani 122 36 31,000
3 Karsanbhai Patel & family 119 23 33,800
4 Abhaykumar Firodia & family 114 132 9,200
5 Jitendra Virwani 107 43 24,300
6 Sandeep Pravinbhai Engineer & family 100 127 9,500
7 Kiran Mazumdar-Shaw 88 34 31,600
8 Sanjeev Bikhchandani 78 74 15,200
9 Kuldip Singh Dhingra 63 57 18,000
9 Gurbachan Singh Dhingra 63 57 18,000
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net
New to the List!

IIFL Wealth Hurun India Rich List added a record 162 new faces, from 31 industries and from
50 cities. The Pharmaceuticals sector contributed the greatest number of new entrants with
27 new additions, followed by Chemicals & Petrochemicals (20) and Software & Services (15).

“More than 70% of the new entrants are self-made – this depicts the rising first-generation
entrepreneurship in India”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Table 7: Top 10 new additions

Wealth 2020
Rank Name Company
(INR Cr)
1 Subash Runwal & family 7,900 Runwal Developers
2 Krishna Chivukula & family 6,800 Indo-MIM
3 Ajit Prabhu 6,700 Quest Global
3 Aravind Melligeri 6,700 Quest Global
5 Ronnie Screwvala 6,500 Unilazer Ventures
6 Rishi Khosla 6,400 OakNorth
7 Sunil Wadhwani 5,200 iGate
8 Ashok Trivedi 5,100 iGate
Yogesh Mathradas Kothari &
9 5,000 Alkyl Amines Chemicals
family
10 Ashok Soota 3,700 Happiest Minds
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020.
For more details, visit www.hurunindia.net

Industry analysis

With 122 individuals on the list, Pharmaceuticals leads the list followed by Chemicals &
Petrochemicals with 55 individuals and Software & Services with 50 individuals. Automobile
& Auto Components, Food & Beverages, Manufacturing, Construction & Engineering, etc. are
some of the other big contributors to the IIFL Wealth Hurun India Rich List 2020.

Covid-19 pandemic boosted the Pharma sector and hit the real estate sector hard

The industries that added the greatest number of new entrants to the list were
Pharmaceuticals, Software & Services, and Chemicals & Petrochemicals. Except for
Construction & Engineering, FMCG, and Financial Services, almost all the industries added
more individuals than last year.
Supported by rising pharma shares, the Bombay Stock Exchange (BSE) Sensex went up by 4.1%
yoy as on 31 August 2020. Real Estate, Financial Services, Capital Goods, and Metals had a bad
year. Currently, the Indian stock market seems to be trading at an expensive valuation of 27.2x
PE compared to last year’s PE of 26.2x.

“Reasonably high valuation multiples that defied the economic slowdown and Covid-19 crisis,
is triggering more Indian companies to initiate IPOs, resulting in further wealth creation”, said
Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Table 10: IIFL Wealth Hurun India Rich List 2020 – Industry breakdown
No. of Change in Change in
Rank Industry Individuals Individuals Cumulative Richest Individual
in the list in the list wealth (%)
1- Pharmaceuticals 122 25 36% Cyrus S Poonawalla
Chemicals &
2↑ 55 16 34% Ashwin Dani & family
Petrochemicals
3↓ Software & Services 50 14 28% Shiv Nadar & family
Automobile & Auto
4- 43 8 15% Rahul Bajaj & family
Components
5↑ Jewellery 38 6 25% Joy Alukkas
6↑ Financial Services 37 -4 11% Uday Kotak
Construction &
7↓ 33 -8 -21% Bhadresh Shah
Engineering
7↑ Real Estate 33 3 9% Rajiv Singh & family
Arvindkumar Poddar
9* Manufacturing 32 8 57%
& family
10↑ Food & Beverages 31 3 45% Ravi Jaipuria & family
↑ 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

Pharmaceuticals continues to rule

On the back of “Covid-19 crisis” and on the back of shift in priority towards health care
spending, India’s pharma sector had a stellar year with 122 entrants and 27 new additions.
The Indian government is planning a fiscal stimulus of USD1.3bn that targets to build domestic
infrastructure required to boost the production of active pharmaceutical ingredients (APIs) –
“In the coming years, this could add new Pharma entrepreneurs to the list”, said Anas Rahman
Junaid, MD and Chief Researcher, Hurun India.

Chemicals & Petrochemicals rises to the second spot

With 20 new additions, 55 entrants from the IIFL Wealth Hurun India Rich List 2020 created
wealth from the Chemicals & Petrochemicals sector. Compared to last year, the cumulative
wealth in this sector grew by 34%. For instance, decorative paint businesses recovered sharply
post the lifting of lockdown restrictions. The number 1 from this sector is Ashwin Dani &
family, with a wealth of INR 42,100 Cr. Revamped government regulations on anti-dumping
duty of phenol helped Deepak Chimanlal Mehta & family, of Deepak Nitrate, to grow his
wealth by 167% this year, scoring a wealth of INR 4,800 Cr.
Software & Services down to third position
Software & Services continues to hold on to the second position by contributing 50 entrants
and 15 new additions to IIFL Wealth Hurun India Rich List 2020. Bengaluru continues to be hub
for software companies.

“The pace at which the young technology companies, focused on the Indian domestic market,
are creating wealth, underscores the role of tech companies in creating new wealth”, said
Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Automobile & Auto Components retains the fourth spot

43 entrants from the IIFL Wealth Hurun India Rich List 2020 created wealth from the
Automobile & Auto Components industry. Their combined wealth increased by 15% compared
to that of last year. 8 new entrants in the list. With 6 individuals, Chennai based
Amalgamations Group contributes the highest number of entrants from this industry.

Jewellery valuations increased this year

Including 8 new entrants, Jewellery sector contributed 38 individuals to IIFL Wealth Hurun
India Rich List 2020. The combined wealth of Jewellery entrepreneurs increased by 28% in
2020. Along with the rise in the average wealth, this sector also observed a rise in the number
of individuals. Lack of sales during the lockdown was compensated by increase in gold prices
that enabled jewelers to earn higher margins. There were 8 new additions under this sector
in the list of 2020. Kalyan Jewellers from Kerala filed for an IPO this year.

Financial Services increased this year

With a total of 37 individuals including 4 new additions and 8 dropouts, financial services had
a bad year. The wealth loss by entrepreneurs in this sector was compensated by wealth gains
of Fintech entrepreneurs such as Vijay Sekhar Sharma (Paytm) and Kamath brothers
(Zerodha).

Construction & Engineering goes down

Impacted by Covid-19, 33 entrants and 13 dropouts from construction and engineering sector.
With a wealth of INR 11,600 Cr, AIA Engineering’s Bhadresh Shah is the wealthiest individual
from the sector. Backed by the plans of group restructuring involving demerger of non-airport
vertical business, GMR Group’s GM Rao and family, whose wealth shot up by 65% since last
year and is the biggest gainer from the sector.

On account of new additions, real estate languidly moves to the seventh spot
The real estate sector contributed 33 and added 6 individuals in the IIFL Wealth Hurun India
Rich List 2020. Covid-19 dragged down the performance of real estate companies, resulting in
BSE Realty declining by 15%. Excluding the outliers, most of the real estate entrepreneurs in
the list registered an average wealth decline of 10%.

Manufacturing is new to top 10

With 32 entrants and 10 new additions in the IIFL Wealth Hurun India Rich List 2020,
manufacturing enters the top 10 industries. The highest gainer in this category is the CMD of
Dixon Technologies, Sunil Vachani, who registered a whopping 192% in his total wealth in a
year’s span.

Food & Beverages shoots up

With a growth rate of nearly 31% in the cumulative wealth generated, F&B ranks Tenth. None
of the members from this sector witnessed a wealth decline compared to last year. Ravi
Jaipuria (rank 40) of RJ Corp is one of the biggest gainers in the IIFL Wealth Hurun India Rich
List 2020.

Table 11: Top 5 Industry producing the most number of new entrants
New Wealth
Industry Richest New Entrant Company
Additions (INR Cr)
Pharmaceuticals 27 Balmiki Prasad Singh 3,600 Alkem Laboratories
Chemicals & Yogesh Mathradas Alkyl Amines
20 5,000
Petrochemicals Kothari & family Chemicals
Ajit Prabhu, Aravind
Software & Services 15 6,700 Quest Global
Melligeri
Krishna Chivukula &
Manufacturing 10 6,800 Indo-MIM
family
Purushottam Dass Lumino Power
Capital Goods 9 2,100
Goel & family Industries
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net

The Unicorn Industries

Although the industry analysis gives a reasonably good overview of contemporary

business landscape, the rise of Indian Unicorns shows the future and potential for
exponential wealth creation in India.

According to Hurun Global Unicorn List 2020, India ranked fourth in terms number of unicorns
featured in the list with 21 unicorns. IIFL Wealth Hurun India Rich List 2020 features founders
from 11 Indian unicorns, compared to 9 that of last year, from the Hurun India Unicorn Index
2020. The cumulative wealth contributed by the Indian unicorn listers to the rich list shot up
by 400% to INR 1,71,500 Cr.

Mergers and Acquisitions (M&A)

Blackstone acquired 37.5% stake in competitive exam preparation firm Aakash Educational
Services, founded by JC Chaudhry (ranked 391), for a sum of INR 1,350 Cr.

Zomato, founded by Deepinder Goyal (ranked 432), acquired one of its major competitors,
Uber Eats India for a sum of USD350mn. ·
Byju Raveendran (ranked 52) promoted online learning app Byju’s acquired another ed-tech
startup WhiteHat Jr for USD300mn. This was an all-cash deal.

Eicher Group, managed by Vikram Lal (ranked 37), bought Volvo Bus India for INR 100 Cr to
form a joint venture named VE Commercial Vehicles Limited (VECV).

Total SA acquired a 50% stake in Gautam Adani’s (ranked 4) Adani Solar, for USD510mn. This
deal is known to be one of the largest acquisitions in this sector.

Other facts
• Obituary: Hurun India remember the contribution of Sankar Sen, 62 (Senco Jewlers) -
who passed away due to Covid-19, Ashokkumar Ruia, 75 (Phoenix Mills), Yadupati
Singhania, 66 (JK Cement), Gumani Ram Agarwal, 87 (GR Infraprojects), Baijnath
Choudhary, 83 (Anmol Biscuits) and KK Modi, 79 (Godfrey Phillips India)
• Spice Jet’s Chairman Ajay Singh was the man who framed the Bharatiya Janata Party’s
2014 election slogan, ‘Ab ki baar Modi sarkar’. Singh has been associated with the
political party since the late 1990s.
• Godrej Aerospace, a subsidiary of Godrej & Boyce Manufacturing Company built the
critical components for Indian lunar orbiter Chandrayaan-2. Godrej’s aerospace
association with ISRO goes way back to 1985.
• On 30th October 2019, Ratan Tata joined Instagram and gained 3.4 lakhs followers
within hours!

New to Top 100

13 individuals entered the Top 100 of IIFL Wealth Hurun India Rich List 2020. Founders of the
unicorn companies registered highest rank changes to enter the top 100. Mumbai is the
preferred city of residence for the top 100.

Top 100 individuals in the list amassed 63% wealth of the IIFL Wealth Hurun India Rich
List 2020. The top 3 sectors, namely, Software & Services, Pharmaceuticals and FMCG
account for 39% of the list.

Table 13: New to Top 100

Wealth 2020 Rank
Rank Name Company
(INR Cr) Change
52 Byju Raveendran & family 20,400 56 Think & Learn
64 Nithin Kamath & family 16,900 91 Zerodha
Arvindkumar Poddar &
73 15,400 35 Balkrishna Industries
family
76 Salil Singhal & family 14,500 59 PI Industries
82 Raja Bagmane 13,800 67 Bagmane Developers
88 Amod Malviya 13,100 163 Udaan
88 Sujeet Kumar 13,100 163 Udaan
 88 Vaibhav Gupta 13,100 163 Udaan
91 Amar Arvind Vakil & family 13,000 39 Asian Paints
91 Banwarilal Bawri & family 13,000 20 Macleods Pharmaceuticals
91 Girdharilal Bawri & family 13,000 17 Macleods Pharmaceuticals
96 Sanjeev Gupta 12,400 48 Liberty Commodities
99 SD Shibulal & family 12,000 8 Infosys
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020.
For more details, visit www.hurunindia.net

Stats: Record Highs

• The threshold to make the 2020 rich list was INR 1,000 Cr, with a total of 828 number
of individuals, up by 78 from last year.
• The number of dollar billionaires up by 38 this year to 179 individuals.

Chart 14 depicts the growth of the number of individuals by various thresholds in IIFL Wealth
Hurun India Rich List over the years

Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net

Table 15: Table analyses the cut-off required for Top 10, 50, 100 and 500
2020 2019 2018 2017 2016 2015 2014 2013
INR Cr INR Cr INR Cr INR Cr INR Cr INR Cr INR Cr INR Cr
Top 10 76,000 71,500 69,400 56,500 50,400 47,000 44,000 46,600
Top 50 21,200 15,200 17,800 17,600 14,900 15,100 11,500 7,600
Top 100 12,000 9,300 9,000 8,400 7,600 7,900 6,500 3,800
Top 500 1,800 1,800 1,600 1,200 * * * *
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020, *List size less than500
For more details visit www.hurunindia.net

Table 16: Companies Producing the Highest Number of Rich Listers

No. Company No. of Individuals
1 Alkem Laboratories 9
2 Asian Paints 8
3 Amalgamations 6
4 Pidilite Industries 5
5 Malabar Gold 5
6 Godrej 5
7 Infosys 5
8 Dabur India 5
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020. For more details visit
www.hurunindia.net

“Infosys is the only company that is not family run and yet produced more than 5 entrants
into the IIFL Wealth Hurun India Rich List 2020. With a growing base of new wealth creators
and next gen from their respective family businesses, we expect the proportions to even out”,
said Anas Rahman Junaid, MD and Chief Researcher, Hurun India

Social Media

Ratan Tata has the highest number of followers amongst all others in the IIFL Hurun India Rich
List 2020. His twitter following rose by 15 lakhs in one year. While Anand Mahindra was taken
over by Ratan Tata in this section, his twitter followers showed an increase by 9 lakhs.

Table 17: Social Media Followers of IIFL Wealth Hurun India Rich List 2020
Number of Increase in
Social
Name Followers followers
media rank
(lakhs) (lakhs)
1 Ratan Tata 91 15
2 Anand Mahindra 81 9
3 Acharya Balkrishna 63 2
4 Sundar Pichai 32 NA
5 Nandan Nilekani 25 -0.2
6 Satya Nadella 23 NA
7 Ronnie Screwvala 21 New
8 Harsh Vardhan Goenka 15 -0.3
8 Kiran Mazumdar-Shaw 15 0.4
10 Uday Kotak 10 0.1
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net

Political affiliations

Generating wealth along with sustaining, investing and utilizing the same optimally are the
primary objectives of wealth creators. However, there’s more that adds up to their
personalities. For instance, thirteen out of the total individuals in the IIFL Wealth Hurun India
Rich List 2020 are currently, or have been politically active in India, either with the ruling or
the opposition parties, or, have at times, been nominated by the then-serving presidents.

Table 18: Political affiliations of Hurun India 2020 Rich Listers

Name Company Political Appointment Tenure served

Mahendra Prasad Aristo Pharmaceuticals Rajya Sabha Member of JDU 1985- present
Mangal Prabhat Member of the Legislative
Macrotech 1995 – present
Lodha Assembly, Maharashtra of BJP
Jaya Bachchan Investments Rajya Sabha Member of SP 2004 – present
Rajeev
Jupiter Capital Rajya Sabha Member of BJP 2006 – present
Chandrasekhar
Ravindra Kishore Security & Intelligence
Rajya Sabha Member of BJP 2014 - present
Sinha Services India
Member of the Legislative
Parag Kishore Shah Man Infraconstruction 2019 – present
Assembly, Maharashtra of BJP
Anu Aga Thermax Rajya Sabha Member 2012 – 2018
Shobhana Bhartia Hindustan Times Rajya Sabha Member of INC 2006 – 2012
Naveen Jindal Jindal Steel & Power Lok Sabha Member of INC 2004 – 2014
Vijay Sankeshwar VRL Logistics Lok Sabha Member of BJP 1996- 2014
Rahul Bajaj Bajaj Auto Rajya Sabha Member 2006 – 2010
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
Largest Publicly Traded Companies

7 of the largest publicly traded companies are led or was being most recently led by the
individuals in the IIFL Wealth Hurun India Rich List 2020. Reliance Industries is the first Indian
company to register a market cap of USD 200bn.

Table 19: Most valuable public companies in India

Market cap
Rank Company Market cap (INR Cr)
(USD bn)
1 Reliance Industries 13,92,940 189
2 Tata Consultancy Services 8,71,960 118
3 HDFC Bank 6,02,978 82
4 Hindustan Unilever 5,00,902 68
5 Infosys 3,95,400 54
6 HDFC 3,15,700 43
7 Bharti Airtel 2,75,233 37
8 Kotak Mahindra Bank 2,62,327 36
9 ICICI Bank 2,53,594 34
10 ITC 2,26,346 31
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net

Star Signs: The rich list entrants from under the Aries star sign had a good year and registered
an 55% increase in cumulative wealth, followed by Scorpions at 52%. Geminis had a bad year.
Some of the notable “Gemini” entrepreneurs include Anil Ambani (who dropped out of the
list last year) and Donald Trump.

Table 20: Key Star Signs in IIFL Wealth Hurun India Rich List 2020
Total Cumulative
No. Zodiac sign contribution wealth Richest Individual
to the list % increased %
1 Aries 9.3% 55% Mukesh Ambani
2 Scorpio 8.4% 52% Ashwin Dani
3 Pisces 7.6% 35% Radhakishan Damani
4 Capricorn 9.2% 33% Karsanbhai Patel
5 Cancer 10% 30% Shiv Nadar
6 Aquarius 6.9% 20% Nusli Wadia
7 Taurus 7.1% 15% Cyrus S Poonawalla
8 Leo 8.5% 14% Azim Premji
9 Virgo 9.6% 3% Shapoor Pallonji Mistry
 10 Libra 7.3% 3% Dilip Shanghvi
11 Sagittarius 6.6% 1% SP Hinduja (Hinduja brothers)
12 Gemini 9.5% -3% LN Mittal
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net
 Top 100: IIFL Wealth Hurun India Rich List 2020. For the full list, please refer
www.hurunindia.net
Rank Wealth INR Wealth Primary Industry Residence
Rank Change Name Change Company
Cr
1 0 Mukesh Ambani 6,58,400 73% Reliance Industries Telecom , Energy, Retail Mumbai
2 0 Hinduja brothers 1,43,700 -23% Hinduja Petrochemicals, London,
Automobile, Mumbai,
Investments Geneva
3 2 Shiv Nadar & family 1,41,700 34% HCL Software & Services New Delhi
4 2 Gautam Adani & family 1,40,200 48% Adani Energy, Infrastructure Ahmedabad
5 -2 Azim Premji & family 1,14,400 -2% Wipro Software & Services Bengaluru
6 2 Cyrus S Poonawalla 94,300 6% Serum Institute of India Pharmaceuticals Pune
7 6 Radhakishan Damani & family 87,200 56% Avenue Supermarts Retail Mumbai
8 -1 Uday Kotak 87,000 -8% Kotak Mahindra Bank Financial Services Mumbai
9 2 Dilip Shanghvi 84,000 17% Sun Pharmaceutical Pharmaceuticals Mumbai
Industries
10 -1 Cyrus Pallonji Mistry 70,000 -9% Shapoorji Pallonji Investments Mumbai
10 -1 Shapoor Pallonji Mistry 70,000 -9% Shapoorji Pallonji Investments Monaco
12 7 Jay Chaudhry 65,800 79% Zscaler Software & Services San Jose
13 -9 LN Mittal & family 60,700 -43% ArcelorMittal Metals & Mining London
14 1 Nusli Wadia & family 58,600 31% Britannia Industries FMCG Mumbai
15 -3 Rahul Bajaj & family 58,100 -4% Bajaj Auto Automobile & Auto Pune
Components
16 -2 Benu Gopal Bangur & family 49,300 -3% Shree Cement Cement & Cement Kolkata
Products
17 17 Murali Divi & family 49,200 89% Divi's Laboratories Pharmaceuticals Hyderabad
18 0 Acharya Balkrishna 46,800 23% Patanjali Ayurved FMCG Haridwar
19 1 Yusuff Ali MA 42,700 20% Lulu Retail Abu Dhabi
20 13 Vinod Shantilal Adani 42,200 60% Adani Energy, Infrastructure Dubai
21 1 Ashwin Dani & family 42,100 32% Asian Paints Chemicals & Mumbai
Petrochemicals
22 -6 Kumar Mangalam Birla & family 34,000 -17% Aditya Birla Metals & Mining, Mumbai
Cement
23 0 Karsanbhai Patel & family 33,800 7% Nirma FMCG Ahmedabad
24 15 Pankaj Patel & family 33,700 52% Cadila Healthcare Pharmaceuticals Ahmedabad
25 18 Gopikishan Damani & family 33,300 53% Avenue Supermarts Retail Mumbai
26 9 Rajiv Singh & family 32,800 30% DLF Real Estate New Delhi
27 -6 Anil Agarwal & family 32,500 -6% Vedanta Resources Metals & Mining London
28 -4 Adi Godrej 32,400 3% Godrej Consumer Durables Mumbai
28 -4 Jamshyd Godrej 32,400 3% Godrej Consumer Durables Mumbai
28 -4 Nadir Godrej 32,400 3% Godrej Consumer Durables Mumbai
28 -4 Rishad Naoroji 32,400 3% Godrej Consumer Durables Mumbai
28 -4 Smita V Crishna 32,400 3% Godrej Consumer Durables Mumbai
33 0 Vijay Chauhan & family 32,100 16% Parle Products FMCG Mumbai
34 12 Kiran Mazumdar-Shaw 31,600 71% Biocon Pharmaceuticals Bengaluru
35 -4 Harsh Mariwala & family 31,500 8% Marico FMCG Mumbai
36 -4 Niranjan Hiranandani 31,000 12% Nidar Real Estate, Mumbai
Investments
37 1 Vikram Lal & family 30,600 31% Eicher Motors Automobile & Auto New Delhi
Components
38 -8 Ajay Piramal 29,500 0% Piramal Enterprise Investments Mumbai
39 -22 Sri Prakash Lohia 28,000 -31% Indorama Chemicals & London
Petrochemicals
40 29 Ravi Jaipuria & family 25,700 85% RJ Corp Food & Beverages New Delhi
41 10 Sunil Mittal & family 25,500 38% Bharti Airtel Telecommunications New Delhi
42 -1 Mangal Prabhat Lodha & family 25,200 17% Macrotech Real Estate Mumbai
43 -14 Jitendra Virwani 24,300 -19% Embassy Office Parks Real Estate Bengaluru
44 3 Vijay Shekhar Sharma 23,000 13% Paytm Software & Services New Delhi
45 1 Anand Burman 22,400 9% Dabur India FMCG New Delhi
45 0 Sunny Varkey 22,400 7% Gems Education Education & Training Dubai
47 7 Manju D Gupta & family 21,900 22% Lupin Pharmaceuticals Mumbai
47 12 Samir Mehta & family 21,900 38% Torrent Pharmaceuticals Pharmaceuticals Ahmedabad
47 12 Sudhir Mehta & family 21,900 38% Torrent Pharmaceuticals Pharmaceuticals Ahmedabad
50 New Mukesh Jagtiani 21,200 Landmark Retail Dubai
51 -12 Sajjan Jindal & family 20,700 -11% JSW Steel Metals & Mining Mumbai
52 56 Byju Raveendran & family 20,400 115% Think & Learn Software & Services Bengaluru
53 11 PV Ramprasad Reddy 20,300 37% Aurobindo Pharma Pharmaceuticals New Jersey
54 -5 Kalanithi Maran 19,000 -1% Sun TV Network Media Chennai
55 0 VC Burman 18,400 6% Dabur India FMCG New Delhi
56 6 S Gopalakrishnan & family 18,100 20% Infosys Software & Services Bengaluru
57 42 Gurbachan Singh Dhingra 18,000 78% Berger Paints Chemicals & New Delhi
Petrochemicals
57 58 Kuldip Singh Dhingra 18,000 96% Berger Paints Chemicals & New Delhi
Petrochemicals
57 -21 Rakesh Gangwal & family 18,000 -26% Interglobe Aviation Aviation Mclean
60 20 Abhay Vakil & family 17,900 50% Asian Paints Chemicals & Mumbai
Petrochemicals
61 -11 Sanjiv Goenka & family 17,500 -6% CESC Services Kolkata
62 -21 Rahul Bhatia & family 17,400 -19% Interglobe Aviation Aviation New Delhi
63 -15 Chandru Raheja & family 17,200 -14% K Raheja Real Estate Mumbai
64 91 Nithin Kamath & family 16,900 156% Zerodha Financial Services Bengaluru
65 3 Madhukar Parekh & family 16,800 17% Pidilite Industries Chemicals & Mumbai
Petrochemicals
66 -8 NR Narayana Murthy & family 16,400 1% Infosys Software & Services Bengaluru
67 29 Anurang Jain & family 16,000 55% Endurance Technologies Automobile & Auto Aurangabad
Components
68 17 Rajan Bharti Mittal & family 15,800 37% Bharti Airtel Telecommunications New Delhi
68 17 Rakesh Bharti Mittal & family 15,800 37% Bharti Airtel Telecommunications New Delhi
70 -8 Bharat Desai & Neerja Sethi 15,700 4% Syntel Software & Services Fisher Island
71 -15 Anil Rai Gupta & family 15,600 -10% Havells India Capital Goods New Delhi
71 -14 PNC Menon & family 15,600 -7% PNC Investments Real Estate Bengaluru
73 35 Arvindkumar Poddar & family 15,400 62% Balkrishna Industries Manufacturing Mumbai
74 16 Sanjeev Bikhchandani 15,200 42% Info Edge India Investments New Delhi
75 -3 Rakesh Jhunjhunwala & family 14,700 11% Rare Enterprises Investments Mumbai
76 59 Salil Singhal & family 14,500 88% PI Industries Agro-chemicals New Delhi
76 -4 Shamsheer Vayalil 14,500 0% VPS Healthcare Healthcare Abu Dhabi
78 -6 Anand Mahindra & family 14,000 6% Mahindra & Mahindra Automobile & Auto Mumbai
Components
78 -2 Divyank Turakhia 14,000 8% Media.Net Software & Services Dubai
78 -6 Leena Gandhi Tewari 14,000 6% USV Pharmaceuticals Mumbai
81 33 B Parthasaradhi Reddy & family 13,900 49% Hetero Drugs Pharmaceuticals Hyderabad
82 67 Raja Bagmane 13,800 100% Bagmane Developers Real Estate Bengaluru
82 7 Saket Burman 13,800 25% Dabur India FMCG Dubai
84 -2 Kavitark Ram Shriram 13,600 17% Google Software & Services Menlo Park
84 -4 Mahendra Prasad 13,600 14% Aristo Pharmaceuticals Pharmaceuticals New Delhi
86 14 Yusuf Hamied & family 13,400 34% Cipla Pharmaceuticals London
87 13 Shashi & Ravi Ruia 13,300 33% Essar Oil UK Oil & Gas Mumbai
88 163 Amod Malviya 13,100 274% Udaan Software & Services Bengaluru
88 163 Sujeet Kumar 13,100 274% Udaan Software & Services Bengaluru
88 163 Vaibhav Gupta 13,100 274% Udaan Software & Services New Delhi
91 39 Amar Arvind Vakil & family 13,000 63% Asian Paints Chemicals & Mumbai
Petrochemicals
91 20 Banwarilal Bawri & family 13,000 37% Macleods Pharmaceuticals Mumbai
Pharmaceuticals
91 17 Girdharilal Bawri & family 13,000 37% Macleods Pharmaceuticals Mumbai
Pharmaceuticals
91 4 Rajendra Agarwal 13,000 24% Macleods Pharmaceuticals Mumbai
Pharmaceuticals
95 -28 Rajan Raheja & family 12,700 -12% Exide Industries Automobile & Auto Mumbai
Components
96 48 Sanjeev Gupta 12,600 77% Liberty Commodities Metals & Mining London
97 -32 Ranjan Pai 12,100 -18% Manipal Education & Education & Training Bengaluru
Medical
97 -26 Vivek Chaand Sehgal & family 12,100 -9% Motherson Sumi Systems Automobile & Auto Melbourne
Components
99 -9 Amit Burman 12,000 12% Dabur India FMCG New Delhi
99 12 Joy Alukkas 12,000 28% Joy Alukkas Jewellery Thrissur
99 -12 Nandan Nilekani & family 12,000 9% Infosys Software & Services Bengaluru
99 -17 Romesh T Wadhwani 12,000 3% Symphony Technology Investments Palo Alto
99 4 Radha Vembu 12,000 215 Zoho Software & Services Bengaluru
99 8 SD Shibulal & family 12,000 25% Infosys Software & Services Bengaluru
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020
For more details visit www.hurunindia.net
Methodology

The IIFL Wealth Hurun India Rich List 2020 has been researched and compiled by the Hurun
Research Institute for the seventh year running, using a cut-off of 31 August 2020 when the
rate of exchange to the US dollar was INR 73.67. The list relates to Indians only, defined as
born or brought up in India.

Valuing the wealth of India’s richest is as much an art as it is a science. Sure, Hurun Report has
missed some, but our endeavor has been to develop the most comprehensive report of its
kind with an objective to identify and acknowledge India’s top entrepreneurs and business
owners. The source of wealth includes both inherited and self-made wealth. Hurun Report’s
team of researchers have traveled the length and breadth of the country, cross-checking
information with entrepreneurs, industry experts, journalists, bankers and all possible sources
of information.

For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed
equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to
Sales, EV to EBITDA and also other methodologies including Discounted Cash Flow, Tobin’s Q
and so on. In certain cases of early-stage companies, Hurun Report has used the First Chicago
Method for valuation.
Disclaimer and Notices

IIFL Wealth Disclaimer

Confidential: This document is not directed or intended for distribution or use, by any, person
or entity in any jurisdiction or country where publication or availability of this document or
such distribution or use would be contrary to local laws or regulation. Any other distribution,
use or reproduction of this communication in its entirety or any part thereof is unauthorized
and strictly prohibited. All opinions, estimates and data included in this document are as on
date and are subject to change without notice.

No Advice: This document is provided for information only and is not intended to be used for
taking investment decisions. This document is not investment, legal, tax, or accounting advice.
Prospective investors should also inform themselves, and should take appropriate advice, on
the legal requirements and as to the possible tax consequences, foreign exchange transactions
or exchange control requirements that may be encountered under the laws of the countries
of their citizenship, residence or domicile and that maybe relevant to the subscription,
purchase, holding, exchange, redemption or disposal of any investments.

Past Performance: Past performance is not an indicator/guarantee of future returns. Clients

are not being offered any guaranteed or indicative returns through any services/products.
Limit on Liability: Whilst every care has been taken in preparing this document, IIFLW, and
their affiliates and agents to the fullest extent permitted by applicable law disclaim any liability
or responsibility for any error or omission or inaccuracy or mistake of any nature or any
consequences of the use of the material/information displayed on this document.
Notwithstanding the aforesaid, nothing set out above shall exclude liability for any
undertaking, representation, warranty or other assurance made fraudulently.

Not an Offer: This document does not constitute a prospectus, offer, invitation or solicitation
and is meant for information only. Please read the respective offer documents carefully before
investing. It is the responsibility of any person in possession of this document to inform
themselves of, and to observe, all applicable laws and regulations of relevant jurisdictions with
respect to any investment.

Information Subject to Change: The information given in this document is not exhaustive and
is subject to change without notice.

Hurun Report Disclaimer

This report has been prepared by the Hurun Report. All the data collection and the research
has been done by the Hurun Report. This report is meant for information purposes only.
Reasonable care and caution have been taken in preparing this report. The information
contained in this report has been obtained from sources which are considered reliable. By
accessing and/or using any part of the report, the user accepts this disclaimer and exclusion
of liability which operates to the benefit of Hurun Report. Hurun Report does not guarantee
the accuracy, adequacy or completeness of any information contained in the report and
neither shall it be responsible for any errors or omissions in or for the results obtained from
the use of such information. No third party whose information is referenced in this report
under the credit to it assumes any liability towards the user with respect to its information.
Hurun Report shall not be liable for any decisions made by the user based on this report
(including those of investment or divestiture) and the user takes full responsibility for their
decisions made based on this report. Hurun Report shall not be liable to any user of this report
(and expressly disclaim liability) for any loss, damage of any nature, including but not limited
to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost
business and economic loss regardless of the cause or form of action and regardless of
whether or not any such loss could have been foreseen.

About IIFL Wealth

IIFL Wealth Management Ltd (IIFL Wealth) is one of the leading wealth management
companies in India and serves the highly specialized and sophisticated needs of high net worth
and ultra-high net worth individuals, family offices and institutional clients. It is the first pure
wealth management company to get listed on the leading stock exchanges of India.

IIFL Wealth recognises that incremental innovation is vital to develop a holistic products
platform that serves the evolving needs of entrepreneurs, business leaders and the wealthy
in India.

IIFL Wealth helps more than 6,300 influential families in India and abroad to preserve, protect
and grow their legacy. A deep understanding of clients results in a comprehensive range of
tailored wealth management solutions for the discerning clients.

IIFL Wealth has more than INR 185,000 crore of assets under management, and 29 offices with
900+ team strength and has won more than 110 awards of repute. The competitive
positioning and growth prospects of the company have been endorsed by way of investments
from General Atlantic, Fairfax, Ward Ferry, Rimco Mauritius, Amansa Holdings Steadview and
HDFC Standard Life Insurance among others.

About the Hurun Report

Hurun Report is a leading luxury publishing and events group established in London in 1998
with a strong presence in China and India. It is widely recognized world-over for its
comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the
largest compiler of the rich list globally.

Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four
magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting
entrepreneurs and high net worth individuals; and Hurun Investments, a USD20m early-stage
venture capital fund with investments into tech, media, retail and education.
About Hurun India

“Promoting Entrepreneurship Through Lists and Research”

Hurun India commenced operations in 2012 and has been bringing to light stories of successful
and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events
hosted Pan-India.

Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and
growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich
List 2020, a ranking of the 2,816 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in
the world and the ninth India Rich List which ranks the 828 richest individuals in India, allowing
for comparisons between some of the most dynamic economies in the world. The purpose of
this list is to try and tell the story of modern India through the eyes of an entrepreneur. For
the full details, please refer to on www.hurunindia.net.

The Hurun India Philanthropy List ranks the most generous individuals in India and is now on
its 5th anniversary. Indians give much more generously than many have previously understood.

The Hurun Real Estate Rich List ranks the top real estate developers in the country and is now
on the 4th anniversary.

In 2018, Hurun Report launched the Hurun India Women Rich List, aimed at celebrating the
success stories of some of the most amazing women wealth creators and inheritors.

In 2019, Hurun India Art List was launched, aimed at tracking some of the most successful
artists who are alive today by way of cumulative auction prices. This we believe is a watershed
moment in the art history of India, where we expect more entrepreneurs to start collecting.

In 2019, Hurun Luxury Consumer Survey was debuted to understand and speak about
spending habits of ultra-high net worth individuals.

In 2020, Hurun India Unicorn Index was debuted to track and speak about the top young
wealth creators of the country.

For the full details, please refer to on www.hurunindia.net.

For media inquiries, please contact:

Megha Pandya Sharjil Sheikh Vineeth Chandrababu Anil Mascarenhas

Fortuna PR Fortuna PR Hurun Report India IIFL Wealth
+91 9924277760 +91 99202 31055 +91 99950 61106 +91 9967576026
megha@fortunapr.com sharjil@fortunapr.com vineeth@hurunindia.net anil.mascarenhas@iiflw.com