New Delhi: Of the 19 Indians whose wealth doubled in 2020, six are from pharmaceuticals and three are from retail, as Covid-19 pandemic boosted the Pharma sector and hit the real estate sector hard, according to IIFL Wealth Hurun India Rich List 2020.
Indians whose wealth doubled in 2020, six are from pharmaceuticals and three are from retail
IIFL Wealth Hurun India Rich List added 162 new faces from 31 industries and from 50 cities. The pharmaceuticals sector contributed the most number of new entrants with 27 new additions, followed by chemicals and petrochemicals (20) and software and services (15).
“In the coming years, this could add new pharma entrepreneurs to the list”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India. With 122 individuals on the list, pharmaceuticals leads the list followed by chemicals and petrochemicals with 55 individuals and software and services with 50 individuals.
Automobile and auto components, food and beverages, manufacturing, construction and engineering, are some of the other big contributors to the IIFL Wealth Hurun India Rich List 2020. The report said that pharmaceutical continues to rule on the back of Covid-19 crisis and on the back of shift in priority towards health care spending.
The Indian government is planning a fiscal stimulus of USD1.3bn that targets to build domestic infrastructure required to boost the production of active pharmaceutical ingredients (APIs). This is the 9th annual ranking of the richest individuals in India.
As per the report, 828 individuals across 111 cities have been identified and cumulative wealth for this year increased by 20% compared to that of last year while average wealth increase by 9%. 674 individuals saw their wealth increase or stay the same – that is 81% of the list.
“The sentiment among entrepreneurs and industry leaders has improved in recent months. India is witnessing multiple themes playing out simultaneously, which include rising wealth creation in Tier 2 and Tier 3 cities, change in behaviour of wealthy families with wealth preservation dominating investment decisions,” said Yatin Shah, Co-Founder, IIFL Wealth & Asset Management.
28% of the upswing in wealth on the list has been bestowed by Mukesh Ambani and 21% of the additional wealth has been generated by pharma, mainly on the back of the rise in healthcare spends.
Mukesh Ambani, Chairman of India’s most valued firm Reliance Industries, continues to top the IIFL Wealth Hurun India Rich List 2020 for the ninth consecutive year, with a total wealth of INR 6,58,400 crore.
His total wealth has surged by 73% in the last 12 months, propelling him to become the richest individual in Asia and fourth richest person in the world. London-based Hinduja brothers (SP Hinduja, along with his three brothers) with a joint wealth of INR 1,43,700 crore are at the second position.
HCL-Founder Shiv Nadar with a wealth of INR 1,41,700 crore ranked third, followed by Gautam Adani and family at fourth spot and Azim Premji at fifth spot. Radhakishan Damani, the founder of Avenue Supermarts, debuted in the top 10 wealthiest individuals ranking in the IIFL Wealth Hurun India Rich List 2020.