40 Indians Turned Billionaires During Pandemic; Mumbai Emerges As The Richest City Of India!

Latest reports on Tuesday revealed that forty Indians entered the billionaires’ club in the pandemic-stricken 2020, further making the number of those in the coveted list to 177 people. 

Billionaires In India

In this list, a majority of 118 billionaires were classified as self-made ones from India.

Keeping the pace, Mukesh Ambani remains to be the wealthiest Indian with a net worth of $83 billion.

Since Reliance Industries witnessed a 24 percent jump in fortunes.

According to the Hurun Global Rich List, they further climbed up one spot and occupied the position of the eighth richest globally.

Another billionaire from Gujarat, Gautam Adani has witnessed a spectacular rise in fortunes in the last few years.

He saw his wealth almost doubling to $32 billion in 2020.

With that gain, he has climbed 20 places to be the 48th richest person globally and became the second wealthiest man in India. 

Similarly, his brother Vinod’s wealth also grew by 128 percent to $9.8 billion.

The report compiles individual or family wealth in the year to January 15. 

The position of the third wealthiest Indian is claimed by the IT company HCL’s Shiv Nadar, with a fortune of $27 billion.

At the same time, some peers in the tech industry dominated the list of fastest-growing wealth.

Shrank Of Indian Economy 

During this time, the Indian economy is set to contract by over 7 percent due to the impact of the pandemic.

Further, it has forced governments to go for lockdowns which caused a debilitating impact on the poor. 

The revealed result became the cause of concerns as a ‘K-shaped’ recovery is underway, indicating that a selected few prosper. 

Maximum Concentration In Mumbai

Being the home to 60 of the 177 Indian billionaires, Mumbai, the financial capital of India continues to lead in the country in terms of a concentration perspective.

Followed by New Delhi at 40 and Bengaluru at 22 billionaires, as per the report. 

Flourishing Female Leadership 

Considering the female leadership, Kiran Mazumdar Shaw of Biocon leads with a net worth of $4.8 billion (up 41 percent), Smita V Crishna of Godrej at $4.7 billion and Lupin’s Manju Gupta at $3.3 billion.

If we talk globally, Elon Musk of Tesla has aced the list with a fortune of $197 billion followed by Amazon’s Jeff Bezos at $189 billion and Frenchman Bernard Arnault of fashion house LVMH at $114 billion.