19-year-old entrepreneur becomes latest entrant on India’s rich list

India’s 19-year-old entrepreneur and founder of grocery delivery app Zepto, Kaivalya Vohra, became the latest person to join the rich list club of 1,103 Indians across 122 cities, who now have cumulatively accumulated their wealth of Rs 100 trillion, according to IIFL Wealth Hurun India Rich List 2022.

The report said that 221 billionaires made it on the 2022 list, down 16 compared with last year, while 13 people born in the 1990s have been added—all of whom are self-made, including the Vohra.

The report further noted that these 1,103 Indians have a net worth of Rs 10 billion each — an increase of 62 per cent over five years.

“Cumulative wealth has increased by 9.4 per cent, while average wealth has decreased by 1 per cent. 602 individuals saw their wealth increase or stay the same, of which 149 are new faces, whilst 415 saw their wealth drop and there were 50 dropouts,” IIFL Wealth and Hurun India said in a statement.

The Harun India study further said that over 82 per cent of the billionaires on the list are above the age of 50, and only 0.6 per cent of the rich on the list are below 30.

The study noted that the Pharma sector contributed the most to the list, with 126 entrants, while Chemicals and Financial Services added the greatest number of new entrants.

“Gurugram debuted in the top 10 cities producing the most number of entrants and we have a record addition of 149 new faces to the list from 32 industries and 36 cities,” said Anirudha Taparia, Joint CEO, IIFL Wealth.

The study pegs Adani and family’s wealth at a staggering Rs 10.94 trillion.

“The trends prove that India has taken booster shots against the global crisis. Be it the Ukraine war or inflationary pressures, the India growth story continues despite all odds as India also gave a new No. 2 — Gautam Adani — to the Hurun Global Rich List,” said Anas Rahman Junaid, managing director and chief researcher, Hurun India.

“The unprecedented wealth creation in the past five years in India, when other countries are stalling and are in recessionary mode, reaffirms India as the ‘engine of growth’ for the global economy. Remember, the new additions to the list have occurred at a time when valuations are at a low, both in the listed and privately-held companies,” said Junaid.