Mukesh Ambani’s wealth shoots up 73% to Rs 6.58 lakh crore; Adani moves up in net worth rankings

Team Udayavani, Sep 29, 2020, 5:47 PM IST

Mumbai: The personal net worth of Reliance Industries chairman Mukesh Ambani rose by 73 per cent to Rs 6.58 lakh crore, helping him retain the title of being the richest Indian for the ninth consecutive year with a wider margin, according to a report released on Tuesday.

Ambani, 63, who has been selling stakes in telecom and retail arms lately leading to a strong performance in the Reliance Industries stock price, is also in the top five at a global level, the report prepared by Hurun in association with IIFL Wealth said.

The rankings come at a time when the Covid-19 pandemic has resulted in a deep economic impact on the lives and fears are being expressed about a K-shaped recovery, which will result in more inequalities in the society.

The list identified 828 Indians who are worth over Rs 1,000 crore as of August 31 and made it to the list of richest Indians.

Cyrus Mistry and Shapoor Mistry of Shapoorji Pallonji group, which is seeking nearly Rs 1.78 lakh crore for its 18 per cent stake in Tata Sons, saw a 1 per cent decline in their wealth at Rs 76,000 crore each.

Gujarat-based Gautam Adani, who is diversifying into many businesses, saw a 48 per cent rise in his wealth to Rs 1.40 lakh crore and moved up two places in rankings to being the fourth richest Indian.

Hinduja Brothers, who are reported to be in a property dispute, are worth Rs 1.43 lakh crore and were able to retain the second standing despite a 23 per cent reduction, according to the list. They are followed by HCL’s Shiv Nadar and family whose fortunes rose 34 per cent to Rs 1.41 lakh crore.

Wipro’s Azim Premji slipped two places to fifth in the rankings with fortunes of Rs 1.14 lakh crore. The world’s largest vaccine maker Serum Institute of India’s Cyrus Poonawalla had a 6 per cent rise in wealth at Rs 94,300 crore and was at sixth place.

D-Mart’s Radhakishan Damani and family broke into the top-ten with a 56 per cent rise in wealth to Rs 87,200 crore.

Kotak Mahindra Bank promoter Uday Kotak saw an 8 per cent reduction in his networth to Rs 87,000 crore, slipping one place to being the eighth richest Indian.
On the back of a blockbuster IPO, 77-year-old Ashok Soota of Happiest Minds debuted on the list with a networth of Rs 3,700 crore, it said.

The financial capital continues to have an edge over the national capital in being home to rich Indians, while among the global Indians, the US has the highest numbers in the rich list.

Only 40 of the 828 individuals or 5 per cent of the list are women, with 69-year-old Smita Crishna of Godrej leading with a networth at Rs 32,400 crore and Kiran Majumdar Shaw of Biocon trailing her with Rs 31,600 crore networth.

Hurun’s managing director for India and chief researcher Anas Rahman Junaid said there is possibility of missing two individuals for everyone included in the list, and pegged the total number of those worth over Rs 1,000 crore at 3,000.

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