Friday , March 22 2019

India loses 11 billionaires after Demonetisation:Hurun Global Rich list report

Hurun Report says that demonetisation impacted on India’s Eleven Top Billionaires whose wealth declined, while  Mukesh Ambani retains his position as the richest Indian, with estimated wealth of $26 billion and ranks 28th position Globally.

Hurun Global Rich List says that the number of billionaires in India fell after demonetization.

Flipkart founders Sachin and Binny Bansal, who earned dollar billionaires last year and whose wealth has fallen due to note ban, and who are out of among the top  Indian billionaires says Hurun Global Rich — Indian billionaires report.

Mukesh Ambani

Eleven of the 31 have lost their billionaire status since demonetisation. The key people among them are:

  • Gautam Thapar of Crompton Greaves
  • Nilima Motaparti of Divi’s Labs
  • Prathap C Reddy & family of Apollo Hospitals
  • Nandan Nilekani, an Infosys shareholder.

This list is entirely based on the share price performance of firms after demonetisation.

However, chairman of Reliance Industries Ltd, Mukesh Ambani is the richest Indian billionaire with a fortune of Rs175,400 crore ($26 billion), according to the Hurun Global Rich List India.

Ambani topped the list of 132 individuals in India while globally he is at rank 28.

The other Billionaires are Chairman of Hinduja group S.P.Hinduja & family topped at number 2 with a net worth of Rs101,000 crore ($14 billion) while global rank is at 74 followed by Dilip Shanghvi founder of Sun Pharmaceuticals. Sun Pharmaceuticals dropped to the third position because of a 22% decline in his wealth of Rs99,000 crore ($14 billion), fueled by an 18% drop in shares of Sun Pharma.

Twenty-seven billionaires have been added to the list this year. Of the 27 entrants

  • Acharya Balakrishna of Patanjali Ayurved leads the pack with wealth of $3.6 billion
  • Nadir B Godrej and Smitha V Crishna.
  • Paytm founder Vijay Shekhar Sharma also lands on the list with $1.5 billion.

Others who have seen their wealth declining after demonetisation are:

  • Salil Singhal & family of PI Industries,
  • Chirayu R Amin & family of Alembic Pharma
  • B L Taparia & family of Supreme Industries
  • Habil Khorakiwala of Wockhardt
  • Prakash Chauhan & family of Parle Agro Food
  • Prithviraj Kothari of RiddiSiddhi Bullion,
  • Devendra Kumar Jain of Gujarat Fluorochemicals.

Divyank Turakhia is the youngest billionaire on the list, with a wealth of $1.2 billion. Turakhia, aged 35, who sold his company to a Chinese corporation at a valuation of $1 billion.

Out of  132 individuals from the Hurun India Global List 2017, Mumbai is the home for India’s super rich with 42 billionaires, followed by Delhi (21) and Ahmedabad (9).

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