Tag: Hurun

Indian billionaires’ club swells to 271 as Chinese, Europeans slip

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The number of billionaires in India were found to be 271, with 94 new entrants, while in China the the number of billionaires dropped to 814 with 54 new entrants, according to the Hurun Global Rich List 2024, released on Tuesday, March 26. The number of billionaires in Europe fell by 32 to 711 in 2024. Meanwhile, USA and UK witnessed an increase to 800 and 146 billionaires, respectively.

The report revealed that the number of billionaires across the world rose by 167 to 3,279, with over half of all new wealth generated by artificial intelligence (AI). In the list released by Hurun, Elon Musk has emerged as the richest person in the world with a wealth of $231 billion while Mukesh Ambani and family retained the title of India’s richest person with a wealth of $115 billion.

The decline in the number of billionaires in China can be attributed to 208 billionaire dropouts in a year in comparison to just seven dropouts in India. Over the same period in 2023, in China, the wealth of 573 billionaires either decreased or remained the same compared to the same wealth or reduction in wealth of 24 billionaires in India.

The total wealth of billionaires has witnessed an increase of 51% to $1 trillion in India against a drop of 20% to $2.6 trillion in China. The top three countries with the most billionaires — USA, China and India — contribute 37%, 18% and 7%, respectively to the wealth of the billionaires on the list. Of the 271 billionaires in India, only 19 are women, compared to 113 and 178 women billionaires in USA and China, respectively.

Of the total billionaires in India, 39 are associated with pharmaceuticals, 27 with automobile and auto parts and 24 billionaires are from the chemicals industry.

In addition, Mumbai became the Asian capital of billionaires, surpassing Beijing for the first time. India’s financial capital Mumbai has 92 billionaires, one more than its Asian competitor Beijing.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s 100+ philanthropists donate $1 billion in a year, half of China’s top donor’s contribution

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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One Chinese individual’s charity is double of what over 100 Indian philanthropists have donated in a year. China’s ‘most generous’ person Richard Liu Qiandong of JD contributed a whopping $2.05 billion, as per the Hurun China Philanthropy List 2022. In comparison, the cumulative contribution by India’s 119 philanthropists featured on Hurun India’s latest list stood at a little over $1 billion, a 60% rise from the previous year.

China’s top four philanthropists donated nearly $5.5 billion in a year, while the share of India’s top four was around $540,000. India’s highest contributor – HCL Founder Shiv Nadar & family donated over $245,000 in FY23. In 2022, the cut-off to enter China’s philanthropy list was $15 million. This is 25 times that of India’s cut-off of around $600,000 (over Rs 5 crore).

Hurun India MD Anas Rahman Junaid is optimistic that the size of donations will increase over the next few years. “India is going through one of the biggest wealth creation stories in its history. We can expect a significant expansion in private donations,” he said.

As per Credit Suisse-UBS report by the bank’s ultra-high net worth division, India’s wealth per adult rose 2.8% in 2022 from the previous year to $16,500 even as large global economies like the United States & China lost wealth per adult. China’s wealth per adult fell about 2.2%.

While we compare the philanthropic contributions of the two countries, we must also understand that India’s GDP was a mere 18% of China’s GDP of $18.1 trillion in 2022, as per data from the International Monetary Fund.

The quantitative gaps may take time to narrow, but the Indian & Chinese philanthropists had one thing in common. For both, education was the most preferred cause for donations. Indians donated Rs 4 crore per day, while 66% of donations by Chinese individuals went towards education.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

With ₹4 Cr in donations per day education is the most favoured cause for India’s philanthropists: Hurun

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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“This year is a record year for big philanthropy,” says Hurun India MD Anas Rahman Junaid as he explains that the number of donors contributing over ₹100 crore surged from two to 14 in five years and those contributing over ₹50 crore rose from 5 to 24. Junaid expects these numbers to potentially double in the next five years.

As per the EdelGive Hurun India Philanthropy List 2023, total contributions to philanthropy in India have tripled in three years since the COVID-19 pandemic to ₹8,445 crore.

Just like the previous years, education remained the most favoured cause in FY23. 62 philanthropists donated around ₹4 crore per day or ₹1,500 crore during the whole year for programmes in education. HCL Founder Shiv Nadar & family was the top contributor as they donated over Rs 600 crore, followed by Wipro’s Azim Premji.

The Nadar family’s other favourite was arts, culture & heritage, towards which they contributed over ₹1,200 crore, making it the second most favoured cause on the list.

For Reliance Industries’ Mukesh Ambani and family, whose philanthropic work is done by the Reliance Foundation, healthcare was the key focus as nearly one-third of their contribution went towards it. With an annual donation of ₹633 crore, healthcare remained among the top philanthropic causes.

Environment & sustainability also featured among the most preferred causes as donations rose 31% from the previous year. Among the notable names who contributed towards the cause were Zerodha Co-Founders Nithin and Nikhil Kamath. They donated ₹110 crore to organisations dealing with climate issues & sustainability. 37-year-old Nikhil is also the youngest to feature on the list. “When the Kamath brothers came in with their philanthropy, that created a huge impact because younger entrepreneurs and wealth creators got interested in something which hasn’t been a main focus,” says Naghma Mulla, CEO, EdelGive Foundation.

When it comes to rural transformation, donations fell by 25% in the past year. However, ecosystem building, community development and social development entered the list of favoured causes for the first time as Infosys Co-Founder Nandan Nilekani and Adani Group Chairman Gautam Adani provided their support. The 119 philanthropists featured on the list also backed causes like water conservation, skill development & poverty eradication, among others.

Even though the list does not make a mention of mental health and gender, Mulla says that youngsters like Rajvi Mariwala, who works with the Mariwala Health Initiative, are shining the spotlight on these important issues. “These are smaller initiatives but they are going to catch on because people with their wealth and capacity are showing and saying, look there is more to support,” she adds.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Zepto founder Kaivalya Vohra is the youngest richest Indian; he is 19

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Zepto’s co-founder, 19-year-old Kaivalya Vohra, is the youngest richest Indian, as per the IIFL Wealth Hurun India Rich List 2022. Vohra is the Chief Technology Officer of Zepto, which has become India’s fastest-growing e-grocery company.

Vohra occupied the 1,036th spot in the IIFL Wealth Hurun India Rich List 2022, with an individual net worth of Rs 1,000 crore. Vohra founded Zepto, a grocery delivery app in Mumbai with Aadit Palicha in 2020. Palicha, 20, has also made it to the Hurun India Rich list with a net worth of Rs 1,200 crore.

Zepto nearly doubled its valuation to $900 million in May after receiving an investment of $200 million from a round led by YC Continuity Fund. In December 2021, the company was valued at $570 million.

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Who is Kaivalya Vohra?

Vohra was born in Bengaluru, and he did his schooling in Bengaluru. Vohra can fluently speak three languages, Hindi, English, and French. Before starting his own company, Vohra had enrolled at Stanford University for a computer science engineering program. However, he dropped out to pursue his entrepreneurial interests with his friend Aadit Palicha.

The Zepto duo was living in Dubai when they were admitted to Stanford and after attending online orientation, they decided to head to Mumbai.

Vohra co-founded Kiranakart, a Mumbai-based online grocery delivery start-up that promised 45-minute grocery deliveries across Mumbai, with Palicha and their work together led to the inception of Zepto, which is part of Kiranakart Technologies Private Limited.

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Vohra making his debut in the rich list is an indicator of the growing influence of start-ups in India, the Hurun Research Institute said.

The Zepto duo has also been featured in Forbes magazine’s influential ’30 under 30′ (Asia list) in the e-commerce category.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow