Mukesh Ambani replaces Gautam Adani as India's richest
What's the story
The "360 One Wealth Hurun India Rich List 2023" has revealed some major shifts in India's wealth landscape.
Mukesh Ambani, with a total wealth of Rs. 8,08,700 crore, moved ahead of Gautam Adani to claim the top spot, even though his wealth only saw a 2% increase in the past year.
Meanwhile, Adani's wealth dropped by more than half, causing the wealth disparity between Ambani and Adani to widen by Rs. 3,30,000 crore.
Details
Rise of self-made entrepreneurs
This year's wealth report showcased the rise of self-made entrepreneurs.
Radha Vembu, the powerhouse behind Zoho, became the wealthiest self-made Indian woman, outshining Falguni Nayar.
Moreover, 12 Indians born in the 90s joined the list, with 20-year-old Kaivalya Vohra from Bengaluru, co-founder of grocery delivery app Zepto, standing out as the youngest self-made and richest individual.
The number of self-made entrepreneurs hit a record-breaking 871 individuals, making up 66% of the list.
What Next?
Pharmaceutical sector produces most billionaires
The pharmaceutical sector showed strong performance, producing the highest number of dollar billionaires (39), followed by Chemicals and Petrochemicals (23) and Automobile and Auto Components (22) industries.
The number of people with wealth exceeding Rs. 1,000 crore grew by 219 over the past five years, marking a 76% increase and bringing the total to 1,319 individuals with such wealth.
Insights
Mumbai leads billionaire cities; zodiacs play a role
Major Indian cities played a key role in shaping the list, with Mumbai leading with 328 individuals, followed by New Delhi, 199, and Bengaluru, 100.
Tiruppur made its debut in the top 20 cities contributing to the list.
Interestingly, star signs seemed to have an impact, with Pisces maintaining the lead in wealth accumulation, followed by Taurus and Libra.
The report identified Virgo as the most common star sign among successful entrepreneurs, making up 9.6% of the list.