IIFL Wealth-Hurun India Rich List for 2019 said Mukesh Ambani, chairman of oil-to-telecom conglomerate Reliance Industries, continued to be India's richest man for the eighth consecutive year.
With a total net worth of Rs 3.8 lakh crore, Ambani was India's richest man in 2019 followed by London-based SP Hinduja and family with assets worth Rs 1.86 lakh crore.
Wipro founder Azim Premji and Lakshmi Mittal, chairman and CEO of ArcelorMittal, were ranked third and fourth, respectively, with total net assets worth Rs 1.17 lakh crore and 1.07 lakh crore, respectively.
Gautam Adani has taken the fifth spot with a total wealth of Rs 94,500 crore, up 33 percent from last year.
Uday Kotak, Cyrus Poonawalla, Cyrus Pallonji Mistry, Shapoor Pallonji Mistry and Dilip Sanghvi were among the list of India's top 10 richest people.
The report revealed that the combined wealth of the top 25 people in the list equates to 10 prcent of India’s gross domestic product (GDP).
While the cumulative wealth rose 2 percent in 2019 compared to last year, the average wealth declined 11 percent. 62-year old Ambani's wealth increased by 3 percent year-over-year in 2019. The total wealth of Hinduja family and Premji rose 17 percent and 22 percent, respectively.