Regardless of Covid pandemic, inflation or the Ukraine War, India's richest grew by 96 persons to 1,103 spread over 122 cities and have Rs 1,000 crore or more as per the AIIFL Wealth Hurun India Rich List 2022.
The youngest on the list is Kaivalya Vohra aged 19, who founded Zepto which shows the impact of the startup revolution. The latest rich list includes several promoters of startups, including those floated by women.
"Cumulative wealth has increased by 9.4 per cent, while average wealth has decreased by 1 per cent. 602 individuals saw their wealth increase or stay the same, of which 149 are new faces, whilst 415 saw their wealth drop and there were 50 dropouts," as per a statement issued by IIFL Wealth and Hurun India.
According to the report, India has 221 billionaires, down 16 compared to last year. While Chemicals and Financial Services added the greatest number of new entrants to the list, Pharma is still at number one and has contributed 126 entrants to the list.
"Despite the slump in economy owing to geo-political challenges, volatility in global financial markets, and sharp spike in oil prices, India has successfully made an impression on the world's economy/wealth map," said Yatin Shah, CoFounder & Joint CEO, IIFL Wealth. He said pharmaceuticals, chemical & petrochemicals, IT, and financial services amongst others are some of the key sectors substantially contributing to wealth creation. "There are 65 founders of 37 unicorns along with 14 professional managers who have emerged as the cornerstone of wealth creation this time in the list," Shah said.
"Gurugram debuted in the top 10 cities producing most number of entrants and we have a record addition of 149 new faces to the list from 32 industries and 36 cities," said Anirudha Taparia, Joint CEO, IIFL Wealth.