Even though Covid took over India and the economy suffered, Gujaratis seem to have coped up, and robustly so. The biggest wealth gainers of India according to IIFL Wealth Hurun India Rich List 2022 are Gujaratis. Over 86 individuals hail from Gujarat as part of the list this year.
Leading from the front is world’s second-richest billionaire Gautam Adani. He made more than Rs 1,600 crore per day in the past year to double his wealth to Rs 10.94 lakh crore. Adani’s net worth is now Rs 3 lakh crore more than that of Mukesh Ambani (Rs 7.94 lakh crore) who added Rs 210 crore every day last year.
“In 2012, Adani’s wealth was hardly one-sixth of Ambani’s wealth and no one could imagine that he would overtake Ambani to become the richest man in India in 10 years,” said Anas Rahman Junaid, MD and chief researcher at Hurun India.
For the first time in 10 years, Ambani of Reliance Industries has lost the top ranking despite his wealth increasing by 11 per cent in an eventful year, which saw many headwinds including the Russia-Ukraine war. His wealth is pegged at Rs 7,94,700 crore and has increased by 115 percent in the last 5 years.
The total wealth of these two billionaires is about 50 per cent more than the combined wealth of the next eight billionaires in the top top 10 list. This year there are 149 new entrants on the list. Gautam Adani’s elder brother Vinod Shantilal Adani, who is based out of Dubai, is now the richest NRI (non-resident Indian), overtaking the famous Hindujas.
Hurun Report India and IIFL Wealth today launched a further analysis of the richest from Gujarat in the IIFL Wealth Hurun India Rich List 2022. Wealth calculations are a snapshot of 30th August 2022. The number of entrants in IIFL Wealth Hurun Gujarat Rich List has grown from just under five, 10 years ago to 86 today. The fact that two of the global top 10 and four of the Indian top 10 are entrepreneurs of Gujarati origin is a reflection of the entrepreneurial DNA of the Gujarati community.
Yatin Shah, Co-Founder and Joint CEO, IIFL Wealth, said, “Gujarat is reputed as one of the finest states for entrepreneurship in India and financial awareness along with technology adoption has always been high in Gujarat.”