Decoding the 360 ONE Wealth Hurun India Rich List 2023 

India added two billionaires every three weeks last year and now has 259 billionaires, states the 360 ONE Wealth Hurun India Rich List 2023. ,

The latest rich list, a collaboration between 360 ONE Wealth and Hurun India, notes that India’s rich are cumulatively worth Rs 108 lakh crore (approximately $1.3 trillion) — an increase of 8.5 per cent compared to last year.

"The list is a testament to the remarkable growth and dynamism of India’s economy. The cumulative wealth of our listers has surged past the combined GDP of Singapore, UAE, and Saudi Arabia," says Yatin Shah, Joint CEO, 360 ONE Wealth.

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With a total net worth of over Rs 8.08 lakh crore, Reliance Industries Chairman Mukesh Ambani has overtaken Adani Group founder Gautam Adani to secure the richest Indian title, says the report. Notably, Adani's fortune, which now stands at 4.74 lakh crore, has fallen 57 percent in a year, following the Hindenburg report.

Cyrus Poonawala, who owns the vaccine-maker Serum Institute of India, is third on the list, while HCL's Shiv Nadar and UK-based Indian billionaire Gopichand Hinduja are fourth and fifth in the rich list, respectively.

The report finds that 1,319 individuals have a net worth of over 1,000 crore ($120 million), which is an increase of 76 per cent over the last five years. Moreover, the rich list has 278 new faces, who cumulatively won wealth worth Rs 7,28,200 crore ($88 billion).

Calling India a “shining moon” in an uncertain global economy, Anas Rahman Junaid, MD and Chief Researcher, Hurun India, adds, "India has welcomed so many fresh faces even in what's termed a 'challenging year'. This surge in billionairesis the second most prolific since the list's inception in 2012."

Radha Vembu of Zoho has overtaken Nykaa's Falguni Nayar to become the richest self-made woman in the latest list. It is worth noting that Nykaa's shares have been underperforming, compared to its peers in the consumer tech sector.

Bengaluru-based Kaivalya Vohra, 20, who founded the grocery delivery start-up Zepto, is the youngest self-made rich individual. Thirty-eight-year-old Neha Narkhede,founder of Confluent, a streaming data technology company, is the youngest self-made woman entrepreneur.

But at 94, Mahendra Ratilal Mehta, founder of Precision Wires India, has proven that age is just a number, debuting in the 2023 rich list.

A record 871 entrepreneurs or 66 per cent of them are self-made or, in other words, first-generation wealth creators. This figure stood at just 367 five years ago. In addition, 186 of the 278 new faces this year are self-made.

India 's Tier-X cities — popularly called as 'metros' — continue to be a hub for the wealthy. With 328 individuals, Mumbai tops the rich list followed by New Delhi (199) and Bengaluru (100).

In a clear sign of India's diversifying economy, 21 new cities have made their debut in this year's list. Telangana's Ranga Reddy, Chhattisgarh's Rajnandgaon, and Uttar Pradesh's Ghaziabad have contributed more than one entrepreneur to this year's list.