IIFL Wealth Hurun India Rich List 2020 Puts Indian Business Tycoon Mukesh Ambani On Top Spot, Reportedly Earning Over ₹ 90 Crores Per Hour Since The COVID-19 Pandemic Led Lockdown Was Enforced

Mukesh Ambani
Mukesh Ambani

Mukesh Ambani, the richest Indian who also ranks fourth in the list of wealthiest persons on the planet as listed by Bloomberg now grabs the top spot on the IIFL Wealth Hurun India Rich List 2020. The Indian business tycoon is reported to bring in over ₹ 90 crores per hour since the COVID-19 pandemic led lockdown was enforced by the government. The country-wise lockdown was enforced in March of this year to lessen the spread of the coronavirus.

Mukesh Ambani, the chairman of the Reliance Industries Ltd, the oil-to-telecom conglomerate put together a sum of ₹  2,77,700 crore through a series of fund-raising and strategic investment. Companies like Facebook, Google, Silver Lake has invested in the telecom arm of the company, Reliance Jio. Jio has been the brainchild of Mukesh Ambani, which was launched back in 2016. The inclusion of the then-latest 4G network in the Indian market and giving out free data packs saw an overnight boom of the youngest telecom company of the country.

The company is only four years has managed to be the favorite network of the country as lakhs seem to flock to Jio from rival networks like VI and Airtel. The company has attracted investments from social media giant Facebook and also from Google. There are also talks of a new phone that the company is supposed to launch in the upcoming months that might set fire also in the mobile industry. The investments have hiked the personal wealth of the eldest Ambani brother to ₹ 6,58,400 crore, a sum that is larger than the combined wealth of the next five persons on the list. He also holds the number one spot in being the Aisa’s richest individual and the fourth richest man in the world, according to the report.

The IIFL Hurun India lists the names of Indian personnel who compromises a combined wealth of ₹ 1,000 crores or more. This year, 828 Indians have made it to get their names in the list whose cumulative wealth stood at $821 billion (Rs 60,59,500 crore), an increase of $140 billion (Rs 10,29,400 cr) over the 2019 list. Among the 828 individuals, 627 are prior listed personnel who has managed to increase their wealth. The list also comprises of 162 names that are new entrants. The top 100 individuals in the list make up for nearly 64 percent wealth of the list.

Hurun India MD and chief researcher, Anas Rahman Junaid, said, “28 percent of the upswing in wealth on the list has been bestowed by Mukesh Ambani, bespeaking Ambani’s meteoric success post diversifying from oil to telecom and retail. A further 21 percent of the additional wealth has been generated by pharma, mainly on the back of the rise in healthcare spends and a realigned priority towards personal healthcare stimulated by the Covid-19. With rising new wealth creators such as innovative startups, family businesses with strong professional management, investors who believe in the India story, and a demographic advantage that is inferior to none, India’s wealth creation story is still yet to reach the half-way mark.”

The second spot on the list has been taken up by the Hinduja brothers. Hinduja Group, the Anglo-Indian transnational conglomerate based in Mumbai, India and headquartered in London, United Kingdom who has their presence in eleven sectors including Automotives, Oil, and Specialty Chemicals, Banking & Finance, IT & ITeS, Cyber Security, Healthcare, Trading, Infrastructure Project Development, Media & Entertainment, Power, Real Estate is reported to have a joint wealth of ₹ 1,43,700 crore. Next in the list comes the name of HCL founder Shiv Nadar who is said to have wealth of ₹ 1,41,700 crore.

The fourth spot is taken by Adani Group’s Gautam Adani and the fifth spot is taken by Wipro’s Azim Premji. Radhakishan Damani, the founder of Avenue Supermarts has also managed to debut to the top 10 as he got placed in the seventh spot on the list.

Near about 40 women have made it to the list of which 10 of them are self-made. Smitha V Crishna of Godrej is named as the richest woman by the list whose personal wealth stands at ₹ 32,400 crores. She is followed by Biocon founder Kiran Mazumdar Shaw who has a wealth of ₹ 31,600 crores.

 

 

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