An intriguing story of admirable successes, glorious comebacks and some exits
India’s rich have made a comeback, at least of sorts. The combined wealth of the country’s 100 richest people has inched up by about $9 billion to $250.6 billion in 2012. A bit of the ground conceded last year has been regained, thanks to Prime Minister Manmohan Singh’s delayed but much needed reform push and a rekindled Sensex. This year, we have more billionaires—61, from 57 in 2011—and the entry barrier has gone a little higher with at least $460 million needed to make the coveted list, from $370 million a year earlier.
Internationally too, Indian billionaires have fared better than most of their BRIC counterparts. The top 25 in India are second only to their Russian peers in accumulated wealth. Russia, along with China, has fewer billionaires than last year. But when it comes to the richest Americans, this year none of the Indians would make it to their top 10. Last year, Mukesh Ambani, who seems to have cemented his place at the top of the India Rich List, would have.
Behind the numbers, the India Rich List is an intriguing story of admirable successes, glorious comebacks and some ignominious exits. The pharmaceuticals sector’s strong performance is led by Dilip Shanghvi , who has broken into the top five with a $2.5 billion jump, the biggest gainer in absolute value. Fellow pharma entrepreneur Habil Khorakhiwala continues his remarkable turnaround after making a comeback in the 2011 List. This year, he is the biggest percentage gainer. The Hinduja brothers, bolstered by a growing Indian business, mark their maiden entry on the list with a top 10 ranking. Shree Cement owner Benu Gopal Bangur’s 100 percent rise in wealth mirrors the rising fortunes of the sector.
Not surprisingly, the wealth of businessmen from the debt-burdened infrastructure sector shrank most. The most notable of them is Gautam Adani, whose coffer is lighter by $4.3 billion. Among the 10 drop-outs, six, including Tulsi Tanti, have interests in the power sector. While most of the retailers increased their wealth, the notable exception is the king himself. Kishore Biyani, under a mountain of debt despite selling Pantaloons to Kumar Mangalam Birla, has dropped off. Glenmark Pharmaceuticals founder Gracias Saldanha passed away earlier this year and is replaced by older son Glenn on the list.
India might be bustling with the energy of its 65 percent of population under the age of 30, but most of the wealth is still in the hands of the elders. While the average age of the richest 50 individuals has increased from last year, there is half a century’s gap between the youngest (Shivinder Singh) and the oldest (Brijmohan Lall Munjal). Geographically, India’s richest are more widely spread this year, with financial capital Mumbai returning a smaller number for the third straight year. Did anyone mention regional imbalance?
- Prince Mathews Thomas
5. Dilip Shanghvi
21. Anil Agarwal
61. Glenn Saldanha
81. Joy Alukkas
(This story appears in the 02 November, 2012 issue of Forbes India. To visit our Archives, click here.)