Tag: Hurun India rich list

2024 Hurun Global Rich List: Wealth surges to $15 trillion, record growth in media & entertainment | Key Findings

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

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The latest 2024 Global Rich List, compiled by Hurun Research, reveals a sharp rise in billionaire numbers and total wealth, reaching an unprecedented US$15 trillion. While some industries experienced remarkable growth, others faced notable declines. With data indicating a surge in fortunes across various sectors, the report sheds light on the evolving landscape of global wealth distribution.

Here are the key findings of the report :

• The number of billionaires worldwide has increased by 5% to 3,279, a rise of 167 from the previous year.
• Total wealth among billionaires has surged by 9% to reach a staggering US$15 trillion.
• Sources of wealth among billionaires vary, with the majority of their fortunes made in financial services (10%), followed by consumer goods (8%), food & beverages (7%), and real estate (7%).
• Media & entertainment experienced significant growth, adding US$226 billion, surpassing software & services (US$149 billion), financial services (US$118 billion), and retail (US$104 billion).
• Conversely, healthcare saw a decline, losing US$75 billion, followed by industrial products (US$46 billion), food & beverages (US$40 billion), and real estate (US$32 billion).
• A noteworthy 59 individuals saw their wealth increase by US$5 billion or more, marking a substantial rise from 31 individuals last year.
• Among billionaires aged forty or under, 93 individuals were identified, including 61 self-made billionaires and 32 who inherited their wealth. Notably, 8 billionaires are under 30, with Clemente Del Vecchio of EssilorLuxottica leading the pack with US$4.6 billion at just 19 years old. Ryan Breslow of Bolt is the youngest self-made billionaire at 29 years old, with US$1.3 billion.
• There are 218 self-made women billionaires, down by 29 from the previous year. China remains the dominant country with 74% of self-made women billionaires. Diane Hendricks, known as the ‘Roofing Queen’ from Oklahoma, tops the list as the richest self-made woman for the second consecutive year with US$22 billion, while Françoise Bettencourt Meyers of L’Oréal holds the title of the richest woman in the world with US$91 billion.
• Immigrant billionaires represent 15.4% of the total, up from 13.7% last year and 10% five years ago. The USA leads with 144 immigrant billionaires, followed by 67 in the UK and 60 in Switzerland. Notable immigrants include Elon Musk (born in South Africa), Sergey Brin (born in Russia), and Jensen Huang (born in Taiwan).
• Among the wealthiest families, 118 have maintained their billionaire status for four generations or more, indicating a generational continuity and legacy. This number has increased by 7 from the previous count.

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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

Hurun India Rich List 2023: Radha Vembu is richest self-made Indian woman, a look at her inspiring journey

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

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Zoho Corp. co-founder Radha Vembu has become the richest self-made Indian woman surpassing Falguni Nayar, founder and CEO of online beauty and fashion retailer Nykaa, according to a report by Hurun India.

The report titled “360 One Wealth Hurun India Rich List 2023” was released on October 10. As per the report, the 50-year-old entrepreneur has become the richest self-made Indian woman with a net worth of Rs 36,000 crore.

Radha Vembu ranked 40th among India’s 100 richest persons while Falguni Nayar ranked 86th with a net worth of Rs 22,500 crore. Reliance Industries Chairman Mukesh Ambani topped the list with a total wealth of more than 8 lakh crore, according to Hurun India Rich List 2023. Ambani has surpassed Gautam Adani, the Chairperson of Adani Group in the latest Hurun India Rich List.

On the other hand, among India’s top five software entrepreneurs, Vembu ranked third while HCL’s Shiv Nadar and family topped the list.

In addition to the remarkable journey of Radha Vembu to become the richest self-made woman in India, the 20-year-old co-founder of the grocery delivery app Zepto, Kaivalya Vohra has emerged to become the youngest self-made wealthy individual in the country.

Who is Radha Vembu?

Radha Vembu is the co-founder of software company Zoho Corporation and her journey as an entrepreneur has been phenomenal. She has been a strong support to her brother and Zoho Corp. CEO Sridhar Vembu.

Along with her brothers Sridhar Vembu and Sekar Vembu, Radha Vembu co-founded the software developing company Zoho Corp. in 1996. The company was initially named as AdvenNet but was later renamed to Zoho Corporation.

Apart from being the co-founder of Zoho Corporation, Vembu is also the director of an agricultural NGO named, Janaki Hi-Tech Agro Pvt. Ltd. and a real estate company named Highland Valley Corporation Pvt. Ltd.

Radha Vembu was born in 1972 in Chennai. She completed her primary education at the National Higher Secondary School in Chennai and completed her graduation in industrial management from the Indian Institute of Technology (IIT) Madras.

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

Hurun India Rich List 2023: Ambani overtakes Adani, and zodiacs influence fortunes

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

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The landscape of India’s wealthiest individuals has undergone significant changes over the last five years, according to a report by Hurun India.

The study, titled the “360 One Wealth Hurun India Rich List 2023,” revealed several trends in the country’s wealth distribution. The list introduces 278 new entrants, amassing a total wealth of Rs 7,28,200 crore. Industries leading in new additions are Industrial Products with 33 individuals and Metals & Mining with 29.

Over the mentioned period, the number of individuals possessing wealth exceeding  Rs 1,000 crore increased by 219, marking a 76% rise. This brought the total count to 1,319 individuals with such wealth.

Mukesh Amabani tops the list 

Mukesh Ambani, Chairman and MD, Reliance Industries topped this years list with a total wealth of Rs 8,08,700 crore, surpassing Gautam Adani, Chairperson of Adani Group.

Additionally, Kumar Mangalam Birla and the Niraj Bajaj Family made a  comeback to the list displacing Vinod Adani and Uday Kotak from India’s Top 10 List.

Self made entrepreneurs emerge 

The representation of self-made entrepreneurs was a prominent theme in this year’s wealth report.

Radha Vembu, the driving force behind Zoho, emerged as the richest self-made Indian woman, surpassing Falguni Nayar. Further  12 Indians born in the 90s achieved made their addition into the list.

Among them, 20-year-old Kaivalya Vohra from Bengaluru, co-founder of the grocery delivery app Zepto, stood out as the youngest self-made and youngest wealthy individual.

The pharmaceutical sector demonstrated robust performance, producing the highest number of dollar billionaires (39), followed by the Chemicals and Petrochemicals (23) and Automobile and Auto Components (22) industries.

The report also highlighted a significant increase in the number of self-made entrepreneurs, reaching a record-breaking 871 individuals, constituting 66% of the list.

Mumbai leads the pack of billionaires, Tiruppur makes it’s debut

Major Indian cities played a crucial role in shaping the list, with Mumbai leading the pack with 328 individuals, followed by New Delhi (199) and Bengaluru (100).

For the first time, Tiruppur made its debut in the top 20 cities contributing to the list.

Intriguingly, star signs seemed to play a role, with Pisces retaining the lead in wealth accumulation, followed by Taurus and Libra. The report revealed Virgo as the most prevalent star sign among successful entrepreneurs, constituting 9.6% of the list.

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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

Ratan Tata turns 85 today: A look his net worth, charities and more of the great philanthropist

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

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Industrialist and Chairman Emeritus of Tata Sons, Ratan Tata celebrates his 85th birthday today, December 28. Apart from being a business tycoon, he is also a motivational speaker and a great philanthropist. He believes in running a business with humanity and he has dedicated a huge part of his wealth to the well-being of society.

Ratan Tata was born on December 28, 1937, in Mumbai to Naval Tata and Sooni Tata. He went to Cornell University to study architecture and structural engineering in 1959 and briefly worked with Jones and Emmons in Los Angeles before returning to India in 1962.

Ratan Tata joined the Tata Group in 1962 and his first job was to work with the Tata Steel division in Jamshedpur. In 1975, he completed a management course at Harvard Business School.

In 1991, Ratan Tata took over as the chairman of the Tata Group.

At a time, when globalisation was a new concept in India, Ratan Tata took the lead with big acquisitions to take his group global.

Beginning with Tata Tea’s acquisition of Tetley in 2000, he went on to acquire about 36 companies in just 9 years. The most noteworthy acquisitions to date in India have been the Tetley acquisition by Tata Tea, Tata Steel’s takeover of Anglo-Dutch steelmaker Corus and the acquisition of British automobile major Jaguar and Land Rover by Tata Motors.

His Net worth

Ratan Tata’s net worth was estimated to be Rs 3,500 crore last year according to IIFL Wealth Hurun India Rich List. He was ranked as the 433rd richest person in the country, which could be surprising to know for many.  The reason behind his low ranking is the large-scale philanthropic work that he does through the trusts and charity institutions managed by Tata Group.

Charities

Ratanji Tata, the younger son of Jamsetji Tata was the main contributor to the charity work done by the Tata Group. He had willed a large part of his property for charitable purposes and in 1919 the Sir Ratan Tata Trust was established with a corpus of Rs 80 lakh. Today, Tata Trust exists as one of India’s oldest and most respected charity foundations.

Tata Sons are the principal promoter entity of Tata group companies and 66 percent equity shares of Tata Sons are held by philanthropic trusts, which support health, education, art and culture and other charities. Under Ratan Tata’s leadership, the Tata group has made a significant contribution towards alleviating India from contemporary issues in the field of healthcare and education among others.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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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

Manyavar’s Ravi Modi top gainer in Hurun list as wealth rises 376%

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

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Vedant Fashion grew 376 percent this year to Rs 32,400 crore, resulting in its owner Ravi Modi moving up 205 ranks to be at the 41st position in the IIFL Wealth Hurun India Rich List 2022.

Modi is the owner of Manyavar, an ethnic wear brand. He was the top gainer in the list percentage-wise. He is followed by Falguni Nayar and family, whose wealth increased 354 percent and then Metro Brands’ Rafique Abdul Malik and family, who saw an increase in wealth by 240 percent.

Meanwhile, Mukesh Ambani and Gautam Adani were the biggest gainers in terms of absolute wealth.

The Manyavar brand is a leader in the branded Indian celebration and wedding wear market with a presence across India. Vedant Fashions’ other brands include Manthan, Twamev, Mebav and Mohey. It competes with Trent, Metro Brands, Aditya Birla Fashion Retail and TCNC Clothing Company. The company made its debut at the stock market exchanges in February.

Modi started Vedant Fashions in 2002 in Kolkata to manufacture Indian traditional garments. He named the business after his only son. The company has a revenue of USD 85 million and has over 600 stores across the country and 11 stores at international locations.

Nayar and family’s flagship company Nykaa also expanded 345 percent in the last year to report Rs 38,700 crore wealth, resulting her rank moving up to the 33rd spot. Nykaa offers personal care, beauty and fashion brands via its app, website and 80-odd stores.

Fourteen persons entered the IIFL Wealth Hurun India Rich List 2022’s top 100. Modi and Nayar were among the top 100 as their companies were listed this year and values were unlocked.

IIFL Wealth and Hurun India released the list on Wednesday. It refers to individuals born and bred or residing in India.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

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

Here are the top 10 crypto billionaires from Hurun Rich List 2022; how many of them do you know?

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

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The crypto industry has proven to be highly lucrative for scores of individuals across the world. Retail investors who entered the market at the right time made hundreds of thousands of dollars in months.

However, even the most substantial returns pale in comparison to the wealth innovators amassed by building crypto-related platforms and solutions. The platforms that did well turned their founders into some of the wealthiest people in the world.

Proof of this comes from Hurun India’s Rich List, which contains 17 billionaires from the crypto industry. This article will quickly run through the top 10 names on this list. Tag along to see how many of them you know.

1. Changpeng Zhao: Popularly known as CZ in the crypto community, Zhao is the founder and CEO of Binance, the largest crypto exchange in the world. The Chinese-Canadian businessman has an estimated net worth of $23 billion. Binance was launched in 2017 and has been on the frontlines of crypto trading ever since.

2. Samuel Bankman-Fried (SBF): An MIT trained graduate, SBF founded the crypto exchange FTX back in 2019. Since then, FX has been led through bludgeoning growth and has touched a daily transaction volume worth $10 billion among over 1 million users. SBF is also known to have initiated the handshake between crypto and sports. His net worth is estimated to be $21 billion.

3. Brian Armstrong: At the helm of yet another popular crypto exchange — Coinbase — Brian’s net worth currently stands at $10 billion. Coinbase aims to facilitate on-ramp (buy crypto with fiat currency) and off-ramp (sell crypto to gain fiat currency) transactions freely, thus creating an accessible financial system for all. Coinbase boasts a user base of over 89 million users spread over 100 countries.

4. Chris Larsen: Larsen is the current executive chairman and ex-CEO of the popular cryptocurrency Ripple. He is known to have been an angel investor and co-founder of several Silicon Valley start-ups. His current net worth stands at $6.7 billion. Ripple is famously known for its “real-time gross settlement system”, which is sought after by many banks across the globe.

5. Jed McCaleb: The founder of Ripple, Stellar and Mt. Gox (which shut down later in 2014) is an entrepreneur, a programmer, and a philanthropist, all rolled into one. Until 2013, he served as the Chief Technology Officer (CTO) for Ripple before he moved on and founded Stellar. His current net worth amounts to $3.8 billion, and he serves as the CTO at Stellar. Stellar aims to achieve extremely cheap cross-border, off-ramp transactions between any pairs of currencies.

6. Barry Silbert: Founder of the Digital Currency Group (DCG), Barry Silbert is at the zenith of a five-organisation conglomerate, all of which are crypto-focused. A lion’s share of DCG’s revenue comes from the most prominent global Bitcoin investor, Grayscale, which currently manages $28 billion worth of crypto assets. Barry’s current net worth is pegged at $4 billion.

7. & 8. Tyler & Cameron Winklevoss: Most famously known for suing Facebook founder Mark Zuckerberg, the Winklevoss twins are founders and investors of Winklevoss Capital and crypto exchange Gemini. The brothers founded Gemini in 2015 as an exchange that simplifies crypto trading for beginners as well as veterans. The Winklevosses are estimated to be worth over $4.2 billion each!

9. Michael Saylor: He is the co-founder of MicroStrategy, a business intelligence and mobile software solutions firm famous for holding the largest Bitcoin reserve on earth. Saylor is said to have ignited Tesla chief Elon Musk’s interest in cryptocurrencies back in 2020 over a Twitter conversation. He is a proponent of Bitcoin himself and often expresses himself on Twitter. His present net worth is $1.3 billion.

10. Matthew Roszak: Valued at $1.9 billion, Roszak is the founder of Bloq, a blockchain platform that designs blockchain-based apps for other global businesses. He was previously associated with SilkRoad Equity where he was charged with insider trading by the SEC, whom he settled it with later.

Also read: 10 companies with the biggest bitcoin portfolios

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

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