The super-rich of India has seen a spike in their wealth by a staggering 20% during the period of COVID. This is double the pace regarding growth in the net market for capitalization for all the listed companies. Furthermore, the number of people who have more than a sum of Rs. 1,000 crores in the Wealth Hurun Rich List has moved up by 94 in the year 2020 to a staggering 828.
The chairman of the most valued company in India, Reliance Industries, Mukesh Ambani, is still at the top of the list with a humungous wealth of Rs. 6.6 lakh crore. In the last 12 months, there has been a steep increase in his wealth by 73% and has made him the fourth-richest in the world and the richest man in Asia.
On the list, the cumulative stood at $821 billion (Rs. 60,59,500) of the 828 individuals that are an increase of $ 140 billion (Rs. 10,29,400 crore) over the counter for the year 2019. This can be attributed to the fact that there is an increase in the share prices for Reliance Industries.
There is an increase of wealth by 274% with an individual wealth of Rs. 13,100 each for Vaibhav Gupta, Sujeet Kumar, and Amod Malviya who are former executives of Flipkart. This has majorly happened because of strong investor interest in Udaan, which is a new venture of the B2B eCommerce portal and it has topped the list of the biggest owners for the second back to the back year. There has been an increase in the valuation of Udaan in October 2019 to February 2020 from Rs. 20,000 crore to Rs. 52,500 crore.
Many professionals have interestingly featured on the list too. The list included Thomas Kurian from Google Cloud who has got a wealth of Rs. 1300 crore and has topped the list. Others who belong to the Indian origin included the likes of Ajaypal Singh Banga from Mastercard with a whopping Rs. 7200 crore Satya Nadella from Microsoft with Rs, 5900 crores, Nikesh Arora from Palo Alto Networks with Rs. 6500 crore and Sundar Pichai from Alphabet with Rs. 5900 crore. The wealth of Indra Nooyi who is the former head of PepsiCo stands at Rs. 3500 crore. Also among the rich CEOs based in India are Ignatius Navil Noronha from Avenue Supermarts with Rs. 3200 crore.
The cut-off mark for the top 10 has risen to Rs. 76,000 by 6%. 64% of the wealth is accounted for by the top 100 individuals in the very recent edition of the rich list furnished this year in 2020.
In the ninth edition for this year’s list of IIFL Wealth Hurun India have compiled the wealth of the richest individuals having more than Rs. 1000 crore on 31st August 2020. Nevertheless, the MD and chief researcher of Hurun India, Anas Rahman Junaid said that this list is not comprehensive.