The IIFL Wealth Hurun India Rich List 2020 released yesterday (September 29, 2020) and, as expected, the richest families in India have asserted an undeniable dominance on the list. The fact that the top 5 families on this list hold 21 per cent of the cumulative wealth of the members on the list caught our attention, and so we take you through their earnings and key information. As the past few months have been tricky for most businesses – due to the coronavirus pandemic, of course – there were lots of ups and downs in cumulative wealth. Let’s take a look at the latest net worth stats and how these family businesses fared during the pandemic.
The top 5 families that hold more than 1/5th of the cumulative wealth of the top 100 on the Hurun India Rich List 2020
1. Ambani Family
The richest man in India, Mukesh Ambani, is the most obvious name on this list, which declared an impressive Rs 6,58,400 cr to Ambani’s name. The past few months, even though a little tough in the beginning, were rather kind to the Ambanis towards the end. Post March, and even early April and May, their wealth dropped by 28 per cent to Rs 3,50,000 cr. But then, came some serious funding, mainly thanks to the business acumen in the Ambani office. A “V-shaped recovery” meant the valuation climbed by 85 per cent in just 4 months. Reliance’s market cap crossed Rs 10 lakh crore and led to 73 per cent increase in Mukesh Ambani’s wealth.
Bonus: The Ambanis’ wealth is more than the combined wealth of the next five among the top 10 of the Hurun India Rich List 2020.
2. Hinduja Family
The Hinduja brothers have been one of the richest families for as long as we can remember. Their wealth, according to this list, is at Rs 1,43,700 crore. An amount that was struck heavily by the pandemic. Their valuation dropped by 23 per cent due to meek performances from their primary contributors: IndusInd Bank, Gulf Oil and GOCL Corporation Limited. The share price of these titles dropped by 54, 12 and 19 per cent, respectively.
3. Nadar Family
Unlike the Hinduja brothers, the Nadar family, led by Shiv Nadar, witnessed a climb in their business, which took their wealth to Rs 1,41,700 crore. After taking the 5th spot on last year’s list, the Nadar family wealth growth bolted them to the 3rd spot, this year. HCL’s share price increased by 37 per cent during the pandemic. Taking the business deeper into his family’s roots, Shiv Nadar stepped down as Chairman to appoint his daughter Roshni Nadar Malhotra as his worthy successor.
4. Adani Family
A rupee invested in Adani Enterprises in 1994 (their first IPO) is now worth 800x, claimed Adani while speaking at the JP Morgan India Summit - Future in Focus. Astonishing. Their wealth on this list, calculated at Rs 1,40,200 crore, was mainly warranted to the 48 per cent growth of Adani Green, as compared to last year. The group manages six airports in the country and has also bid for more.
5. Premji Family
Azim Premji, the philanthropist, played a pivotal role when the country began suffering from an economic crisis because of a worldwide pandemic. The Premji Foundation joined hands with two other scientific organisations in May 2020, to implement innovative testing methods for Covid-19. This, however, led to a slight drop in his wealth to Rs 1,14,400 crore. As Premji turned 75 this year, his birthday was marked by the commencement of his biography – The Man Beyond The Billions.