Mukesh Ambani, India’s richest man, added Rs 90 crore per hour since the coronavirus lockdown in March, according to the IIFL Wealth Hurun India Rich List 2020 released on Tuesday.
Retaining his position as the richest Indian for the ninth consecutive year on the list, Ambani amassed Rs 2,77,700 crore taking his personal wealth tally to Rs 6,58,400 crore.
Now, Amabani’s total wealth is bigger than the combined wealth of the next five in the list, making him Asia’s richest individual and the fourth richest man in the world, according to the report.
The IIFL Hurun India list names the richest individuals in the country having a wealth of Rs 1,000 crore or more. This year, the list named 828 Indians, where 627 gained wealth and 162 are new entrants. The top 100 individuals in the list account for nearly 64% wealth of the list.
According to the Indian Express, MD and chief researcher, Hurun India, Anas Rahman Junaid, said, “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, India’s wealth creation story is still yet to reach the half-way mark,” he added.
The list comes following the US private equity firm Silver Lake’s Rs 7,500 crore investment in Reliance Retail, an investment that valued the venture at a pre-money equity value of Rs 4.21 lakh crore.
Mukesh Ambani is the only Indian in the list to feature among the global top 5.
With a whopping Rs 32,400 crore Smita V Crishna became the richest Indian woman in the rankings, followed by Kiran Mazumdar-Shaw with Rs 31,600 crore.
However, Mazumdar-Shaw, the head of Biocon, is also the richest self-made woman in the country, as per the list.