Automobile and auto components industry adds 16 entrants to Hurun India Rich List

The automobile and auto components industry has added 16 new entrants to the Hurun India Rich List 2023. The total wealth from the industry has increased by 24% in the past one year, driven by strong exports and a revival in domestic demand. 

Niraj Bajaj and family of Bajaj Auto topped the list, with wealth of Rs 1,20,700 crore, marking a 7% increase in one year. Vikram Lal and family of Eicher Motors retained the second spot with wealth of Rs 54,500 crore, whereas Anand Mahindra and family of Mahindra & Mahindra clinched the third spot with wealth of Rs 40,500 crore. 

Vivek Chaand Sehgal and family of Samvardhana Motherson International  is at the fourth spot with wealth of Rs 30,700 crore, with Arvindkumar Poddar and the family that owns Balkrishna Industries at the fifth spot with Rs 27,500 crore. 

Hurun India and 360 ONE Wealth released the 360 ONE Wealth Hurun India Rich List 2023. This is the 12th annual ranking of the richest individuals in India. Wealth calculations are a snapshot as of August 30, 2023. Cumulative wealth has increased by 8.5%, while the average wealth has decereased by 9.3%. 

Yatin Shah, Co founder and Joint CEO said, "With 1,319 individuals now possessing Rs 1,000 crore or more, we are witnessing a remarkable surge, up by 76% over the last five years. The cumulative wealth of our listers has surged to Rs 109 lakh crore, surpassing the combined GDP of Singapore, UAE and Saudi Arabia.

Referring to startups in general and the funding winter, Shah said that the funding winter has ended. "Funding winter ended with companies that had issues of breaking even with cash flow. Enough inteerst of investors for at resonable valuations to come in," said Shah.

Referring to the manufacturing sector, Anirudha Taparia, co-founder and joint CEO of 360 ONE Wealth said, "a lot of money is moving to the manufaturing side a decade ago. If you look at India's manufacturing sector, lot of rigour with China plus one." 

"India has never seen this kind of phase where $1 trillion dollars will go through a generational transfer. Increasingly a lot of family businesses are getting professional. The earlier trend of stepping into the family business is no longer the only option," said Anas Rahman Junaid, MD and Chief Researcher. Hurun India. 

The report showed that 344 entrants on the list are second generation, led by Mukesh Ambani, aged 66. There are 64 billionaires who are third generation and 15 in the list are fourth generation. 12 entrepreneurs belong to the fifth generation of their family and lead the family business.