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HURUN INDIA RICH LIST 2017

BETTER THAN EXPECTED CORPORATE RESULTS IN 2017 OFFSET THE IMPACT OF DEMONETISATION

MUKESH AMABANI’S WEALTH SHOT UP BY A STAGGERING 58% TO INR 257,900 CRORES AND RETAINS THE RICHEST INDIAN TITLE FOR THE 6TH YEAR RUNNING

617 INDIVIDUALS IN HURUN INDIA RICH LIST 2017 WITH A CUTOFF OF INR1000 CRORES, COMPARED TO 339 LAST YEAR

CUT OFF FOR THE TOP 100 HAS MORE THAN DOUBLED TO INR 8,400 CRORES SINCE 2013

302 NEW FACES AND 22 DROPOUTS

PHARMA AND FMCG HAD A STELLAR YEAR IN THE HURUN INDIA RICH LIST BY DOUBLING THE NUMBER OF ENTRANTS TO 79 AND 63 RESPECTIVELY

MUMBAI, DELHI AND BENGALURU ADD 78, 52 AND 23 NEW FACES RESPECTIVELY TO REAFFIRM THEIR “BIG 3 CITY STATUS” IN HURUN INDIA RICH LIST 2017

“FMCG SUPER YOGI” ACHARYA BALKRISHNA OF PATANJALI STORMS INTO TOP 10

NEWLY FORMED STATE TELANGANA HAS 38 OF ITS RESIDENTS IN THE LIST

NUMBER OF WOMEN IN THE LIST INCREASED BY 300% (53 ENTRIES) THIS YEAR. NUMBER OF SELFMADE WOMEN IN THE LIST QUADRUPLED FROM 2 TO 8

42 YEAR OLD BENGALURU BASED AMBIGA SUBRAMANIAN IS THE YOUNGEST SELF MADE WOMAN IN THE LIST. SHE SOLD HER SHARES IN MU-SIGMA, THE DATA ANALYTICS UNICORN THAT SHE CO-FOUNDED

THE BLOCKBUSTER LISTING OF AVENUE SUPERMARTS ADDED 8 NEW ENTRIES IN HURUN INDIA RICH LIST 2017

WITH 15 AND 8 NEW ADDITIONS RESPECTIVELY, CHENNAI AND KANPUR BREAK INTO TOP 10 CITIES IN HURUN INDIA RICH LIST 2017

40 PADMA AWARDEES IN THE HURUN INDIA RICH LIST 2017

22 DROPPED OUT OF THE LIST AND 4 PASSED AWAY

SUPPORTED BY HIS LATEST BET IN TELECOM, MUKESH AMBANI ALSO CLIMBED TO TOP 15 IN THE HURUN GLOBAL RICH LIST FOR THE FIRST TIME

A TOTAL OF 136 BILLIONAIRES, A RECORD NUMBER SINCE THE INCEPTION OF HURUN RICH LIST IN 2012

WITH WEALTH INCREASE OF 320%, RADHAKISHAN DAMANI, THE NEW RETAIL KING, OF DMART IS THE BIGGEST GAINER IN HURUN INDIA RICH LIST 2017

LED BY DIV TURAKHIA OF MEDIA.NET, 5 SELF MADE INVIDUALS UNDER 40

ALL THE UNDER 40 SELF MADE HURUN INDIA RICH LISTERS DERIVE THEIR WEALTH FROM NEW TECHNOLOGY BUSINESS

WITH 182 INDIVIDUALS, MUMBAI TOPS THE LIST FOLLOWED BY NEW DELHI (117) AND BENGALURU (51)

WITH 56 LAKH FOLLOWERS IN FACEBOOK, ACHARYA BALKRISHNA IS THE MOST FOLLOWED ENTREPRENEUR IN THE INDIAN SOCIAL MEDIA

Hurun Report India releases Hurun India Rich List 2017

· Hurun Report finds 617 individuals with INR1,000 Crore or more, up 278 from last year, quadrupled from three years ago

· On average, the wealth of Hurun India Rich Listers have increased by 17% compared to that of last year

· Number of dollar billionaires has increased to 136 from 126 last year. The inaugural Hurun India Rich List in 2012 had 59 billionaires

“For every 1 entrepreneur in Hurun India Rich List 2017, we estimate that we missed 3”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India

· 40 have migrated from India and are NRIs

· 16 saw their wealth double year on year

· Average age of the Hurun India Rich List is 60;

· The fastest riser is Radhakishan Damani (62) of Avenue Supermarts; He registered a 3 times increase in wealth to INR 29,700 Cr

· 100 individuals saw their wealth decline.

· Haridwar-based Acharya Balkrishna (45) of Patanjali rose to 8th position, from 25th last year, after seeing his wealth grow by 173% to INR 70,000Cr

· Eklavya Juneja (24) of Mankind Pharma is the youngest person in the list. He owns 12% of Mankind Pharma which was founded by father Rajeev Juneja

· Pharmaceuticals dominate with 13% of the list, followed by FMCG and Chemical & Petrochemicals with 10% and 6% respectively

· A record high of 50% of Hurun India Rich List 2017 are self-made and are generated by family businesses. Average age of self made Hurun India Richlisters is 62

· Hurun India Rich List has eight self-made women this year, compared to two in last year

· 34 in the list under the age of 40; 28 in the under 40 inherited their wealth

· 7 individuals in Hurun India Rich List 2017 has ownership in IPL teams and 4 in ISL teams

· This year, we split the wealth of Pallonji Mystry among his sons Cyrus and Sharpoor equally. The Mystry brothers own 18.38% stake in Tata Sons through two investment companies Cyrus Investments and Sterling Investment which owns 9.19% stake each. Both the investment companies are equally owned by Cyrus Pallonji Mistry and Shapoor Pallonji Mistry.

· The combined wealth of India’s richest is a staggering US$640bn, equating to 1/4thof India’s GDP last year and similar to the GDPs of Switzerland ($660bn), and combined GDP of South Africa ($317bn) & Israel ($340bn).

· Leading Authority on India’s private wealth, Hurun Report launches the India Rich List for the sixth time

· “The Richest Horoscopes” - Those born in Capricorn, Taurus and Cancer produced most number of individuals in the rich list and Aquarius the least!!!

HURUN INDIA RICH LIST 2017

MUMBAI, 25 September 2017: Today Hurun Report released the Hurun India Rich List, a list of the richest people in India with a cut-off at INR 1,000 Cr. This is the sixth year of the list, which has become a benchmark for the private sector and has become widely accepted to be the most robust attempt at covering entrepreneurship in India. Wealth calculations are a snapshot of networth of living individuals as of 31st July, 2017 when the rate of exchange to the US dollar was INR 64.1

Stock Markets Performance

Bombay Stock Exchange (BSE) Sensex went up by 16.1% as on July 31, 2016 to 32,514 on July 31, 2017. For the year under review, BSE Mid Cap (16.4%) and BSE Small Cap Index (2.72%) outperformed the benchmark index. Sensex also outperformed compared to Global indices NYSE (10.5%) and DAX (13.7%). Currently, Indian stock market seems to be trading at an expensive valuation of 23.3x compared to last year’s 19.6x.

“The market capitalization of all listed companies is now equivalent to 84% of India’s nominal GDP which is the highest in emerging markets. This year, we have expanded the list to highlight the success stories of some of the emerging entrepreneurs” says Anas Rahman Junaid, Hurun Report India, Managing Director and Chief Researcher.

“The total number of rich list entrants increased 6 times since we launched the list six years ago; a good indication that Indian entrepreneurs are coming of age with global ambitions” says Rupert Hoogewerf, Hurun Report Global, Chairman and Chief Researcher.

Indian currency depreciated by 3% versus USD during the period under review.

With networth of INR 257,900 Crore Mukesh Ambani (60), the business magnate, ranked first in the list for the sixth consecutive year. Share price of Reliance industries hit nine year high in July 2017. Over the last one year, Reliance Industries shares have gained over 1% every seven days, rising by 56% in 52 weeks. His wealth is 50% more than the GDP of the country of his birth – Yemen.

“It is rare to find a country with such a dominant richest person (Mukesh Ambani) whose wealth is thrice more than that of the no.2 in the list. We have never seen such a wide margin between the richest and the second richest in big countries that include USA, China, UK, Russia and so on”, said Rupert Hoogewerf, Chairman and Chief Researcher, Hurun Report Global

With a networth of INR 89,000 Crore, Dilip Shanghvi (61) of Sun Pharma retains the second place despite shares of his flagship company going down by 36%. FDA USA put Sun Pharma under scanner after having noted regulatory breaches – as situation that led to barring new product approvals.

The Steel Baron, Lakshmi Niwas Mittal (67) secures third position for the first time with a networth of INR 88,200 Crore due to an uptick in steel prices and demand. Recently he also got a reprieve from import tariffs on steel imposed by the US and Europe and a one-time $832 million saving from a new labor contract signed last year with his US workers.

With networth of INR 85,100 Crore, Shiv Nadar (72), the founder and chairman of HCL, the fourth largest software service has acquired Broomfield, Colorado-based mortgage business process and fulfilment service providing company, Urban Fulfilment Services for $30million in August 2017. HCL has introduced innovative hiring procedures, where the company hire and train students straight out of high school – a first of its kind initiative amongst the large cap companies.

Founder of multi-billion dollar IT giant Wipro, Azim Premji (72) registered a fortune of INR 79,300 Crore. He founded the Premji Invest in 2006 and is a private equity fund that manages almost US$2bn of his personal wealth by investing in capital markets and also by picking up minority stakes in start-ups across India, the US and China.

Table 1: Hurun India Rich List 2017 – Top 10

Rank	Name	Wealth INR Crore	Change	Company	Age	Residence
1-	Mukesh Ambani	2,57,900	58%	Reliance	60	Maharashtra
2-	Dilip Shanghvi	89,000	-27%	Sun Pharma	61	Maharashtra
3↑	LN Mittal	88,200	32%	ArcelorMittal	67	London
4↑	Shiv Nadar	85,100	16%	HCL	72	Delhi
5↑	Azim Premji	79,300	6%	Wipro	72	Karnataka
6↓	Cyrus S Poonawalla	71,100	-9%	Serum Institute of India	76	Maharashtra
7*	Gautam Adani	70,600	66%	Adani Enterprises	55	Gujarat
8*	Acharya Balkrishna	70,000	173%	Patanjali Ayurved	45	Uttarakhand
9-	Uday Kotak	62,700	21%	Kotak Mahindra Bank	58	Maharashtra
10-	Sunil Mittal & Family	56,500	12%	Bharti Airtel	59	Delhi

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun India Rich List. For more details visit www.hurunindia.net

With networth of INR 71,100 Crore, Billionaire Cyrus S Poonawalla (76) of Serum Institute secures the sixth position in the Hurun India Rich List. He is investing $150 million in a new factory to make a range of vaccines, including for dengue and pneumonia. Poonawalla recently contributed $2.5 million for a hospital named after his late wife, which focuses on the under privileged children and adults.

With networth of INR 70,600 Crore, Port Tycoon, Gautam Adani (55) Chairman of Adani Group made the highest investment commitment of INR 49,000 Crore in Gujarat which would create direct and indirect job opportunities for 25,000 people. This wealth increase is despite a strong controversy he faced from an environmental campaign that was launched to stop the development of Adani Group’s $16.5 billion coal mine in Queensland.

Acharya Balkrishna (45), CEO of Patanjali is now officially part of India Rich List Top 10 and has secured a second place in Indian FMCG market share in under 5 years. The company, with a turnover of INR 10,561 crore in 2016-2017 has been a close competition to major international brands. He owns close to 94 % of Patanjali Ayurved and is the brain behind the admirable growth of Patanjali as a consumer brand.

Banker Uday Kotak (58), the managing director of Kotak Mahindra Bank, has a networth of INR 62,700Crore. The board of the Kotak Mahindra Bank decided to raise over INR 5,300Crore by diluting 3.3 % of the promoters holding, for pursuing a host of opportunities, including consolidation.

Indian telecom magnate, Sunil Mittal (59), the founder and chairman of Bharti Airtel has a networth of INR 56,500 Crore. Mittal recently signed the agreement to acquire Telenor’s Indian and bought additional 4G spectrum to fight off the mighty rival. He launched the Airtel Payment Bank (APB), a joint venture with Kotak Mahindra Bank and has committed INR 3,000 crore to develop a pan-India banking network and digital payments ecosystem.

The Richest Indian families

More than 50% of Indian business listed in the rich list is run by families. This year, Hurun Report has split the families based on available ownership information.

Table 2: The top 5 Richest Indian families

Rank	Name of Family	Members	Wealth 2017 (INR Cr)	Generation	Prominent Person of the Family
1	Godrej	5	1,89,135	3	Adi Godrej
2	Hinduja	4	97,328	2	SP Hinduja
3	Adani	2	86,275	1	Gautam Adani
4	Damani	9	51,779	1	Radhakishan Damani
5	Burman	6	43,426	4	Anand Burman

Source: Hurun Research Institute. For more details visit www.hurunindia.net

Where they live.

Mumbai registered an increase of 78 individuals in the rich list and Delhi added 52. With 182 individuals, Mumbai is the capital for India’s super-rich, followed by New Delhi (117) and Bengaluru (51). With 26 new entrants, Ahmedabad breaks into top 5. With 22 and 11 India Rich Listers, Chennai and Kanpur respectively breaks into top 10 cities of residence for Hurun India Rich Listers.

There are 18 new cities in this year’s list compared to last year. Chennai and Kanpur have performed well this year with a 35% and 27% increase in number of India Rich Listers respectively and have reserved spot amongst the Top 10 cities this year. Interestingly, Udaipur has 3 Indian Rich Listers, Vadodara has 2, and Kanchipuram and Faridabad has 1 Indian Rich Lister in Hurun India Rich List 2017.

With 214 and 117 entrants respectively, Maharashtra and Delhi are the preferred states of residence for Hurun India Rich Listers. It is interesting to note that in the Hurun India Rich List 2017, 23 individuals have migrated into Maharashtra, 22 to Delhi and 13 to Karnataka to set up and establish their businesses.

Table 3: Geographical spread of Hurun India Rich List 2017

	City of Residence	Rich List Entries	Richest Individual 2017		State of Residence	Rich List Entries	Richest Individual 2017
1-	Mumbai	182	Mukesh Ambani	1	Maharashtra	214	Mukesh Ambani
2-	New Delhi	117	Shiv Nadar	2	Delhi	117	Shiv Nadar
3-	Bengaluru	51	Azim Premji	3	Karnataka	55	Azim Premji
4-	Hyderabad	36	PV Ramaprasad Reddy	4	Telangana	38	PV Ramaprasad Reddy
5↑	Ahmedabad	26	Gautam Adani	5	Gujarat	36	Gautam Adani
6↓	Kolkata	23	Benu Gopal Bangur	6	Tamil Nadu	30	Kalanithi Maran
6-	Pune	23	Cyrus S Poonawalla	7	West Bengal	23	Benu Gopal Bangur
8*	Chennai	22	Kalanithi Maran	8	Uttar Pradesh	16	Yadupati Singhania & Family
9↓	Dubai	12	Micky Jagtiani	9	Kerala	13	Joy Alukkas
10*	Kanpur	11	Yadupati Singhania & Family	10	Haryana	6	Savitri Jindal & Family
11#	London	10	LN Mittal	11	Rajasthan	5	Kailashchandra Nuwal
12#	Cochin	7	George Alexander Muthoot & Family	12	Madhya Pradesh	4	Dilip Suryavanshi
13#	Coimbatore	6	P.Nataraj, KPD Sigamani & KP Ramasamy	12	Punjab	4	SP Oswal
14#	Singapore	5	Shyam Bhartia	14	Bihar	3	Ravindra Kishore Sinha & family
15#	Abu Dhabi	4	Yusuffali MA	15	Jharkhand	2	Mukund Rungta
15#	Aurangabad	4	Anurang Jain & family
15#	Bhopal	4	Dilip Suryavanshi
15#	Gurgaon	4	Nirmal Kumar Minda
15#	Noida	4	Sunita Gupta & Rita Kumari
15#	Rajkot	4	Bhikhabhai Popatbhai Virani
15#	Surat	4	Savji Dholakia & family

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10 # New to Top 20

Source: Hurun Research Institute. For more details visit www.hurunindia.net

UAE, UK & USA are the preferred countries for migration

There are 40 immigrants in Hurun Indian Rich List 2017. 64% of them are self made. With 14 individuals, UAE is the most preferred destination for immigration, followed by 10 in UK and 8 in USA. With INR 88,200 crore, LN Mittal of ArcelorMittal is the wealthiest immigrant into UK. With a fortune of INR 31,900CR, M.A Yusuf Ali is the wealthiest immigrant into UAE.

Table 4: Hurun India Rich List 2017 – Richest Non-Resident Indians

No	Names	Wealth (INR Crore)	City	Company	Age
1	LN Mittal	88,200	London	LN Mittal	67
2	Yusuffali MA	31,900	Abu Dhabi	Emke	61
3	Vivek Chaand Sehgal	27,000	Melbourne	Motherson Sumi System	60
4	SP Hinduja	24,300	London	Hinduja Group	81
4	GP Hinduja	24,300	London	Hinduja Group	77
4	PP Hinduja	24,300	Geneva	Hinduja Group	72
7	Sunny Varkey	17,900	Dubai	Gems Education	60
8	Anil Agarwal	17,300	London	Vedanta Resource	64
9	BR Shetty	17,300	Abu Dhabi	NMC	75
10	Rakesh Gangwal	16,100	Mclean	Interglobe Aviation	64

Source: Hurun Research Institute. For more details visit www.hurunindia.net

Gainers

The biggest gain registered was a 321% increase by Radhakishan Damani (62), Chairman of Avenue Supermarts followed by Anurang Jain & family (55), the Managing Director of Endurance Technologies with a wealth increase of 286%.

The top three in the biggest gainers list are backed by the IPO performance of their companies. For instance, Radhakishan Damani’s wealth increase was backed by the IPO of Avenue Supermarts, which runs the D-Mart brand of stores in the supermarket chain. The shares of Avenue Supermarts were listed at a premium of 102% and rallied further 43% as on 31 July 2017.

IPO of auto component maker Endurance Technologies resulted in 286% increase in the wealth of Anurang Jain in 2017.

Another notable performer was Kishore Biyani of Future Retail who registered a 259% wealth increase. Merger of Future Retail and Bharti Retail created the biggest supermarket chain with a turnover of INR 15,000 crore and its subsequent relisting resulted in significant wealth creation for Biyani.

Table 5: Hurun India Rich List 2017 – Biggest Gainers

No	Name	Wealth (INR Crore)	% Change	Company	Age	Industry
1	Radhakishan Damani	29,700	321%	Avenue Supermarts	62	Retail
2	Anurang Jain & family	11,500	286%	Endurance Technologies	55	Automobiles & Auto Components
3	Kishore Biyani	17,200	259%	Future Group	57	Retail
4	Adani Vinodbhai Shantilal	15,700	200%	Adani Enterprises		Diversified
5	Ajay Piramal	42,700	186%	Piramal Enterprise	67	Pharmaceuticals

Source: Hurun Research Institute. For more details visit www.hurunindia.net

Young and Rich!

All the young entrepreneurs under 40 in Hurun India Rich List 2016 are active in their respective businesses

The youngest person on the list is Eklavya Juneja (24) of Mankind Pharma

The oldest is Keshub Mahindra (94) of Mahindra & Mahindra

All the under 40 entrepreneurs in Hurun India Rich List 2017 derive their wealth from innovative technological ventures. Divyank Turakhia bootstrapped his company media.net without external funding. Rest of the entrepreneurs raised money from some of the top international funds.

“These self made entrepreneurs symbolize the new age startup entrepreneurs from India. Their success stories will further garner active international investments into Indian startup ecosystem,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India

Table 6: Hurun India Rich List 2017 – Self-made under 40

S.No	Name	Age	Wealth (INR Crore)	City	Company	Industry	Notable Investors
1	Binny Bansal	34	5,400	Bengaluru	Flipkart	e-commerce	SoftBank, Microsoft, Tencent
2	Divyank Turakhia	35	11,500	Dubai	Media.Net	Media Tech	Self funded
3	Sachin Bansal	36	5,400	Bengaluru	Flipkart	e-commerce	SoftBank, Microsoft, Tencent
4	Vijay Shekhar Sharma	39	9,000	New Delhi	Paytm	Fin Tech	Alibaba
5	Byju Raveendran	39	1,000	Bengaluru	Think and Learn	Edu Tech	Chan Zuckerberg Intiative, Tencent

Source: Hurun Research Institute. For more details visit www.hurunindia.net

Women in the India Rich List increased by 300% from 15 to 53 in 2017

8.6% of the list are women of which 8 are self-made. The richest women are Savitri Jindal, 66, of OP Jindal Group with INR 46,500 crore, followed by Smitha V Crishna of Godrej, Indu Jain chairperson of Time Group. The richest self-made woman in India is biotechnology queen Kiran Mazumdar-Shaw of Biocon with INR 15,400 crore. Average age of women in the list 56.

Table 7: Hurun India Rich List 2017 – Richest self-made Women in India

NO	Name	Wealth (INR Cr)	Age	Company	Location	Industry
1	Kiran Mazumdar-Shaw	15,400	64	Biocon	Bengaluru	Pharmaceuticals
2	Vembu Radha	4,500	44	Zoho Corp	Chennai	Software & Services
3	Sheela Gautam	2,600	85	Sheela Foam	New Delhi	Consumer Durables
4	Ambiga Subramanian	2,500	42	Mu Sigma	Bengaluru	Software & Services
5	Shakuntala Shetty	2,100	55	Narayana Hrudayalaya	Bengaluru	Healthcare
6	Prabha Arora	1,700	69	Mankind Pharma	New Delhi	Pharmaceuticals
7	Urrshila Kerkar	1,400	51	Cox & Kings	Mumbai	Tourism
8	Gundavaram Vanaja Devi	1,200	64	Kaveri Seed	Hyderabad	Others

Rich List: India, 2017: Hurun

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