The Indian automobile and auto components industry has witnessed remarkable growth, contributing to the inclusion of 16 new entrants on the Hurun India Rich List 2023. This surge in wealth, driven by strong exports and a revival in domestic demand, marks a significant 24% increase over the past year.
Leading the list is Niraj Bajaj and family, representing Bajaj Auto, with a substantial wealth of Rs 1,20,700 crore, reflecting a remarkable 7% increase in just one year. Vikram Lal and family, associated with Eicher Motors, secured the second spot with a wealth of Rs 54,500 crore. Meanwhile, Anand Mahindra and family, the stalwarts behind Mahindra & Mahindra, clinched the third position with wealth amounting to Rs 40,500 crore.
The fourth spot is occupied by Vivek Chaand Sehgal and family, renowned for Samvardhana Motherson International, boasting a wealth of Rs 30,700 crore. Arvindkumar Poddar and the family, owners of Balkrishna Industries, secured the fifth spot with a wealth of Rs 27,500 crore.
The 360 ONE Wealth Hurun India Rich List 2023, released by Hurun India and 360 ONE Wealth, represents the 12th annual ranking of the wealthiest individuals in India. Wealth calculations are based on a snapshot as of August 30, 2023. The cumulative wealth of the listers has surged by 8.5%, although the average wealth has witnessed a decrease of 9.3%.
Yatin Shah, Co-founder, and Joint CEO, remarked on the remarkable surge of individuals possessing Rs 1,000 crore or more, which has grown by 76% in the last five years. The cumulative wealth now stands at a staggering Rs 109 lakh crore, surpassing the combined GDP of Singapore, UAE, and Saudi Arabia.
Regarding startups and funding trends, Shah noted the end of the funding winter, with a resurgence of investor interest at reasonable valuations. In the manufacturing sector, Anirudha Taparia, Co-founder, and Joint CEO of 360 ONE Wealth, highlighted a significant shift, with substantial investments flowing into the sector. India’s manufacturing landscape is experiencing robust growth, influenced by strategies like “China plus one.”
Anas Rahman Junaid, MD, and Chief Researcher at Hurun India, emphasized the evolving dynamics of family businesses, where professionalization is becoming increasingly prevalent. The tradition of family members automatically stepping into the family business is no longer the sole path to success.
The report further revealed that 344 entrants on the list are second-generation wealth holders, with Mukesh Ambani, aged 66, leading this group. Additionally, there are 64 billionaires who belong to the third generation, and 15 individuals on the list represent the fourth generation. Notably, 12 entrepreneurs from the fifth generation are spearheading their family businesses, marking a generational shift in India’s business landscape.