The real estate sector contributed 42 and added 9 individuals to the IIFL Wealth Hurun India Rich List 2021. The trusted developers with the financial backing and a proven track record gained market share and the sector reported a 49 percent increase in wealth compared to last year.
Reliance Industries (RIL) Chairman Mukesh Ambani has topped the IIFL Wealth Hurun India Rich List 2021 for the 10th year in a row. Mukesh Ambani has wealth of Rs 7,18,000 crore, making him the richest man in the country.
Gautam Adani, founder of Adani Group, is the second on the list, earning over Rs 1,000 crore a day over the past year.
Four businessmen made it to the top 10 for the first time - ArcelorMittal's Lakshmi Mittal, Kumar Mangalam Birla of Aditya Birla Group, Gautam Adani's brother Vinod Shantilal Adani and Jay Chaudhry, founder of Zscaler.
On the real estate front, DLF’s Rajiv Singh and family topped the list among real estate developers with a wealth of Rs 54,100 crore followed by Mangal Prabhat Lodha and family of Macrotech Developers with a wealth of Rs 42,500 crore.
Chandru Raheja and family of K Raheja Group were third with a wealth of Rs 38,900 crore and Niranjan Hiranandani of Nidar was at number four with a wealth of Rs 34,100 crore, as per the Rich List.
The fifth spot was held by realtor Jitendra Virwani of Embassy Office Parks with a wealth of Rs 23,700 crore. Vikas Oberoi of Oberoi Realty gained the sixth spot with a wealth of Rs 20,200 crore.
New entrants in the list this year included G Amarender Reddy and family of GAR with a total wealth of Rs 12,000 crore; Basant Bansal of M3M India with a wealth of Rs 5,700 crore; Roop Kumar Bansal of M3M Group with a wealth of Rs 5,700 crore; Atul Chordia and family of Panchshil Realty with fortunes worth Rs 5,300 crore; Kabul Chawla of BPTP with a wealth of Rs 2,000 crore; Pankaj Bajaj and family of Eldeco Infrastructure and Properties with a wealth of Rs 1,900 crore among others.
In the overall listing, with Rs 1,54,300 crore, Radhakishan Damani of Avenue Supermarts, retained the seventh position in the IIFL Wealth Hurun India Rich List 2021. Since its IPO in 2017, Avenue Supermarts’ share price has increased by more than 500% and made its CEO Ignatius Navil Noronha the richest professional manager residing in India with a net worth of INR 5,100 crore.
Home to 25 percent of the list, Mumbai is the preferred city for India’s biggest wealth creators, followed by New Delhi and Bengaluru. New Delhi registered a net increase of 39 individuals followed by Mumbai registered a net increase of 38.
With 302 and 167 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in IIFL Wealth Hurun India Rich List 2021. Gujarat added 15 rich listers to overtake Tamil Nadu to fourth place.
“IIFL Wealth Hurun Rich List 2021, is an indication of investor interest in Indian companies. In the real estate sector, this is reflected by stronger valuation multiples compared to the start of the pandemic. India’s huge unmet housing demand coupled with rising income levels will definitely evoke more sales in the sector, especially from the top developers featured in the IIFL wealth Hurun India Rich List. Real estate will be one of the biggest contributors to India’s 5 trillion GDP target and one of the biggest wealth-creating sectors in the country,” Anas Rahman Junaid, MD and Chief Researcher, Hurun India told Moneycontrol.
Commenting on the launch, Anirudha Taparia, Joint CEO, IIFL Wealth, said, “IIFL Wealth has been associated with the Rich List for some years now and while we are happy to see that the list has grown 10 times in the last 10 years. Our country has emerged significantly stronger from the much critical pandemic situation. While the challenges were aplenty, the optimism of a fast recovery, has taken our indices to new highs in recent times. Being a wealth manager of choice, this report is not merely a compendium of wealthy business owners and professionals - but a reflection of how and where wealth creators are expanding their wealth."Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.