Explained: What happened to the wealth of the richest Indians in the past year

According to the rich list, 344 inpiduals or more than a third of this year s list witnessed wealth reduction and another 112 failed to meet the cut-off of INR 1,000 crore that is almost half of last year s list . (L to R: Mukesh Ambani, Azim Premji, Gautam Adani, Uday Kotak)

According to the Hurun India Rich List 2019, released by the Hurun Report India and IIFL Wealth on Wednesday, the richest Indian saw their average wealth decline by 11 per cent over the past year. If we exclude the new wealth added this year, the cumulative wealth of the IIFL Wealth Hurun India Rich List 2019 dropped by INR 3,72,800 crore, it states. According to the rich list, 344 inpiduals or more than a third of this year s list witnessed wealth reduction and another 112 failed to meet the cut-off of INR 1,000 crore that is almost half of last year s list .

Who is included in the Hurun Indian Rich List?

The Hurun India Rich List has collected data on 953 inpiduals across 41 industries this year. The cut-off for inclusion was a minimum wealth of Rs 1,000 crore. This year’s list grew by 15 per cent. In other words, 122 more people were included in that cut-off mark compared to last year. Compared to the 2016 list, the number of entities included is up 181 per cent.

So who is the richest Indian?

Mukesh Ambani, the 62-year-old head of Reliance Industries, is the richest Indian with a wealth of Rs 3,80,700 crore that is roughly 2.2 times the historic pidend transferred by India’s central bank the RBI to the Union government recently. Or, roughly 2.6 times the revenue foregone by the Union government as it cut corporate income taxes to their lowest level recently.

The table alongside provides the list of the top 10 richest Indians

But while Ambani’s wealth grew by just 3 per cent, the biggest gainer over the past year in terms of percentage change was Gautam Adani and family. Their wealth soared by 33 per cent the highest improvement among the top 10 richest Indians. The other big gainers over the past year were Azim Premji of Wipro, Uday Kotak of Kotak Mahindra Bank and Cyrus Poonawalla of the Serum Institute of India.

Rounding off the top 10 list is Dilip Shanghvi of Sun Pharmaceuticals whose wealth declined by 20 per cent. L N Mittal of ArcelorMittal was the other candidate among the top 10 whose wealth also declined.