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Business EYE OCTOBER 01, 2021 | The Indian Eye 36

Amid the pandemic and slowdown,

the billionaires club grows the fastest in India

The new-age billionaires who have created wealth through startups have

been giving back a lot to startups by investing back in the ecosystem

our Bureau

New Delhi

ndia has added five billion-
aires every month in the
Ilast 12 months as the value
of businesses such as chemi-
cals, software and pharmaceu-
ticals soared. Among the tra-
ditional billionaires, Gautam
Adani (59) and family, with Rs
5.1 lakh crore (a 261% surge),
for the first time has become
Asia’s second-richest. His fam-
ily has added Rs 1,000 crore a
day over the last year.
Mukesh Ambani (64), with
Rs 7.2 lakh crore, remained the the pent-up demand accompanied with timely policies of the modi government accentuated investors interest
richest Indian for the 10th year
in a row. The rise in commodi- day. At this rate, in five years, I through startups have been giv- als saw their wealth increase or
ty prices has enabled magnates, expect the list to grow to 3,000 ing back a lot to startups. “They stay the same, of which 229 new
including Lakshmi Mittal (71) individuals. The evolution of are investing back in the eco- faces. Number of billionaires
and Kumar Mangalam Bir- the IIFL Hurun India Rich system. They are far more com- also jumped to 237 till Septem-
la (54), to be part of India’s List is a reflection of India’s fortable in taking this particular ber 15 this year.
top 10. Vaccine king Cyrus S economic growth story,” said risk where there is a lot of illi- However, pent up demand
Poonawalla of Serum Insti- Hurun India MD & chief re- quidities,” said Taparia. He add- accompanied with timely gov-
tute of India, whose wealth in- searcher Anas Rahman Junaid. ed that of late there were a lot ernment policies, accentuated
creased by 74% to Rs 1,63,700 Following the addition of 59 of pre-IPO investments as well. investors interest and the Nifty
crore occupies the 6th position. new billionaires, the number For the first time ever, over and Sensex jumped to all-time
Gautam Adani’s brother Vi- has gone up to 237. Another 1,007 individuals in the country highs. “The bull-market val-
nod Shantilal Adani, who owns interesting finding is that, un- have a net worth of Rs 1,000 uation multiples, resulted in
a trading business in Dubai, too like a decade ago, wealth cre- crore, the IIFL Wealth Hurun 9 out of 10 people in the list
made it to the top 10, ahead of ation is no longer limited to big India Rich List 2021 released witnessing either an increase
Birla, with his wealth growing cities and includes people from on Thursday showed. or retention in their wealth
threefold to Rs 1.31 lakh crore. Haridwar to Thiruvananthapu- The report said that India compared to last year, while
The last decade has seen ram, with the total number of experienced a glorious decade 116 individuals doubled their
the fastest pace of wealth cre- cities at 76. with the richest individuals wealth,” he added.
ation with India’s rich adding According to IIFL Wealth cumulatively adding Rs 2,020 Besides, wealth creation
Rs 2,020 crore of wealth ev- joint CEO Anirudha Taparia, crore per day -- the fastest has become more decen-
ery day for the past 10 years. most billionaires invest largely wealth creation ever experi- tralised as the number of cities
Hurun, which compiles a list in equity and in fixed income enced by the country. Out of jumped from 10 a decade ago
of the super-rich in India in securities. Also, most of their these 1,007 individuals, 13 of to 76. At this rate, it is expect-
partnership with IIFL Wealth money is invested in India them have more than Rs 1 lakh ed that the each of the planned
management, has in this year’s where wealth creation is fast- crore of wealth. 100 smart cities will have a rich
ranking highlighted trends for est. “They may invest some Rs Even amid the pandem- lister within 5 years.
the last decade. 10 out of Rs 100 overseas, but ic situation which battered The report further noted
“The number of entrants in most of it is invested back in the economy, total wealth in- that India is third in the world,
IIFL Wealth Hurun India Rich the country,” he said. creased by 51 per cent while when it comes to no. of billion-
List has grown from just under Also, new-age billion- average wealth was 25 per cent aires. India is adding new billion-
100 ten years ago to 1,007 to- aires who have created wealth higher. Further, 894 individu- aires at one of the fastest rates.

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