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•Better than expected corporate results in 2017 offset the impact of demonetisation
•Mukesh Ambani’s wealth shot up by a staggering 58% to INR 257,900 crores and retains the richest Indian title for the 6th year running. Mukesh Ambani also climbed to top 15 in the Hurun Global Rich List for the first time
•“FMCG’s Maverick Yogi” Acharya Balkrishna of Patanjali is now among the top 10 rich people in India. He is also the most followed entrepreneur on social media with 56 lakh followers in Facebook.
•Radhakishan Damani, the new retail king, of Dmart is the biggest gainer with wealth increase of 320%. The blockbuster listing of Avenue Supermarts, also added 8 new entries In Hurun India Rich List 2017.
At the age of 34, Divyank Turakhia of is the youngest self-made billionaire. He joins 5 other self-made individuals under 40, all from new technology businesses
•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. There are 51 women in the Hurun India Rich List 2017.
•Cut off to be in the Top 100 has more than doubled to INR 8,400 crores since 2013. There are 136 Billionaires in the list this year, a record number since the inception of Hurun Rich List In 2012
•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 tops the list with 182 individuals followed by New Delhi (117) and Bengaluru (51). Chennai and Kanpur enter the top 10 cities for the first time with 15 and 8 new additions, respectively

Anas Rahman, founder of Hurun India Rich List and Divyank Turakhia

NEW DELHI, 25 September 2017: Hurun Report, today released the Hurun India Rich List 2017. Divyank Turakia, founder, India’s youngest billionaire, along with Anas Rahman Junaid of Hurun Report India unveiled the Hurun India Rich List 2017 at Art Lounge, The World Towers by Lodha Group, Mumbai. 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 net worth of living individuals as of 31st July, 2017 when the rate of exchange to the US dollar was INR 64.1

On average, the wealth of Hurun India Rich Listers have increased by 11% compared to that of last year. At least, 16 people saw their wealth double year on year. The number of dollar billionaires has increased to 136 from 126 last year. However, 100 individuals saw their wealth decline.

“Demonetization, GST implementation and so on have not impacted wealth creation in organized sector. In fact, going by the trend in the list, these factors seem to have positively impacted the mega rich and their companies. Despite a solid performance of the corporates, a declining trend in national GDP growth points to impact of such schemes on the unorganized sectors”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India.

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

“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.

Business magnate, Mukesh Ambani (60), with net worth of INR 257,900 crore is 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

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. Patanjali, with a turnover of INR 10,561 crore in 2016-2017 has been a close competition to major international brands.

The biggest gain registered was a 321% increase by Radhakishan Damani (62), Chairman of Avenue Supermarts followed by Anurang Jain (55) & family, 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. 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.

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.

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.

All the under 40 entrepreneurs in Hurun India Rich List 2017 derive their wealth from innovative technological ventures. Divyank Turakhia (34) of is the youngest self-made billionaire in the list. Divyank Turakhia bootstrapped his company without external funding. Rest of the entrepreneurs raised money from some of the top international funds.

Kushal Pal Singh (86) of DLF is the richest real estate billionaire in the list with a wealth of INR 27,400 crore. Mangal Prabhat Lodha (61), founder of Lodha Group is the richest private real estate developer in the list with a wealth of INR 15,700 crore followed by Jithendra Virwani (51) of Embassy Property Developments with INR 8,800 crore.

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.


The Hurun India Rich List is a snapshot of wealth as on 31 July 2017. The exchange rate used for US$ was INR 64.1.  The list relates to Indians only, defined as born or brought up in India origin their passport today.

Valuing the wealth of India’s richest is as much an art as it is a science.  Sure, we have missed some, but we believe the Hurun India Rich List to be the most serious attempt to identify India’s top entrepreneurs and to measure their holdings.  Our team of researchers has - for the sixth year running - traveled the length and breadth of the country cross-checking information with entrepreneurs, industry experts, journalists, bankers, and regulators, as well as previous years’ databases. For non-listed companies our valuation was based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, EV to EBITDA and also other methodologies including Discounted Cash Flow, Tobin’s Q and so on. In certain cases of early stage companies, we have used First Chicago Method for valuation.

This year, we have split out siblings, so companies like Muthoot Finance have been split across four individuals.

The Hurun Report

Hurun Report is a leading luxury publishing and events group established in London in 1998 and strongly present in China and India, widely recognised world over for its comprehensive evaluation of the world’s wealthiest individuals across the globe.

Hurun Report India commenced its operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since and felicitating them at a bouquet of Hurun events hosted pan India.

Hurun Report Inc. has three main platforms: Hurun Research Institute, Hurun Digital Media and Hurun Conferences and Luxury Summits. Through each platform, Hurun targets entrepreneurs and high net worth individuals.

Hurun Report India’s flagship properties include the India Rich List, the ground-breaking India Philanthropy list and the Hurun Global Rich List. A testament to the comprehensive nature of our list is the presence and association of numerous billionaires in each of our events in UK, China and as well as India – Sir Richard Charles Nicholas Branson, Mr. Wang Jianlin, Mr. Jack Ma (AliBaba), Mr. Lei Jun (Xiaomi), Mr. Li Yanhong (Baidu), Dr. Cyrus Poonawalla, Mr. Samprada Singh, Mr. Adi Godrej, Mr. Kuldip Singh Dhingra, Mr. Anand Burman, Mr. Kris Gopalakrishnan, Mr. Rajesh Mehta, Mr. Yusuff Ali, Mr. Kochouseph Chittilappilly, Mr. Joy Alukkas, Mr. T.S. Kalyanaraman and Mr. C.V. Jacob to name a few.


A graduate from University of Oxford, Anas Rahman Junaid is the Managing Director and Chief Researcher for Hurun Report India and the Global Rich List. Anas’ passion and expertise are in tracking and highlighting the success stories of various entrepreneurs across the world. A major in Corporate Valuation, Anas has strong expertise in valuating companies ranging from start-ups to multi-billion dollar enterprises. Anas is a KPMG alumnus. His renewed vision is to connect Indian and Chinese entrepreneurs and to explore opportunities to collaborate. With a strong network with the UHNIs in India, he hopes to promote and explore luxury, art and investments.


“Passionate About Indian Entrepreneurship”

Hurun Report India serves as India’s definitive voice celebrating wealth creation, innovation and growth. Last year Hurun further expanded by releasing Hurun Global Rich List 2015, a ranking of the 2195 US dollar billionaires so-called ‘Nine-Zero Club’ currently -in the world and – the fifth India Rich List which ranks 339 richest individuals in India, allowing for comparisons between two of the most dynamic economies in the world.

The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur.