India's Dollar Billionaires - A Study by Fortune and Waterfield Advisors

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India's Dollar Billionaires - A Study by Fortune and Waterfield Advisors

Fortune India & Waterfield Advisors

05 September 2023

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The second edition of the Fortune India-Waterfield Advisors' study of India's richest — a definitive listing of the country's dollar billionaires — shows that the elite club is now equivalent to 25.39% of India's FY23 GDP of ₹273 lakh crore ($3.4 trillion). The collective wealth of India's uber rich swelled from ₹66.35 lakh crore ($832 billion) in 2022 to ₹69.30 lakh crore ($843 billion) this year, even as the club of billionaires expanded from 142 to 157. India's prosperity engine is not just running — it's roaring.

What's pertinent to note is that India's legacy business houses, the Tatas, the Bajajs, the Birlas, and the Burmans, stand tall in a listing peppered with first- and second-gen entrepreneurs. Barring the Mistry family whose wealth is largely tied in the privately held Tata Sons, the Godrej clan (₹1.57 lakh crore), the Bajaj family (₹1.42 lakh crore), Kumar Mangalam Birla (₹1.42 lakh crore) and the Burmans (₹82,352 crore) continue to rank among the 20 top richest Indians.

Soumya Rajan, founder and CEO, Waterfield Advisors, whose firm is wealth advisor to over 200 business families, believes it is not without reason. "What has been unique about family businesses in India is that a lot many have managed to prove their resilience and adapt with the times. If the early era was about professionalising the management, today, the families are ensuring that the legacy is preserved down the generations by creating the right governance structures to prevent conflicts."

Rank	Name	Value (in Rs Crore)	Value ($bn)	Flagship Companies	Sector	Age
1	Mukesh Ambani	819,225	99.70	Reliance Industries	Diversified	66
2	Gautam Adani	523,538	63.71	Adani Enterprises, Adani Ports & Special Economic Zone, Adani Transmission, Adani Green Energy, Adani Power, Adani Total Gas, Adani Wilmar, Ambuja Cements	Diversified	61
3	Shapoor Mistry & Late Cyrus Mistry family	284,712	34.65	Tata Consultancy Services, Tata Motors, Titan Company, Tata Steel, Tata Sons, Sterling & Wilson Renewable Energy	Diversified	58
4	Cyrus Soli Poonawalla	270,725	32.95	Serum Institute of India, Poonawalla Fincorp	Pharmaceuticals	82
5	Radhakishan Damani	192,535	23.43	Avenue Supermarts	Diversified	69
6	Shiv Nadar	189,996	23.12	HCL Technologies, HCL Infosystems	IT	78
7	Azim Premji	163,082	19.85	Wipro	IT	78
8	Adi Godrej & Godrej family	157,786	19.20	Godrej Consumer Products, Godrej & Boyce Manufacturing Company, Godrej Industries, Godrej Properties, Godrej Agrovet	Diversified	81
9	Shekhar Bajaj, Niraj Bajaj, Rajiv Bajaj & Sanjiv Bajaj	142,634	17.36	Bajaj Finserv, Bajaj Holdings & Investment, Bajaj Auto, Bajaj Electricals, Mukand	Diversified	74, 69, 56, 53
10	Kumar Mangalam Birla	142,493	17.34	Grasim Industries, Hindalco Industries, Essel Mining & Industries, Aditya Birla Fashion & Retail, UltraTech Cement	Diversified	56
11	Dilip Shanghvi & family	142,282	17.32	Sun Pharmaceuticals Industries, Sun Pharma Advanced Research Company, Suzlon Energy	Pharmaceuticals	67
12	Sunil B Mittal & Mittal family	136,387	16.60	Bharti Airtel, Indus Towers	Telecom	65
13	Savitri Devi Jindal	136,256	16.58	JSW Steel, JSW Energy, Jindal Steel & Power, JSW Holdings, Jindal Saw	Steel	73
14	Uday Kotak	96,257	11.71	Kotak Mahindra Bank	BFSI	64
15	Madhukar Parekh & family	93,254	11.35	Pidilite Industries	Chemicals	77
16	Kushal Pal Singh	91,461	11.13	DLF	Realty	91
17	Ravi Kant Jaipuria	83,783	10.20	Varun Beverages, Devyani International	FMCG	68
18	Mohit Burman & Burman family	82,352	10.02	Dabur India, Religare Enterprises, Eveready Industries India, Talbros Automotive Components, Eldeco Housing & Industries	Diversified	55
19	M.M. Murugappan & family	69,723	8.49	Tube Investments of India, Cholamandalam Investment & Finance Company, Carborundum Universal, EID Parry (India), Parry Agro Industries	Finance	67
20	Hasmukh Chudgar & family	68,491	8.34	Intas Pharmaceuticals	Pharmaceuticals	90
21	Ashwin Suryakant Dani	68,080	8.29	Asian Paints, Sattva Holding & Trading Co	FMCG	80
22	Girdharilal Bawri, Banwarilal Bawri & Rajendra Agarwal	62,813	7.64	Macleods Pharmaceuticals	Pharmaceuticals	76, 70, 64
23	Sudhir Mehta & Samir Mehta	62,638	7.62	Torrent Pharmaceuticals, Torrent Power	Pharmaceuticals	69, 59
24	Benu Gopal Bangur	54,914	6.68	Shree Cement	Cement	91
25	Mahendra Chimanlal Choksi	52,606	6.40	Asian Paints	FMCG	82
26	Mangal Prabhat Lodha	51,316	6.25	Macrotech Developers	Realty	67
27	Murali K. Divi	50,696	6.17	Divis Laboratories	Pharmaceuticals	72
28	Nehal, Bhairavi, Vivek - Abhay Vakil family	50,529	6.15	Asian Paints	FMCG	45
29	Kuldip Singh Dhingra & Gurbachan Singh Dhingra	48,720	5.93	Berger Paints India	FMCG	75, 73
30	Anil Rai Gupta	47,740	5.81	Havells India	Consumer Durables	54
31	Rekha Rakesh Jhunjhunwala & family	46,128	5.61	Titan Company, Star Health & Allied Insurance Co, Tata Motors, Escorts Kubota, Fortis Healthcare, Metro Brands	Investing	59
32	Pankaj Patel	45,797	5.57	Zydus Lifesciences, Zydus Wellness	Pharmaceuticals	70
33	Vikram Lal	45,032	5.48	Eicher Motors	Automobile	81
34	Nusli Wadia	44,847	5.46	Britannia Industries, Bombay Burmah Trading Corporation, Go Airlines India, Bombay Dyeing & Manufacturing Company, National Peroxide	Diversified	79
35	Vijay Chauhan	43,556	5.30	Parle Biscuits	FMCG	87
36	Harsh Mariwala & Kishore Mariwala	41,459	5.05	Marico	FMCG	72, 88
37	Dilip Surana & Anand Surana	41,143	5.01	Micro Labs	Pharmaceuticals	57, 52
38	Ramesh Juneja & Rajeev Juneja	40,121	4.88	Mankind Pharma	Pharmaceuticals	68, 58
39	Rahul Bhatia	38,784	4.72	Interglobe Aviation	Aviation	67
40	Inder T. Jaisinghani	38,707	4.71	Polycab India	Consumer Durables	70
41	George Jacob Muthoot & family	38,497	4.69	Muthoot Finance	BFSI	70, 72, 67
42	Vivek Chaand Sehgal	37,452	4.56	Samvardhana Motherson International, Motherson Sumi Wiring	Auto Ancillaries	66
43	Manoj Menda & Raj Menda	36,992	4.50	RMZ Corp Holdings	Realty	55, 61
44	Acharya Balkrishna	34,376	4.18	Patanjali Foods, Patanjali Ayurved	FMCG	50
45	Sanjiv Goenka	33,188	4.04	CESC, Firstsource Solutions, Saregama India, PCBL, Spencers Retail	Diversified	62
46	Leena Tewari	32,464	3.95	USV	Pharmaceuticals	66
47	Nithin Kamath & Nikhil Kamath	31,360	3.82	Zerodha Broking	New Age Tech	43, 36
48	P.P. Reddy, P.V. Krishna Reddy	31,131	3.79	Megha Engineering & Infrastructures	Construction	65, 54
49	Murlidhar Gyan Chandani & family	29,978	3.65	RSPL	FMCG	76
50	Pawan Munjal	28,008	3.41	Hero MotoCorp, Hero Fincorp, Munjal Kiriu Industries, Munjal Auto Industries, Munjal Showa	Automobile	68
51	Yusuf Hamied & family	27,979	3.41	Cipla	Pharmaceuticals	87
52	Sandeep P. Engineer	27,757	3.38	Astral	Consumer goods	62
53	Arvind Poddar	27,397	3.33	Balkrishna Industries	Auto Ancillaries	65
54	Vivek Jain	26,408	3.21	Gujarat Fluorochemicals, Inox Wind, Inox Wind Energy	Chemicals, Energy	67
55	Vikas Oberoi	26,093	3.18	Oberoi Realty	Realty	53
56	Arun Bharat Ram	26,000	3.16	SRF	Chemicals	82
56	S. Kris Gopalakrishnan	26,000	3.16	Infosys, Pratithi Investment Trust	IT	68
58	Karsanbhai Patel	25,764	3.14	Nirma, Nuvoco Vistas Corporation	FMCG	79
59	Ravi Modi	25,363	3.09	Vedant Fashions	Apparels & Textiles	46
60	Salil Singhal	25,353	3.09	P I Industries	Chemicals (Agro)	77
61	Lachhman Das Mittal	25,123	3.06	International Tractors	Automobile	92
62	Rajan Raheja	24,688	3.00	Exide Industries, Prism Johnson, Supreme Petrochem, Sonata Software, Asianet Satellite Communication	Diversified	69
63	Chandru Raheja	24,560	2.99	Mindspace Business Parks, Shoppers Stop, Chalet Hotels	Realty	82
64	N. R. Narayana Murthy	24,549	2.99	Infosys	IT	76
65	Satyanarayan Nuwal	24,375	2.97	Solar Industries India	Chemicals	71
66	Basudeo Narain Singh & family	24,054	2.93	Alkem Laboratories	Pharmaceuticals	82
67	Venu Srinivasan	23,988	2.92	TVS Motor Company	Automobile	70
68	Nirmal K. Minda	23,518	2.86	UNO Minda (formerly Minda Industries)	Auto Ancillaries	65
69	A. Krishnamoorthy	22,659	2.76	Simpson & Company, Amalgamations Valeo Clutch, United Nilgiri Tea Estates Company, IP Rings, Bimetal Bearings	Diversified	85
70	G.V. Prasad & Satish Reddy families	22,626	2.75	Dr Reddys Laboratories	Pharmaceuticals	62, 56
71	Yadu Hari Dalmia	22,624	2.75	Dalmia Bharat, Dalmia Bharat Sugar & Industries	Cement	76
72	Bhavish Aggarwal	22,315	2.72	ANI Technologies, ola cabs, Ola Electric Mobility	New Age Tech	37
73	Rafique A. Malik	21,718	2.64	Metro Brands	Retail	72
74	Falguni Nayar & family	21,695	2.64	FSN E-Commerce Ventures (Nykaa)	New Age Tech	60
75	Abhay Firodia	21,289	2.59	Force Motors, Bajaj Finserv, Bajaj Auto, Bajaj Holdings & Investment	Automobile	78
76	S. Viji	21,203	2.58	Brakes India, Sundaram Finance	Diversified	77
77	Bajranglal Taparia	20,878	2.54	Supreme Industries, Supreme Petrochem	Chemicals	89
78	Baba Kalyani	20,162	2.45	Bharat Forge, Hikal, Automotive Axles, BF Utilities, Kalyani Steels	Auto Ancillaries	74
79	Manju Deshbandhu Gupta family	19,949	2.43	Lupin	Pharmaceuticals	79
80	Joy Alukkas	19,914	2.42	Joyalukkas India	Gems & Jewellery	66
81	Kiran Mazumdar-Shaw	19,575	2.38	Biocon	Pharmaceuticals	70
82	Sanjeev Bikhchandani	19,512	2.37	Info Edge (India)	New Age Tech	60
83	Shyam Bhartia & Hari Bhartia	18,859	2.30	Jubilant Foodworks, Jubilant Ingrevia, Jubilant Pharmova, Jubilant Chemsys, Jubilant Industries	Diversified	70, 66
84	Sunder Genomal	18,858	2.30	Page Industries	Retail	69
85	P.V. Ramprasad Reddy	18,802	2.29	Aurobindo Pharma	Pharmaceuticals	65
86	Bhadresh K. Shah	18,555	2.26	AIA Engineering	Capital Goods	71
87	Prathap Reddy	18,228	2.22	Apollo Hospitals Enterprise, Apollo Health & Lifestyle	Pharma & Healthcare	90
88	Anurang Jain	18,086	2.20	Endurance Technologies	Auto Ancillaries	61
89	Harsh Goenka	18,013	2.19	K E C International, Zensar Technologies, CEAT, RPG Life Sciences, Raychem-RPG	Diversified	65
90	Satish Mehta & Sunil Mehta	17,303	2.11	Emcure Pharmaceuticals	Pharmaceuticals	72, 60
91	Anu Aga & family	17,236	2.10	Thermax	Capital Goods	80
92	Samir Jain & Vineet Jain	17,169	2.09	Bennett, Coleman & Company, Times Internet	Media & Entertainment	69, 58
93	Kalanithi Maran	16,721	2.03	Sun TV Network, Sun Direct TV, Kal Airways, Kal Publications	Media & Entertainment	58
94	Ajay Piramal	16,589	2.02	Piramal Enterprises, Shriram City Union Finance	Diversified	67
95	K. P. Ramasamy	16,532	2.01	K P R Mill	Textiles	74
96	Pavan Jain & Siddharth Jain	16,428	2.00	Inox Air Products, Inox India, GFL, Inox Leisure	Chemicals, Entertainment	72, 44
97	Nandan Nilekani	16,327	1.99	Infosys	IT	68
98	Ramesh Kumar Dua & Mukand Lal Dua	15,901	1.94	Relaxo Footwears	Retail	69, 74
99	Manohar Lal & Madhusudan Lal	15,752	1.92	Haldiram Snacks	FMCG	68, 65
100	R.G. Chandramogan	15,668	1.91	Hatsun Agro Product	FMCG	74
101	Prem Kumar Arora	15,610	1.90	Mankind Pharma	Pharmaceuticals	84
102	Savji Dholakia & family	15,307	1.86	Hari Krishna Exports	Gems & Jewellery	61
103	Rajendran Govindarajulu & family	15,160	1.84	GRT Jewellers	Gems & Jewellery	80
104	Deepak Chimanlal Mehta & Sailesh Chimanlal Mehta	15,050	1.83	Deepak Nitrite, Deepak Fertilizers & Petrochemicals Corp	Chemicals	66, 62
105	M. Satyanarayana Reddy	15,026	1.83	MSN Laboratories	Pharmaceuticals	66
106	Irfan Razack	14,814	1.80	Prestige Estates Projects	Realty	69
107	Noel Naval Tata	14,528	1.77	Tata Consultancy Services, Tata Motors, Titan Company, Tata Steel, Tata Sons	Diversified	66
108	Atul Ruia	14,414	1.75	Phoenix Mills	Realty	52
109	Late Sudha-Keshub Mahindra family	14,234	1.73	Mahindra & Mahindra, Tech Mahindra, Swaraj Engines	Diversified	-
110	Vinod Saraf	14,100	1.72	Vinati Organics	Chemicals	73
111	Rajnikant Devidas Shroff	14,093	1.72	UPL, Uniphos Enterprises	Chemicals (Agro)	89
112	K. Dinesh	14,020	1.71	Infosys	IT	69
113	Abhay Soi	13,869	1.69	Max Healthcare Institute	Pharma & Healthcare	49
114	Devi Prasad Shetty	13,580	1.65	Narayana Hrudayalaya	Pharma & Healthcare	70
115	Anand Mahindra	13,471	1.64	Mahindra & Mahindra, Tech Mahindra, Swaraj Engines	Diversified	68
116	Sanjay Agarwal	13,311	1.62	AU Small Finance Bank	BFSI	52
117	Balkrishan Gopiram Goenka	12,974	1.58	Welspun India, Welspun Corp, Welspun Enterprises, Welspun Specialty Solutions, Welspun Investments & Commercials	Diversified	56
118	Balasubramanian Prabhakaran	12,869	1.57	Thriveni Earthmovers	Capital Goods-Non Electrical Equipment	50
119	Ratan Tata	12,664	1.54	Tata Consultancy Services, Tata Motors, Titan Company, Tata Steel, Tata Sons	Diversified	85
120	Suresh Krishna	12,648	1.54	Sundram Fasteners	Auto Ancillaries	86
121	Rajinder Gupta	12,249	1.49	Trident	Textiles	64
122	K.M. Mammen	12,053	1.47	MRF	Auto Ancillaries	74
123	Rajesh Sharma	11,990	1.46	Capri Global Capital	BFSI	53
124	Surendra Kumar Arya	11,908	1.45	JBM Auto, Jay Bharat Maruti	Auto Ancillaries	65
125	Jimmy Naval Tata	11,768	1.43	Tata Consultancy Services, Tata Motors, Titan Company, Tata Steel, Tata Sons	Diversified	82
126	Ashwin Desai	11,654	1.42	Aether Industries	Chemicals	71
127	S. D. Shibulal	11,653	1.42	Infosys	IT	68
128	Sushila Devi Singhania	11,647	1.42	J K Cements	Cement	87
129	Piloo-Minocher Tata & family	11,622	1.41	Tata Consultancy Services, Tata Motors, Titan Company, Tata Steel, Tata Sons	Diversified	-
130	T.S. Kalyanaraman	11,541	1.40	Kalyan Jewellers	Gems & Jewellery	76
131	Anand Deshpande	11,510	1.40	Persistent Systems	IT	61
132	Sanjay Gupta & family	11,500	1.40	Apl Apollo Tubes	Metal Tube	52
133	Umesh Sharma	11,070	1.35	Aristo Pharmaceuticals	Pharmaceuticals	70
134	Byju Raveendran	10,980	1.34	Think & Learn (Byju's)	New Age Tech	45
135	Ashok Ramnarayan Boob	10,922	1.33	Clean Science & Technology	Chemicals	71
136	Arvind Lal	10,812	1.32	Dr Lal Pathlabs	Pharma & Healthcare	73
137	Rajesh Mehra & family	10,780	1.31	Jaquar & Company	Consumer Goods	64
138	Raghu Kumar & Ravi Kumar	10,643	1.30	Upstox	New Age Tech	41, 37
139	Sunil Vachani	10,590	1.29	Dixon Technologies	Consumer Durables (B2B)	54
140	Sunjay Kapur	10,581	1.29	Sona BLW Precision Forgings	Auto Ancillaries	51
141	Anil Kumar Singh & family	10,430	1.27	Apco Infratech	Construction	57
142	Prakash M. Sanghvi & family	10,300	1.25	Ratnamani Metals & Tubes	Metal Tube	67
143	Vinod Kumar Agarwal & family	10,223	1.24	G R Infraprojects	Construction	63
144	Ashok Kajaria	9,986	1.22	Kajaria Ceramics	Consumer Goods	75
145	Prakash Chauhan	9,873	1.20	Parle Agro	FMCG	76
146	Mannalal B Agrawal	9,805	1.19	Ajanta Pharma	Pharmaceuticals	76
147	Onkar Kanwar	9,760	1.19	Apollo Tyres	Auto Ancillaries	81
148	G.M. Rao	9,489	1.15	GMR Infrastructure, GMR Kamalanga Energy, GMR Energy, Delhi Duty Free Services	Infrastructure	73
149	Ajay S. Shriram	9,307	1.13	DCM Shriram	Diversified	69
150	Glenn Saldanha & family	9,238	1.12	Glenmark Pharma	Pharmaceuticals	53
151	Yogesh M. Kothari	9,039	1.10	Alkyl Amines Chemicals	Chemicals	74
152	T.T. Jagannathan	8,942	1.09	TTK Prestige, TTK Healthcare, Vidal Health Insurance TPA	Consumer Durables	75
153	Ashok Patni	8,843	1.08	Wonder Cement	Cement	69
154	Jayen Ramesh Shah, Mukesh Maganlal Shah	8,608	1.05	Fine Organic Industries	Chemicals	59, 67
155	Dinesh Chandra Agarwal & Brijesh Kumar Agrawal	8,586	1.04	Indiamart Intermesh Ltd	New Age Tech	54, 46
156	Rajesh Mehta	8,374	1.02	Rajesh Exports	Consumer goods	59
157	Anil Gupta	8,240	1.00	KEI Industries	Consumer Durables	64