Millennium Post

Led by Mukesh, richest 831 Indians collectively own a quarter of GDP

Mumbai: At a time when policymakers are grappling on how to reduce inequalities, a wealth report Tuesday said there has been a 34 per cent increase in the number of Indians having a networth of Rs 1,000 crore or more.

Significantly, these individuals who number 831, collectively own a quarter of the nation's GDP with a networth of USD 719 billion, says the report, which quoting the IMF April 2018 data pegs GDP at USD 2.85 trillion.

Led by Reliance Industries chairman Mukesh Ambani with a networth of Rs 3.71 trillion, there were 831 Indians having a networth of Rs 1,000 crore or more in 2018, which is 214 individuals more than the 2017 list, according to a Barclays- Hurun India rich list.

In a January 2018 report presented by Oxfam at the World Economic Forum, had expressed concern on the rising inequalities, stating that 1 per cent of the country's population holds 73 per cent of the wealth.

The financial capital, which presents stark contrasts like housing the largest slums in the continent as also costliest mansions like Ambani's Antilla, has the highest number of contribution to the rich list, with 233 richie rich, followed by 163 in the national Capital and 70 in Bengaluru.

Anas Rahman Junaid, managing director and chief researcher at Hurun India says the country is the fastest growing when it comes to people entering the rich list.

"The number of Rs 1,000 crore-plus wealthy Indians have nearly doubled in the past two years-from 339 in 2016 to 831 in 2018," he said.

From a demographic perspective, the average age in the list is 60, the 24-year-old Ritesh Agarwal of Oravel Stays which runs Oyo Rooms, being the youngest and 95-year-old Dharam Pal Gulati of the masala brand MDH being the eldest. There was a massive, 157 per cent spike in the number of women in the list, which grew to 136.

Pharma sector promoters/executives dominate the list with a 13.7 per cent occupancy, followed by software and services at 7.9 per cent and fast moving consumer goods at 6.4 per cent.

Nine individuals in the list saw a doubling of wealth in 2018, with Krishna Kumar Bangur of Graphite India being the biggest gainer with a 430 per cent jump in his personal fortunes.

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