Reliance Industries Chairman Mukesh Ambani from Mumbai city topped the list for the ninth consecutive year, registering a fortune of over Rs 6 lakh crore. New Delhi maintained its number two spot, but the number of wealthy people living there declined from 2019.
Hurun India and IIFL Wealth on September 29 released the IIFL Wealth Hurun India Rich List 2020. The ninth edition of the IIFL Wealth Hurun India Rich List ranked 828 individuals who have a net worth of at least Rs 1,000 crore. Reliance Industries Chairman Mukesh Ambani from Mumbai topped the list for the ninth consecutive year, registering a fortune of Rs 6,58,400 crore.
As for the cities where the richest live, Mumbai is the residential capital of India’s wealth creators, being home to 217 individuals that comprise 26 percent of the list, followed by New Delhi and Bengaluru. Mumbai is also the preferred city of residence for the top 100.
Anas Rahman Junaid, managing director and chief researcher, Hurun India said, “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 percent last year. The fact that the list features entrepreneurs from 111 cities evidence the length and breadth of India’s wealth creation story”.
With 58 new entrants and 17 dropouts, Mumbai registered a net increase of 41 individuals. For the first time, New Delhi registered a net loss of five with 21 total dropouts.
With 248 and 128 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in 2020 edition of the list.
Speaking at the launch, Yatin Shah, co-founder, IIFL Wealth & Asset Management said, “Despite these unprecedented times, it is encouraging to note that the IIFL Wealth Hurun India Rich List 2020 has only grown. 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.”Table: Cities of Residence of IIFL Wealth Hurun India Rich List 2020
|Rank||City||Rich List Entries (Change)||Richest Individual 2020|
|1-||Mumbai||217 (+41)||Mukesh Ambani|
|2-||New Delhi||128 (-5)||Shiv Nadar & family|
|3-||Bengaluru||67 (+10)||Azim Premji & family|
|4-||Hyderabad||51 (+4)||Murali Divi|
|5-||Ahmedabad||38 (+5)||Gautam Adani|
|6↑||Chennai||37 (+6)||Kalanithi Maran|
|7↓||Kolkata||32 (-2)||Benu Gopal Bangur|
|8-||Pune||21 (-7)||Cyrus S Poonawalla|
|9-||Dubai||15 (-1)||Vinod Shantilal Adani|
|10↑||Coimbatore||13 (+1)||K Srinivasan & family|
|10-||London||13 (0)||SP Hinduja & family|
|12-||Surat||11 (+3)||Savji Dholakia|
|13↑||Gurugram||8 (+1)||Nirmal Kumar Minda|
|13*||Ludhiana||8 (+3)||Paritosh Kumar & family|
|15↓||San Francisco||7 (+0)||Jayshree Ullal|
|15↑||Rajkot||7 (+1)||Bhikhabhai Popatbhai Virani|
|17*||Singapore||5 (+0)||Shyam Bhartia|
|17↓||Nagpur||5 (+0)||Satyanarayan Nuwal|
|17↑||Noida||5 (-1)||Ballabh Prasad Agarwala & family|
|20↓||Ernakulam||4 (+1)||George Alexander Muthoot & family|
|20*||Thrissur||4 (+0)||Joy Alukkas|
|20*||Tirupur||4 (+0)||Prem Prakash Sikka & family|
|20*||New York||4 (+1)||Ajaypal Singh Banga|
|20*||Salem||4 (+1)||R Rajendran & family|
Notes: ↑ Rank increase YoY; ↓ Rank decrease YoY; - No Rank change YoY; * New to Top 20
Source: Hurun Research Institute; IIFL Wealth Hurun India Rich List 2020Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.