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Akash Ambani and Anant Ambani, both part of the family that owns the oil-to-telecoms conglomerate Reliance Industries, are the richest Indians with a net worth of 3.59 trillion Indian rupees ( US$41.72 billion ), according to a recent rich list of Indian individuals published by 360 ONE, one of India’s largest wealth management companies, in collaboration with S&P Global-owned Indian rating agency Crisil.
In total, 161 individuals in India are worth more than 100 billion rupees each, while 169 individuals are worth between 50 billion and 100 billion rupees, finds the inaugural 360 ONE Wealth Creators List, which assesses 2,013 wealth creators, including entrepreneurs, professionals, investors and heirs, with a minimum net worth of 5 billion rupees, a combined net worth of approximately 100 trillion rupees ( equivalent to one-third of the country’s GDP ) and a median fortune of 14.2 billion rupees.
Family members and promoters belonging to the Tata Group, Reliance Industries and Adani Group, according to 360 ONE, account for approximately 24%, or an estimated 36 trillion rupees, of promoter wealth ( a term used in Indian corporate and financial circles for individuals who establish or control a company ).
Mumbai leads as the financial capital, home to 577 wealth creators who control 40% of the list’s total wealth. New Delhi and Bengaluru have 17% and 8% respectively, while Ahmedabad has 5% of the wealthiest Indians.
India has 143 active wealth creators under the age of 40, according to the list, many of whom are pioneering digital-first business models. Shashwat Nakrani of BharatPe is the youngest among them at 27 years.
India’s top 50 business houses account for 59% of the overall wealth tracked on the list. Reliance Industries and Adani Enterprises alone control 12% of the total.
Beyond the 100-trillion-rupee net worth of India’s wealthiest lies another 50 trillion rupees of wealth in trusts ( 15 trillion rupees ) and corporate entities ( 35 trillion rupees ) that are part of promoter holdings.
One-third of the total wealth of 150 trillion rupees is held through a complex web of trusts and other entities. Among them, Sir Dorabji Tata Trust and Sir Ratan Tata Trust emerge as the largest trusts holding approximately 8.2 trillion rupees cumulatively.
Men vs women
Around 71% of those on the list are men, and they own 76% of the total wealth. Women are better represented in the pharmaceuticals sector, where they comprise 33% of the total number of pharma’s rupee billionaires.
On the other hand, 24% of rupee billionaires in the financial sector are women, representing 13% of the sector’s promoter wealth.
The median wealth of men stood at 14.75 billion rupees, 22% higher than women, whose median wealth is at 12.15 billion rupees.
When it comes to average wealth, women who have inherited their wealth are 23% richer than their male counterparts.
This is because those with a net worth of 100 billion rupees, notably Mukesh Ambani and Shiv Nadar, have been more equitable in transferring their wealth among their male and female heirs, as compared with the owners of mid- and small-cap businesses.
Notably, 10% of the women heirs on the list belong to the 100-billion-rupee cohort.
The list comprises 540 women. Isha Ambani is the richest business owner among women. In total, 72 women leaders, according to 360 ONE, are identified as being actively involved in their businesses’ value creation or are founders.
While 29 of these 72 women leaders have made their mark in the healthcare, pharmaceuticals, IT and engineering sectors, 21 are first-generation entrepreneurs.
These first-gen women leaders have a strong focus on e-commerce solutions, IT software and services and financial services, accounting for 72% of overall first-gen women leaders’ wealth.
Companies, sectors
Overall, 86% of the wealth created by these individuals – men and women – on the list is earned from their flagship companies. Only 30% of the individuals on the list derive their wealth from two or more companies. That number is up to 35% among second-generation or intergenerational listers.
Pharmaceuticals, IT software and services, and financial services together, according to the list, account for a significant 26% of the total wealth creation in India. The pharma sector has the highest number of wealthy individuals at 174, followed by the financial services at 158 and IT, 134.
The richest pharma tycoon is Dilip Shantilal Shanghvi, while Nithin Kamath and Nikhil Kamath are the richest in financial services, and Azim H Premji ranks top in the tech space.
The average wealth per individual in the banking sector is 85 billion rupees, followed by telecommunications at 84 billion rupees and aviation, 79 billion rupees. The banking sector has 13 rupee billionaires, telecom has 21 and aviation, 9.
Notably, 62% are actively engaged in their business, driving growth and innovation and charting their journeys of success. On the other hand, four in 10 individuals on the list belong to the passive wealth club.
The wealth of India’s richest is concentrated in listed companies: 607 publicly listed companies account for 93% of the total personal wealth of 1,726 individuals and comprise 85% of the wealth creators list.
In contrast, only 15% or 287 individuals derive their wealth from 132 unlisted companies, accounting for a relatively modest 7% share of the total wealth.
Digital economy stands out
A majority of India’s first-gen entrepreneurs under the age of 40 have attained wealth by leveraging the digital economy to disrupt traditional business models.
A remarkable 60% of their wealth comes from sectors like:
A growing number of those on the list, 360 ONE points out, are looking beyond their own business empires, adding to the vibrant start-up ecosystem in the country.
Notably, 58 of them, 90% of whom are first-gen entrepreneurs, have at least one investment in an early-stage start-up that has achieved the status of unicorn – companies worth US$1 billion – or soonicorn – companies soon to be worth that amount.
Importantly, 30 of India’s wealth creators, 28 of them first-gen entrepreneurs, have created wealth through cutting-edge innovations in sectors like biopharma, biotech, fintech, artificial intelligence, software-as-a-service and unmanned aerial vehicles or drones.
“The list is an effort to chronicle the individuals and families shaping India’s economic destiny,” says Karan Bhagat, 360 ONE’s founder, managing director and CEO. “By capturing not just numbers, but narratives, from first-gen disruptors in tech and fintech to multi-generational family-led enterprises, we aim to spotlight the breadth and depth of India’s wealth creation.”
