Thursday, September 29, 2022

IIFL Wealth Hurun India Rich List 2022 Sees 149 Newcomers

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  • The top 10 new additions were dominated by the billionaire Abhay Vakil family – co-founder of Asian Paints.
  • Ashwin Desai and family of Aether Industries with a wealth of ₹11,700 crore came second in the list of people who made their debut on the list.
  • The number of participants on the list has increased by 60% in the past five years, said Anas Rahman Junaid, MD and lead researcher, Hurun India.

As many as 149 people made their debut in IIFL Wealth Hurun India Rich List 2022, which is released today.

Three places in the top 10 of new acquisitions were taken by the Vakil family with interests in Asian Paints. Nehal Abhay Vakil, who has a net worth of ₹11,700 crore, tops the list while Vivek Abhay Vakil and Bhairavi Abhay Vakil came in fourth and seventh respectively.

Name Rank Net value
Nehal Abhay Vakil 1 ₹11,700 crore
Vivek Abhay Vakil 4 ₹8,400 crore
Bhairavi Abhay Vakil 7 ₹7,300 crore

Source: IIFL Wealth Hurun Report

The second position was taken by Ashwin Desai & family of Aether Industries with wealth of ₹11,700 crore, followed by Faizal Kottikollon of KEF Holdings with ₹9,500 crore.

Zepto founder, 19-year-old Kaivalya Vohra, was named as the youngest in the additional list. He has a net worth of ₹1,000 crore and ranks 1036th in the list of 1,103 people.

Popularly known as ‘Physics Wallah’, Alakh Pandey and his co-founder Prateek Boob also made it onto the list. Both are ranked 399th with wealth of ₹4,000 crore when their startup Physics Wallah turned unicorn.

Name Wealth (in ₹ crore) Company
Nehal Abhay Vakil 11,700 Asian Paints
Ashwin Desai & family 10,300 Aether Industries
Faizal Kottikollon 9,500 KEF Holdings
Vivek Abhay Vakil 8,400 Asian Paints
Alla Ayodhya Rami Reddy 7,400 Ramky Group
Kishore R Chhabria & family 7,400 Allied Blenders & Distillers
Bhairavi Abhay Vakil 7,300 Asian Paints
AV Venkatraman 5,500 Latent Display Analytics
Madhavkrishna Singhania 4,700 JK Cement
Raghavpat Singhania 4,700 JK Cement

Source: Hurun Report

The number of participants on the list has increased by 60% in the past five years, said Anas Rahman Junaid, MD and lead researcher Hurun India.

The chemical & petrochemical sector delivered the largest number of new entrants with 20 new additions, followed by financial services (17) and software & services (12).

Junaid added: “The new additions to IIFL Wealth Hurun India Rich List have come at a time when valuations are low in both the listed and non-listed companies. India is best positioned to benefit from robust domestic demand, stable political landscape, favorable demographics and sustainable external debt.”

The cumulative wealth of Indians in the rich list has increased by 9.4% while the average wealth has decreased by 1%. No fewer than 602 people saw their wealth increase or remain the same in the past year.

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