PRESS RELEASE WITH 76 NEW FACES, HURUN REPORT LAUNCHES ITS INDIAN RICH LIST 2015 WITH INR 1,60,950 CR, MUKESH AMBANI IS THE RICHEST MAN IN INDIA FOR 4 TH YEAR INDIA PRODUCES 124 BILLIONAIRES, A RECORD NUMBER SINCE THE INCEPTION OF HURUN INDIA RICH LIST ON 2012 UDAY KOTAK STORMS INTO TOP 10 85% IN THE LIST ARE FAMILY RUN BUSINESSES MUMBAI AND NEW DELHI MAKE UP HALF OF RICH LIST, ADDING 17 AND 16 FOR THE FIRST TIME, AZIM PREMJI LOSES THE SPOT IN TOP 5, DUE TO HIS PHILANTHROPIC DONATIONS Hurun Report India releases Hurun India Rich List 2015 , presented by jewelry-brand Joyalukkas Hurun Report finds 296 individuals with INR 1,600 Cr or more, up 76 from last year and double that of two years ago India had a mixed year with some sectors such as mobile phone and e-commerce doing well and other such as real estate and energy had a bad year. Overall, it was an average year of India’s entrepreneur Owing to a 6% devaluation of Indian Rupee against the US dollar and a lackluster performance of key sectors such as steel, energy and real estate, the average wealth dropped 7% India is adding more billionaires. Number of dollar billionaires has increased to 124 from 109 last year. The inaugural Hurun India Rich List had just 59 billionaires in 2012 36 have migrated out of India and are NRI 13 saw their wealth double year on year; The fastest riser is Dhiraj Rajaram (40) of Mu Sigma, a data analytics business, shooting up 593% to INR 17,790 Cr. 58 individuals saw their wealth decline, led by the oil and gas sector, after uncertainly continued to surround the Middle East. Ajay Kalsi (54) of Indus Gas declined by 242% dropping him to the bottom of the list. 6F, Zhongrong Jasper Tower, 8 Yincheng Road, Shanghai 200120 021-5010 5808 www.hurun.net Page 1 of 40
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PRESS RELEASE
WITH 76 NEW FACES, HURUN REPORT LAUNCHES ITS INDIAN RICH LIST 2015
WITH INR 1,60,950 CR, MUKESH AMBANI IS THE RICHEST MAN IN INDIA FOR 4TH YEAR
INDIA PRODUCES 124 BILLIONAIRES, A RECORD NUMBER SINCE THE INCEPTION OF HURUN INDIA RICH LIST ON 2012
UDAY KOTAK STORMS INTO TOP 10
85% IN THE LIST ARE FAMILY RUN BUSINESSES
MUMBAI AND NEW DELHI MAKE UP HALF OF RICH LIST, ADDING 17 AND 16
FOR THE FIRST TIME, AZIM PREMJI LOSES THE SPOT IN TOP 5, DUE TO HIS PHILANTHROPIC DONATIONS
Hurun Report India releases Hurun India Rich List 2015 , presented by jewelry- brand Joyalukkas
Hurun Report finds 296 individuals with INR 1,600 Cr or more, up 76 from last year and double that of two years ago
India had a mixed year with some sectors such as mobile phone and e-commerce doing well and other such as real estate and energy had a bad year. Overall, it was an average year of India’s entrepreneur
Owing to a 6% devaluation of Indian Rupee against the US dollar and a lackluster performance of key sectors such as steel, energy and real estate, the average wealth dropped 7%
India is adding more billionaires. Number of dollar billionaires has increased to 124 from 109 last year. The inaugural Hurun India Rich List had just 59 billionaires in 2012
36 have migrated out of India and are NRI 13 saw their wealth double year on year; The fastest riser is Dhiraj Rajaram (40)
of Mu Sigma, a data analytics business, shooting up 593% to INR 17,790 Cr. 58 individuals saw their wealth decline, led by the oil and gas sector, after
uncertainly continued to surround the Middle East. Ajay Kalsi (54) of Indus Gas declined by 242% dropping him to the bottom of the list.
Mukesh Ambani (58) of Reliance, holds on to his position as the richest man in India with a fortune of INR 1,60,951 Cr, down by 3% from last year. Ambani
seems to be betting on digital space by committing over INR 2,50,000 Cr to PM Modi’s Digital India initiative.
London-based SP Hinduja & Family (81) of Hinduja Group shot up to 3rd position, from 6th last year, after seeing their wealth grow 43% to INR 1,03,030 Cr
Whilst Mumbai continues to dominate with 29% of the list residing there, Delhi came in second with 19%, followed by Bangalore with 8%
Manufacturing continues to dominate with 15% of the list, followed by pharmaceuticals and real estate with 9% and 6% respectively.
Only 61% are self-made, down by 6% from last year The only self-made woman in the list is the ‘BioTech Queen’ Kiran Mazumdar-
Shaw (62) who saw her net worth decrease by 6% to INR 6143 Cr At 28 years, Ankit Bhati and at 29, Bhavish Aggarwal founders of Ola Cabs,
“India’s answer to Uber”, are the youngest self-made Indians in the list. The Tyre prince, Rajiv Poddar (30) of Balakrishna Industries follows.
The combined wealth of India’s richest is a staggering US$478bn, equating to 22% of India’s GDP last year and larger than the GDPs of UAE ($402bn), South Africa ($350bn) & Singapore ($308bn).
For the first time, Azim Premji (69) loses the spot in Top 5, due to his philanthropic donations
Supported by 33% increase, with INR 47,608 Cr, Uday Kotak (55) breaks into Top 10
Leading Authority on India’s private wealth, Hurun Report launches the India Rich List for the fourth time.
(Mumbai, 11 September 2015): Today Hurun Report released the Hurun India Rich List, a list of the richest people in India with a cut-off of INR 1,600 Cr. This is the fourth year of the list, which has become a benchmark for the private sector and has become widely accepted to be the most robust attempt at covering entrepreneurship in India. Wealth calculations are a snapshot of net worth of living individuals as of 31 July 2015 when the rate of exchange to the US dollar was INR 64.0.
“Despite the weakening of the stock market and the Rupee, the Hurun India Rich List expanded by 76 entrepreneurs, showing the resilience and dynamism of the Indian private sector,” said Anas Rahman Junaid, Hurun Report India GM.
For the full details, please refer to on www.hurun.net.
Mukesh Ambani (58) of Reliance topped the list of 296 individuals for the fourth consecutive year. Reliance Jio, a $6bn subsidiary of RIL, plans to rollout 4G across
India. RIL procured world's most sophisticated armored Mercedes S600 for Mukesh Ambani.
Dilip Shanghvi (59) of Sun Pharmaceuticals retained his 2nd place despite a 2% decline in his wealth. Ongoing integration problems of generic drug maker Ranbaxy continues to hit revenue and profitability of Sun Pharma. In Feb 2015, Sanghvi agreed to buy a 23% stake in Indian wind turbine maker Suzlon Energy for US$290m
SP Hinduja & Family (81) is the 3rd richest person on the list with a net worth of INR 1,03,030 Cr. The Hinduja family controls a highly diversified empire with interests spanning automotive, oil& gas, banking, IT, power, media, real estate, healthcare & trading with annual revenues in excess of INR 1,50,000 Cr. Hinduja announced an investment of INR 64,000 Cr into infrastructure and power sector in India, the biggest ever commitment yet by the family for this region.
10* Uday Kotak 47,610 33% Kotak Mahindra 55 Mumbai↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10
Shiv Nadar, (70). Nadar registered a 21% increase in wealth, mainly on the back of a sharp increase in listed HCL Technologies. He is a strong competitor to Azim Premji in philanthropy; For instance, in March the philanthropic arm of the group donated HCL Technologies shares worth INR 1,150 Cr to his foundation.
Pallonji Mistry, (86), with a personal fortune of INR 87,290 Cr, is the 5th richest Indian and also the richest Parsi. Mistry controls a construction empire that operates across India, West Asia and Africa, and is the largest individual shareholder in Tata Sons, where his son Cyrus is currently chairman. An Irish citizen, Pallonji Mistry is known for his commitment towards promoting Irish Cricket by signing a 10 year multi million sponsorship contract with the Ireland Cricket team. From an Indian business perspective, he has committed INR 20,000 Cr towards the development of Hyderabad.
LN Mittal, (64), of ArcelorMittal, who started out as a scrap metal dealer in one of India’s poorest states dropped down one place to 6th with a fortune down 14% to INR 83,400 Cr. Mittal announced a INR 5,000 Cr investment into automotive steel manufacturing in India, the first greenfield investment by the LN Mittal group in India’s steel sector, after years of trying to get a foothold in the country.
Azim Hashim Premji, (69), India’s most generous billionaire moved down to the 7 th
spot; Azim Premji, the first Indian to sign the Giving Pledge, has set aside more than half of his wealth for charity by allocating an additional 18% stake in the company to fund philanthropy.
Telecom mogul Sunil Mittal, (58), is the 8th richest in the list with an estimated net worth of INR 48,540 Cr (up 1 rank from last year). Airtel entered 17 African countries by acquiring Zain telecom for $10bn, now divesting its tower assets in 5 African countries for $1.3bn to cut its debt and plan to divest more. He was granted the payment bank license in India- a move that could further boost the revenue by INR 1500 Cr, which should positively impact the long-term valuation of the group.
Gautam Adani, (53), Adani has grown Adani Group into one of the fastest growing enterprises in India, with a net worth of INR 50,500 Cr. His Adani Foundation follows a participatory approach to ensure a sense of ownership for the services it provides and the community wealth it creates. Adani managed to bag the contract for the biggest seaport project in South India.
Uday Kotak, (55), shot into the top 10, with a net worth of INR 47,610 Cr up 33% from last year. Fourth largest Indian private sector bank by market capitalization, in November last year, Kotak acquired ING Vysya Bank on an all-stock deal with swap ratio 0.75:1. This became one of the biggest mergers in India’s financial services sector.
With 87 individuals, Mumbai is the capital for India’s super-rich, followed by Delhi (54) and Bangalore (22)
Table 2: Geographical spread of Hurun India Rich List 2015
City
2015 No. of indiv 2015 %
Change in indiv 2014 %
Richest person
1 Mumbai 87 29% +17 23% Mukesh Ambani2 New Delhi 55 19% +16 13% Shiv Nadar3 Bangalore 23 8% same 8% Azim Premji4 Dubai 15 5% same 5% Micky Jagtiani5 Ahmedabad 10 3% same 3% Gautam Adani6 Pune 11 4% +3 3% Cyrus S Poonawalla7 Chennai 16 5% +5 4% Kalanithi Maran8 Kolkata 10 3% +1 3% Benu Gopal Bangur
Source: Hurun India Rich List. For more details visit www.hurun.net
UAE & UK are the capitals for NRI’S. 36 are based outside of India, led by SP Hinduja & Family (Hinduja Group, London), followed by LN Mittal (ArcelorMittal, London), Micky Jagtiani (Landmark Group, Dubai), Anil Agarwal (Vedanta Resources, London), Romesh T Wadhwani (Symphony Technology, Palo Alto)
Table 3: Hurun India Rich List 2015 – Richest Non-Resident Indians
NamesWealth(INR Ccr)
City Company Age
1 SP Hinduja & family 103,030 London Hinduja 812 LN Mittal 83,360 London ArcelorMittal 643 Micky Jagtiani 30,930 Dubai Landmark 64
4 Anil Agarwal 24,360 LondonVedanta Resource
62
5 Romesh T Wadhwani 18,140 Palo Alto Symphony 686 Yusuffali MA 17,530 Abu Dhabi Emke 597 Feroz Allana 17,440 Sharjah IFFCO -8 Ravi Pillai 13,900 Dubai RP Group 659 Kavitark Ram Shriram 12,400 Menlo Park Google 59
10 Manoj Bhargava 12,290Farmington Hills
5 Hour Energy 62
Source: Hurun India Rich List. For more details visit www.hurun.net
The fastest wealth growing sector is Mobile Phones followed by Chemicals and Leather products. Manufacturing has produced 15% of entries in the Hurun India Rich List 2015, followed by Pharma and Real estate. Other industries that have had a good year include FMCG, Jewelry, Food & Beverage, Media and Entertainment.
Table 4: Hurun India Rich List 2015 – Industry breakdown
The biggest gain registered was a 593% increase by Dhiraj Rajaram (40), the founder of Mu Sigma. PNC Menon’s investment arm, PNC Investments has further boosted up his net worth to INR 10,960 Cr.
Table 5: Hurun India Rich List 2015 – Biggest Gainers
NameWealth (INR Cr)
% Change
Company LocationAge
Industry
1 Dhiraj Rajaram 17,800 593% Mu Sigma Bangalore 40E-Commerce
2 Sameer Gehlaut 9,800445% India Bulls
Mumbai 41Financial Services
3Balkrishnan Goenka
9,820 308% Welspun Mumbai 49Tubes and Pipes
4 PNC Menon 10,960 279%PNC Investments
Bangalore 67Real estate
5 Nusli Wadia29,380
277% Britannia Mumbai 71 FMCG
Source: Hurun India Rich List. For more details visit www.hurun.net
All the young entrepreneurs under 40 in Hurun India Rich List 2015 are active in their respective business
At 62, the average age is same as that of last year; with 11 under 40 The youngest person on the list is Ankit Bhati (28) co-founder of Ola Cabs The oldest is Basant Kumar Birla, 94, of Century Textiles Yogarathinam Nadar, 76, of Saravana Stores, who was a new entrant in
Hurun India Rich List 2015, passed away on 3 September 2015.
Table 6: Hurun India Rich List 2015 – Entrants under 40
S.No Name Age
Wealth 2015 (INR Cr)
City CompanySelf-Made
DegreeIndustry
1 Ankit Bhati 28 2,385 Mumbai Ola cab 4 Technology
2Bhavish Aggarwal
29 2,385 Mumbai Ola cab 4 Technology
3 Rajiv Poddar 30 4,226 Mumbai Balkrishna 3 Tyres
4 Kunal Bhal 32 2,314 Delhi Snapdeal 4E-
Commerce
5 Binny Bansaal 34 9,010 Bangalore Flipkart 4E-
Commerce
6 Sachin Bansaal 34 9,010 Bangalore Flipkart 4E-
Commerce
7Nishita Shah Federbush & Family
36 2,914 BangkokPrecious Shipping
3 Logistics
8 Shivinder Singh 37 15,143 New DelhiFortis Healthcare
3 Healthcare
9Vijay Shankar Sharma
38 2,824 Delhi Paytm 4E-
Commerce
10 Malvinder Singh 39 15,140 New DelhiFortis Healthcare
Men dominate, with just 3% women occupying a place in the list. Indu Jain (78), is the richest woman with a personal fortune pegged at INR 19,179 Cr and bags the 33rd position in the Hurun India Rich List 2015. She is followed by Savitri Jindal and Family (65) at INR 15,680 Cr. The only self-made women entrepreneur is Kiran Mazumdar-Shaw (62) of Biocon, with a net worth of INR 6,143 Cr.
Table 7: Hurun India Rich List 2015 – Richest Women in India
Of the publicly traded companies on the list, Mukesh Ambani’s Reliance has the highest valuation of INR 32,35,069 Cr (contributing 5.01% to the NIFTY index), followed by Infosys with INR 24,76,221 Cr and Sun Pharmaceutical INR 19,79,884 Cr. Behind that are Tata Motors & Bharti Airtel with market cap of INR 10,96,290 and INR 16,73,311 Cr respectively.
Table 8: Hurun India Rich List 2015 - Self-Made Degree
Source: Hurun India Rich List. For more details visit www.hurun.net
Hurun Report continued its Self-Made Scorecard, measuring the degree to which billionaires are inherited or self-made. The scorecard is out of five, where 1 is inherited and not active in business, and 5 is self-made without help from parents.
Self-made with a little help from parents was the most common route to becoming a billionaire, featuring 51% of the list. Second was self-made without help from parents, making up 37% of the list. Third was inheriting a business and growing it into a much bigger entity, with 11% and only one person was Self-Made Degree 1.
The industries that added the most number of new millionaires to the list were FMCG, Manufacturing, Mobiles, Technology and e-commerce.
Backed by strong stock market performance of circa 12%, FMCG has produced most number of new faces. The indigenous mobile phone companies seem to have finally obtained comsumer acceptance, helping the companies such as Micromax, Lava and Karbon adding news faces into the list. For a snapshot on the industry that added most number of new entries, refer the table below.
Table 9: Industry producing most number of new entrants
Technology 5 12,230 Anand Suresh DeshpandePersistent Systems
Source: Hurun India Rich List. For more details visit www.hurun.net
ManufacturingAlmost 15% of the Hurun India Rich List 2015 belonged to the manufacturing sector; the fastest riser is Satyanarayan Nandlal Nuwa (63), of Bharat Forge, who gained 30 places, registering a growth in net worth of 45%. Lachman Das Mittal of Sonalika, falling 90 places to 192, witnessed the biggest fall in rank. Average wealth of the Manufacturing sector was INR 12,040 Cr, with Maharashtra as the preferred hub for manufacturing followed by Delhi.
PharmaceuticalsThe Pharma sector had another very good year, with wealth of this sector rising at an average of 26%. Hasmukh Chudgar of Intas who registered an increase of 171% in net worth is the biggest gainer in the pharma sector. The majority of the Pharma millionaires hailed from Maharashtra, followed by Andhra Pradesh & Gujarat. It may be noted that all HNIs of the Pharma sector continue to reside & do business from India.
Real estate17 individuals derived their wealth from the Real estate sector. This sector saw its wealth increase on an average of 2% compared to that of last year. Atul Chordia & Sagar Chordia (49), of Panchshil Reality, saw his wealth grow by 48% during the period 2014-15. Atul Ruia (44), of Phoenix Mills is the youngest real estate tycoon on the list.
TMTThe TMT sector has produced 47 individuals. With 12 individuals, Bangalore seems to be the technology hub & 25% of these companies are listed. The fastest riser is Dhiraj Rajaram, of Mu-sigma, who rose up the list by 127 places; Rajaram registered a 490% growth in net worth compared to last year. The biggest fall in rank was witnessed by Shobhana Bhartia of Hindustan Times; her rank fell 115 places to 276.
E- CommerceIn dollar terms E-commerce shows 48% spike in wealth for existing names and 126% spike considering the new entrants into the list. Latest fund raising activities fuelled high valuation for all ecommerce companies. Despite a soaring valuation bubble in the industry, Just Dial is an exception in the list; Venkatachalam Sthanu Subramani lost nearly 80% wealth in INR terms due to share devaluation of Just Dial.
FMCGThe FMCG sector had a very good year, with wealth of this sector rising at an average of 57%. The biggest gainer in the 2015 Hurun India Rich List is from the FMCG sector – Nusli Wadia of Britannia, registered an increase of 277% in net worth.
Stock Markets PerformanceBombay Stock Exchange (BSE) Sensex rose 9.4% from 25,480 on August 1 2014 to 28,814 on July 31 2015. For the year under review, BSE Mid Cap (19.2%) and BSE Small Cap Index (16.4%) outperformed the benchmark index (9.4%). Sensex out performed Global indices S&P 500 (8.4%) and DJIA (6.8%). At a sectorial level, 7 out of the 10 sectorial indexes outperformed the benchmark index; Energy, Utilities and Basic Material underperformed compared to the market. Currently, Indian stock
Established as a research unit in 1999 by British chartered accountant Rupert Hoogewerf, Hurun Report Inc. has grown on the back of the Hurun China Rich List, a list which ranks the 1800 richest individuals in China. Hurun Report has since 2012 expanded to producing the India Rich List and the Global Rich List, allowing for comparisons between two of the most dynamic economies in the world.
Hurun Report is a leading media platform with its head office in Shanghai, China. Hurun Report Inc. has a stable of four media titles. Hurun Report has an active conferencing division, with its annual India Rich List launch dinner in November in Mumbai.
Hurun Report Inc. publishes The Hurun Schools Guide Series, Wings & Water and Horse & Polo. The Hurun Schools Guide Series is targeted at parents looking to send their children to some of the world’s most prestigious high schools and undergraduate programmes. Somewhat akin to a ‘Lonely Planet’ of education, the series now covers schools from 10 countries including the UK, US, Canada, Australia, New Zealand, Switzerland and Singapore.
Wings & Water is for the so-called lion kings of China; those individuals who lead industry and shape opinions. It addresses the needs of those entrepreneurs looking to purchase a jet or yacht, as well as setting out how to maintain these big and costly machines.
Horse & Polo provides in-depth coverage about horse related issues including features on Polo, Dressage, Horse Racing, Bloodstock as well as Dogs and Croquet. The magazine is designed to be the glamorous companion for wealthy Chinese with a passion for horses.
For further information, see www.hurun.net
For media inquiries, please contact: please provide appropriate contact pointsRupert Hoogewerf, Hurun Report ChairmanEmail: [email protected]