Entrepreneurs appreciated by the government of India 37 are Padma awardees, of which four are women. Three individuals were awarded in the last year, led by Pallonji Mistry, Indu Jain and Dilip Shanghvi, the first time someone from the Hurun India Rich List was awarded since 2014.
There is no one in Hurun India Rich List 2016 who has received the highest civilian award, “Bharat Ratna”. 5 individuals hold either of the two awards. For instance Kiran Mazumdar Shaw of Biocon and Devi Prasad Shetty of Narayana Hrudayalaya holds both Padma Shri and Padma Bhushan. Pratap reddy of Apollo Hospitals and Ratan Tata of Tata Sons holds both Padma Vibhushan and Padma Bhushan.
Table 9: Hurun India Rich List 2016 – Padma awardees
Wealth (INR Cr.)
Source: Hurun Research Institute. For more details visit www.hurun.net
Table 9.1: Hurun India Rich List 2016 – Padma awardee details
Source: Hurun Research Institute. For more details visit www.hurun.net
Largest public traded companies Of the publicly traded companies on the list, Mukesh Ambani’s Reliance has the highest valuation of INR 3,19,700 Cr (contributing 5.35% to the NIFTY index), followed by Infosys with INR 2,46,600 Cr and Sun Pharmaceutical INR 1,99,500 Cr. Followed by Tata Motors & Kotak Mahindra with market cap of INR 1,45,200 and INR 139,800 Cr respectively.
Table 10: Hurun India Rich List 2016 - Self-Made Degree
No Of Individuals
Wealth INR Cr.
Source: Hurun Research Institute. For more details visit www.hurun.net Hurun Report continued its Self-Made Scorecard, measuring the degree to which billionaires are inherited or self-made. The scorecard is out of five, where 1 is inherited and not active in business, and 5 is self-made without help from parents.
Self-made with a little help from parents was the most common route to becoming a billionaire, featuring 51% of the list. Second was self-made without help from parents, making up 9% of the list. Third was inheriting a business and growing it into a much bigger entity, with 38% and only one person was Self-Made Degree 1.
Industry analysis The industries that added the most number of new millionaires to the list were pharmaceuticals, FMCG, financial service, chemicals and engineering & construction.
For a snapshot of the industry that added most number of new entries, refer the table below.
Table 11: Industry producing most number of new entrants
Source: Hurun Research Institute. For more details visit www.hurun.net Pharmaceuticals
With an astounding figure of 21 Billionaires and 18 other individual mentions in the list, pharma sector has registered the highest contribution to the list. In 2016, the sector witnessed a 17% growth in cumulative wealth compared to 2015. The number of individuals doubled. Although the growth in cumulative wealth is substantially driven by the performance of private players, it should be noted that the listed players fared poorly. For instance, in 2015 the listed players registered a 66% average growth in share price compared to 9% in 2016. The vaccine icon Cyrus S Poonawalla of Serum Institute of India elevated his position by 6 ranks and is now comfortably placed in Top 5.
In 2016 when most sectors failed to keep up the momentum, FMCG registered a decent growth of 14% in terms of the cumulative wealth. Yoga Acharya’s Patanjali took the market by storm and is eating away market share of other multinational FMCG’s. Patanjali registered a turnover of INR 5,000 Cr and expects to hit INR 10,000 Cr in 2017.
Chemicals & Petrochemicals 21 individuals derived their wealth from the Chemicals & Petrochemicals sector. 6 new entrants are in the list. This sector saw its wealth increase on an average of 18% compared to that of last year. Gurbachan Singh & Kuldip Singh Dhingra, Berger Paints, saw their wealth grow by 53%during the period 2015-16. Devendra Kumar Jain (87), of Gujarat Flourochemicals is the oldest billionaire from this sector.
Consumer Durables Baked by increased disposable income and technological innovations, the entrepreneurs in consumer durable industry showed a positive trend with decent 5% growth in average wealth. The sector produced 3 new entrants to the list. As per studies, the consumer durables market is expected to expand at a compounded annual growth rate of 14.8% and Hurun Research Institute expects significant wealth creation in the near future.
Financial Service Financial Services added 6 new faces into the list. The sector is topped by Uday Kotak (age 57, networth INR 51,600 Cr) followed by Sameer Gehlaut (age 42, INR 10,400 Cr). The Muthoot Finance produced most number of individuals from the financial services in Hurun India Rich List 2016.
Stock Markets Performance Bombay Stock Exchange (BSE) Sensex went down by 0.2% from 28,114 on July 31, 2015to 28,051 on July 31, 2016. For the year under review, BSE Mid Cap (12.3%) and BSE Small Cap Index (3.23%) outperformed the benchmark index. Sensex failed to outperform Global indices S&P 500 (3.3%) and DJIA (4.2%). At a sectorial level, Healthcare and IT underperformed among the sectorial indices. All the others performed with at least 10% return – the biggest gainer was metals with a 36.26% return year to date. Currently, Indian stock market seems to be trading at an attractive valuation 19.6x compared to last year’s 20.2x.
This year’s Hurun India Rich List reveals some interesting nuggets of information
Promoters of Essar Oil Limited completed largest privatisation in Indian corporate history with delisting of Essar Oil Limited at a market valuation of INR 38,000 Cr (USD 5.7 Bn)
MEMG, the flagship company of Ranjan Pai holds the record of highest number of successful exit rounds in Indian companies. MEMG has given 11 exit rounds for its investors
With a strong performance backed by JSW steel, the richest women in the Hurun India Rich List has doubled her wealth (123%) when other steel companies under performed.
128 individuals saw their networth fall
This year Hurun India Rich List added 6 new billionaires to the list
11% of the list are Padma awardees
Kiran Mazumdar Shaw of Biocon is the only woman in Hurun India Rich List 2016 to receive both Padmasri and Padmabhushan
Clocking a turnover of YoY growth of 12% in domestic sales, Joyalukkas Group had a good year in 2016 in India. The main source of revenue is from Joy Alukkas India Pvt. Ltd and Joy Alukkas Holdings, which are two separate companies 100% owned by Mr Joy Alukkas. His wealth went up by 14% this year
Wealth and Philanthropy
Azim Premji, who secured sixth rank in India Rich List is the number one in Hurun India Philanthropy List 2015.
Mukesh Ambani, Pallonji Mistry, Azim Premji and Shiv Nadar – top 10 in Hurun India Rich List 2016, also finds a place in top 10 of Hurun India Philanthropy List 2015.
Led by Mukesh Ambani, five Indians feature in top 100 of Hurun Global Rich List 2015. India’s richest person is ranked 21 in Hurun Global Rich List 2015
Table 12: Obituary – Hurun Indian Rich List 2016
Age at the time of death
Networth 2015 (INR Cr)
Brijmohan Lall Munjal
Pralhad P Chhabria
Source: The Hurun Research Institute 2016 Brijmohan Lall Mujals wealth inherited by his three sons equally as per the family settlement agreement. For Pralhad P Chhabria and MAM Ramaswamy wealth inherited by sons Prakash P Chhabria and MAMR Muthiah respectively.Stats: Record Highs
Cut-off to make the list was INR 1600 Cr, with a record high of 339 individuals, up from 296 last year and 235 the year before.
The number of dollar billionaires has jumped to a record high too, with 126 individuals, up 1 from last year.