Self-made tycoons shine on rich list

The share of entrepreneurs in the list of Indians with over ₹1,000 crore net worth has increased to 66% from 54% five years ago

- Shuja Asrar

A record 871 self-made Indian entrepreneurs had net worth exceeding ₹1,000 crore each as of 31 August 2023, according to an annual list published by Hurun India on Tuesday. They had a 66% share among the 1,319 super-rich individuals in the country, an increase from 54% five years ago.

The overall list found 278 new entrants, a sharp recovery from the drop seen last year due to volatility in financial markets. Nearly 74% of the individuals on the list saw their worth rise, and 20% saw a fall (the rest dropped out or died) compared with 55% and 38%, respectively, in the 2022 list.

The combined wealth of all individuals in the latest list amounted to ₹109 trillion, nearly 57% of which comes from first-generation entrepreneurs, the 360 ONE Wealth Hurun India Rich List 2023 said. The number of Indians with net worth over ₹1,000 crore was 1,103 in the 2022 list.

The list, which relies on publicly available data, covers those born or brought up in India irrespective of their current residence or citizenship. The number of Indians with net worth exceeding ₹1 trillion remained unchanged at 12.