Exploring High Net Worth Individuals in India

India’s elite circle of wealth is rapidly expanding, with over 1,300 individuals now holding fortunes exceeding $120 million, driven by sectors like consumer goods, materials, and healthcare.

The dominance of India’s wealthiest individuals may appear unshakable. The top two positions in the annual wealth ranking by Hurun, an authority in tracking such fortunes, consistently belong to the Ambani and Adani families. This year follows the trend, with Mukesh Ambani claiming the top spot, boasting a staggering $98 billion in wealth. Gautam Adani, a competing industrialist who held the title last year, now ranks second with a wealth of $58 billion. However, as one delves deeper into the rankings, a narrative of transformation emerges.

To begin, there is a notable expansion in the ranks of India’s super-wealthy individuals. According to the latest Hurun list, 1,319 fortunes now surpass the $120 million benchmark for inclusion, marking a growth of 216 individuals compared to the previous year.

Surprisingly, the primary sources of this affluence are not the traditional avenues of industry, finance, or information technology. Instead, it’s consumer goods, materials, and healthcare that are driving this surge. Alkem Laboratories, a generic drug manufacturer, played a significant role, propelling 11 individuals onto the list, the highest for any company.

Asian Paints contributed to the fortunes of ten individuals, while Tube Investments of India, known for expanding beyond bicycle parts into various components, had eight representatives. Pidilite Industries, specializing in adhesives, boosted the wealth of seven individuals.

Furthermore, the demographic and geographic landscape of Indian wealth is diversifying. This year’s list includes a 20-year-old founder of Zepto, a delivery company, and, for the first time, a 94-year-old founder of Precision Wires India, a manufacturer of electrical cabling.

While Mumbai (328), Delhi (199), and Bangalore (100) still house the majority of India’s affluent, representing the commercial, political, and technological hubs, 21 other cities have made their debut on the list this year, bringing the total number of places that these prosperous individuals call home to 95.

Interestingly, although many wealthy Indians maintain overseas residences, the majority of the new wealth is now being generated within India. Furthermore, this wealth is predominantly the result of contributions from the real economy rather than financial engineering.

The list includes only one private equity magnate, Manish Kejriwal, the founder of Kedaara Capital, whose family boasts a wealth of $360 million. In India, it is still the builders and entrepreneurs who reap the most significant rewards, rather than the financiers and investors.