It is not an exaggeration to say that Mukesh Ambani has more wealth than the AUM of India’s largest fund house. The latest list of the Indian wealthy released by Barclay Private Wealth and Hurun titled ‘Barclay Hurun India Rich List 2018’ says that Mukesh Ambani has a net worth of Rs.3.71 lakh crore, which is more than the AUM of ICICI Prudential Mutual Fund (Rs.3.10 lakh crore).
In fact, Ambani has added Rs.300 crore a day over the last one year, says the report. SP Hinduja with net worth of Rs.1.59 lakh crore and LN Mittal with Rs.1.14 lakh crore follow Ambani.
According to the report, India has added close to 500 individuals with net worth of over Rs. 1000 crore in the last two years. The report says that the number of wealthy having over Rs.1000 crore has doubled from 339 in 2016 to 831 in 2018. Of these 831 wealthy Indians, 306 individuals are new to the rich list.
In fact, India has added a record number of 141 billionaires in US dollar terms since 2012.
In terms of geographical spread of the wealthy, Mumbai has emerged as the top city with 233 individuals. New Delhi and Bangalore followed Mumbai with 163 and 70 wealthy respectively in the rich list. The report said that these three cities account for 60% of the India wealthy.
Another key finding of the report was that most wealthy individuals have come from industries like pharmaceutical, software and FMCG.