In­dia adds 700 multi-bil­lion­aires de­spite slow­down syn­drome

Fiji Sun - - Global, Re­gional Busi­ness -

Thanks to the sharp rally in the cap­i­tal mar­kets, the Hu­run’s list of rich peo­ple in In­dia has length­ened more than three times this year to 1,043 from 339 recorded in 2016.

Of this, about 16 peo­ple have dou­bled their as­set in the past one year even as 100 in­di­vid­u­als saw their net­worth fall. There were 426 in­di­vid­u­als with a net­worth of Rs1,600 crore (FJ$496.4m) each and 617 with as­sets of Rs1,000 crore (FJ$ 394.4m). While Mukesh Am­bani (60), with a rise of 58 per cent in his as­set to Rs2.58 lakh crore (FJ$(79b), re­tained his nu­mero uno po­si­tion for the sixth time in a row, Harid­war­based Acharya Balkr­ishna (45) of Patan­jali rose to the eighth po­si­tion from 25 last year af­ter seeing his wealth grow 173 per cent to Rs70,000 crore (FJ$2.2b).

Dilip Shanghvi (61) of Sun Pharma re­tains the second place with a wealth base of Rs89,000 crore (FJ$2.76b) al­though shares of his flag­ship com­pany fell 36 per cent af­ter the USFDA put the com­pany un­der a scan­ner for reg­u­la­tory breaches.

Ru­pert Hoogew­erf, Chair­man and Chief Re­searcher, Hu­run Re­port Global, said it is rare to find a coun­try with such a dom­i­nant rich­est person (Am­bani) whose wealth is more than three times as much as that of the second on the list; this is never seen in the US, China, the UK, and Russia.

In the past one year ended July, the BSE Sen­sex in­creased 16 per cent to 32,514 and the BSE Mid Cap was up 16 per cent.

The mar­ket cap­i­tal­i­sa­tion of all listed com­pa­nies is now equiv­a­lent to 84 per cent of In­dia’s nom­i­nal GDP, which is the high­est in emerg­ing mar­kets.

The bet­ter per­for­mance of mid­cap stocks and the suc­cess of IPOs saw an ad­di­tion of 302 new names al­though 22 oth­ers dropped out of the list.

The com­bined wealth of In­dia’s rich­est is worth US$640 bil­lion, equiv­a­lent to one-fourth of In­dia’s GDP last year and sim­i­lar to the GDPs of Switzer­land (US$660 bil­lion) and the com­bined GDP of South Africa (US$317 bil­lion) and Is­rael (US$340 bil­lion).

Steel baron Lak­shmi Ni­was Mit­tal (67) se­cured the third po­si­tion with a net­worth of Rs88,200 crore (FJ$2.73b) due to an uptick in steel prices and a one-time US$832 mil­lion sav­ing from a new labour con­tract signed last year with his US work­ers.

With net­worth of Rs85,100 crore (FJ$2.64b) and Rs79,300 crore (FJ$2.46b), IT czars Shiv Nadar (72) of HCL and Azim Premji of Wipro oc­cu­pied the fourth and fifth po­si­tions.

The big­gest gainers

The big­gest gain of 321 per cent in wealth was reg­is­tered by Rad­hak­is­han Da­mani (62), Chair­man of Av­enue Su­per­marts, and Anu­rang Jain and fam­ily (55), the Manag­ing Di­rec­tor of En­durance Tech­nolo­gies, with a wealth in­crease of 286 per cent.

With 214 and 117 en­trants re­spec­tively, Ma­ha­rash­tra and Delhi are the pre­ferred States of res­i­dence for Hu­run In­dia Rich.

Strik­ingly, 23 in­di­vid­u­als on the list mi­grated into Ma­ha­rash­tra, 22 into Delhi and 13 into Karnataka to set up and es­tab­lish their busi­ness-

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