1,000 people in India with Rs 1k crore networth

Mumbai: You may blame it on the pandemic, which has disrupted the economic growth of the country, but it has not affected the richest of the people as their number continues to go up.

A total of 1,007 individuals, up 179, across 119 cities, up 5, have Rs 1,000 crore on the IIFL Wealth Hurun India Rich List 2021. Cumulative wealth up 51 per cent, while average wealth increased by 25 per cent.

894 individuals saw their wealth increase or stay the same, of which 229 new faces, whilst 113 saw their wealth drop and there were 51 drop-offs. India has 237 billionaires, up 58 compared to last year.

Chemicals and software produced the greatest number of new entrants to the list, pharma is still the number one and has contributed 130 entrants in the list.

Hurun India and IIFL Wealth released the study on Thursday. This is the 10th annual ranking of the richest individuals in India. Wealth calculations are a snapshot of September 15.

The List has become more 'inclusive'. The number of women on the list is 47 this year, up from 5 ten years ago. The youngest ten years ago was 37 and today is 23, indicating the impact of the startup revolution.

At the same time, Software & Services is third today, up from fifth spot ten years ago. Chemicals as a sector was absent ten years ago, but is the second highest wealth creator this year. Over the last decade, the number of Indian cities in the rich list jumped to 76, up from 10.

Commenting on the launch, Karan Bhagat, Founder, MD & CEO, IIFL Wealth, said: "The rising wealth creation documented in IIFL Wealth Hurun India Rich List 2021 is a reflection of the robust foundation of the Indian businesses and the confidence they command from their respective stakeholders.

Key facts from the list that stand out for us are the rise of women wealth creators, the reduction in average age, and the inclusion of Tier-2 cities such as Pune, Rajkot, Surat, Faridabad and Ludhiana in the top-20. For us at IIFL Wealth, these factors are already translating into newer solutions and strategies around the wealth management business."

Home to 25 per cent of the list, Mumbai is the preferred city for India's biggest wealth creators, followed by New Delhi and Bengaluru.

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.