MUKESH AMBANI IS BACK AS THE RICHEST INDIAN, FOLLOWED BY GAUTAM ADANI.
ARAVIND SRINIVAS, THE “CHENNAI BOY” BEHIND PERPLEXITY IS INDIA’S YOUNGEST BILLIONAIRE
ROSHNI NADAR MALHOTRA BREAKS INTO THE TOP 3 FOR THE FIRST TIME.
INDIA HAS 358 USD BILLIONAIRES. A NEW RECORD!
Key Highlights
• India’s Billionaire Count Crosses 350! 6 Times Since the List’s Debut 13 Years Ago.
• M3M Hurun India Rich List 2025 Finds 1,687 Individuals with wealth of INR 1,000 Crore, adding 284 New Entrants; up by 148 compared to last year and up by 859 compared to 5 years ago.
• The M3M Hurun India Rich List 2025 listers added wealth at a pace of INR 1,991 crore a day.
• India has created a new billionaire every week for two years.
• With a wealth of INR 9.55 Lakh Crore (USD 105Bn), Mukesh Ambani (68) & family is the richest Indian, reclaiming the top spot in the M3M Hurun India Rich List 2025.
• Gautam Adani (63) & family hold the second spot on the M3M Hurun India Rich List 2025 with a INR 8.15 lakh crore wealth.
• Historic First for Women: Roshni Nadar Malhotra (44) & family debut in the Top 3 with a wealth of INR 2.84 lakh crore, becoming India’s richest woman and securing third place on the M3M Hurun India Rich List 2025. Roshni Nadar is also the youngest in the top 10.
• Chennai-born Aravind Srinivas (31), founder of Perplexity, makes his debut as a billionaire on the 2025 M3M Hurun India Rich List with a wealth of INR 21,190 crore. He is also the youngest billionaire on the list.
• Niraj Bajaj (70) & family saw their wealth jump 43% to INR 2.33 lakh crore, climbing four spots to 6th on the M3M Hurun India Rich List 2025.
• In absolute terms, Niraj Bajaj & family of Bajaj Group led the list, adding a staggering INR 69,875 Cr, taking their wealth to INR 2.33 lakh crore.
• The combined wealth of the top 10 in the M3M Hurun India Rich List 2025 equals 28% of the rest of the list; Mukesh Ambani and Gautam Adani’s wealth alone accounts for 12% of overall wealth.
• The cumulative wealth of the M3M Hurun India Rich List 2025 is INR 167 Lakh Crore, representing a 5% YoY increase, greater than Spain’s GDP and equivalent to nearly half of India’s GDP.
• The average wealth of M3M Hurun India Rich Listers declined to INR 9,850 crore from INR 10,320 crore, driven by tariff headwinds and geopolitical tensions.
• Top 10 Bar Rises: The entry threshold for the Top 10 has surged to INR 1.83 lakh crore, up from INR
1.63 lakh crore, making it tougher than ever for newcomers to break into the elite ranks.
• Top 10 get younger: average age drops to 69—three years younger than last year.
• The M3M Hurun India Rich List 2025 features 97 startup founders—including 46 new entrants— and 12 founders from publicly listed startups.
• India added 58 new billionaires this year, more than one billionaire a week!
• Vijay Shekhar Sharma (46), founder of Paytm, regains billionaire status with a wealth of INR 15,930 crore, driven by a 124% surge in Paytm’s share price.
• “Bollywood’s Badshah”, Shah Rukh Khan (59), joins the billionaire club for the first time with a wealth of INR 12,490 Crore.
• The youngest entrant on the M3M Hurun India Rich List 2025 is 22-year-old Kaivalya Vohra of Zepto, the USD 5.9Bn quick commerce startup. His co-founder, 23-year-old Aadit Palicha, is the second youngest entrant.
• 1,044 increased their wealth – 284 new faces, from 29 Industries.
• 643 saw their wealth decline, and 139 dropouts in the M3M Hurun India Rich List 2025.
• With 451 Individuals, Mumbai tops the M3M Hurun India Rich List 2025, followed by New Delhi (223) and Bengaluru (116).
• 101 women entrants in the M3M Hurun India Rich List 2025, including 26 dollar billionaires.
• At 96, Deepak Mehta & family and Milan Mehta & family (Precision Wires India), Hanwantbir Kaur Sahney & family (NRB Bearings), Jyotindra Bhagwanlal Mody (J.B. Chemicals & Pharmaceuticals), Keki Hormusji Gharda & family (Gharda Chemicals), and Nihchal H. Israni & family (Blue Cross Labs) are the veteran entrants on the M3M Hurun India Rich List 2025.
• A record 1,115 entrepreneurs—66% of the list—are self-made, up from 1,008 last year and 55% five years ago. Notably, 74% of this year’s new entrants are also self-made.
• Pharmaceuticals led the M3M Hurun India Rich List 2025 with 137 entrants, spearheaded by Cyrus S Poonawalla & family, followed by Industrial Products (132) and Chemicals & Petrochemicals (125).
• Eighteen individuals on the list are now worth over INR 1 lakh crore, six more than last year; a decade ago, there were only two.
• Biotech had a standout year, emerging as one of the strongest performing sectors in the M3M Hurun India Rich List 2025, driven by innovation and global demand.
• Bottlers’ performance in the M3M Hurun India Rich List 2025 was affected by margin pressure and softer volumes across the category.
• Garima Sawhney (39), co-founder of Pristyn Care, is the youngest self-made woman on the M3M Hurun India Rich List 2025.
• Sixteen professional managers are featured on the list. Jayshree Ullal (64), CEO of Arista Networks, is the richest at INR 50,170 crore; the richest India-based CEO is Ignatius Navil Noronha (50) of Avenue Supermarts, at INR 6,570 crore.
• Sixty-five unicorn founders—along with 13 Gazelle founders and 5 Cheetah founders—from the Hurun India Unicorn & Future Unicorn List 2025 also feature in the M3M Hurun India Rich List 2025.
• Twenty individuals born in the 1990s feature in the M3M Hurun India Rich List 2025, seven more than last year.
• The average age of individuals on the M3M Hurun India Rich List 2025 is 65; the average age of women is also 65.
• Star Signs: Gemini leads the list with 9.53%, represented by Kumar Mangalam Birla & family, LN Mittal & family and Rahul Bhatia & family. In terms of annual wealth growth, Aries takes the top spot with a 17% increase in wealth.
• Hurun, renowned as the world’s largest provider of rich lists, releases the 14th edition of the M3M
Hurun India Rich List 2025.
M3M Hurun India Rich List 2025
Mumbai, India | 01 October 2025: M3M and Hurun India are delighted to announce the release of the M3M Hurun India Rich List 2025. This list refers to the richest Indians in the world. This is the 14th year of the list. Wealth calculations are a snapshot as of 22nd September 2025.
1,687 individuals (up by 148) across 91 cities have INR 1,000 Cr in the M3M Hurun India Rich List 2025. 1,004 individuals saw their wealth increase or stay the same, of which 284 are new faces, whilst 643 saw their wealth drop, and there were 139 dropouts. India has 358 billionaires, up 24 compared to last year. While Jewellery, Construction & Engineering added the most significant number of new entrants to the list, Pharmaceuticals is still at number one and has contributed 137 entrants to the list. The youngest on the list is aged 22. The SENSEX gained 22% during the period, climbing from 59,000 to 72,000 points, even as the INR depreciated 7% against the USD, from 81 to 87.
Commenting on the launch, Dr. Payal Kanodia, Promoter M3M India & Chairperson & Trustee, M3M Foundation, said:
“The M3M Hurun India Rich List 2025 stands as a testament to India’s extraordinary journey of wealth creation, capturing the visionaries who embody innovation, entrepreneurship, and resilience across diverse industries. At M3M India, we are honoured to partner with Hurun India in celebrating not merely wealth, but the ambition and determination that truly define the Indian growth story. Real estate, long regarded as one of the most trusted avenues of wealth creation, has reaffirmed its dynamism in this year’s list. The sector has emerged as one of the most vibrant contributors, with 99 leaders making their mark—including 23 debutants entering the ranks for the first time. Collectively, the sector has added an impressive INR 8.72 lakh crore (USD 95.7 billion) in wealth. Significantly, representation has grown from 91 entrants in 2024 to 99 in 2025, underscoring real estate’s resilience and expanding role in shaping India’s future.
What excites me most this year is the significant rise in self-made entrepreneurs underscoring the emergence of first-generation wealth creators who are reshaping the industry. Equally important is the spotlight on women leaders, a much-needed recognition in what has long been a male-dominated sector. Together, these figures highlight the sector’s resilience, diversity, and entrepreneurial spirit, reaffirming real estate as a cornerstone of India’s wealth creation story. The leaders featured in the M3M Hurun India Rich List 2025 are not merely successful entrepreneurs—they are true nation-builders, whose contributions extend beyond business to impact communities and inspire future generations. At M3M India, we are committed to building world-class spaces that reflect the aspirations of a rising Bharat, while carrying forward a legacy of innovation, sustainability, and social progress.”
Commenting on the launch, Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said,
“The M3M Hurun India Rich List 2025 reflects a mood of energetic progress tempered by caution. The cumulative wealth of India’s richest climbed to INR 167 lakh crore, with 1,044 individuals gaining wealth versus 643 losing, showing that the wealth-creation engine remains strong. The surge came from tech, industrial products, automobiles, infrastructure, jewellery and real estate, powered by domestic demand, policy-driven manufacturing growth, and a vibrant stock market. India now has 358 dollar-billionaires, up from 200 five years ago, together holding wealth equal to nearly half of India’s GDP. Optimism is reflected in the rise of first-generation founders, regional hubs beyond metros, and new-age sectors reshaping the economy.”
“Headwinds — such as energy-sector erosion, global commodity volatility, high borrowing costs, governance scrutiny, the slide in Gautam Adani’s fortunes, the decline in Mukesh Ambani’s net worth, pharma’s postpandemic cooling, corrections in select FMCG stocks, and valuation pressures on late-stage startups — tempered exuberance. Even so, a record 66% of the M3M Hurun India Rich List 2025 is self-made, and 74% of new entrants are first-generation entrepreneurs, with wealth now spread across 91 cities. The list reflects an economy that is dynamic yet mindful of global volatility, celebrating broad-based progress while navigating the bumps of a maturing market.”
“The M3M Hurun India Rich List 2025 chronicles India’s shift from a services-centric past to a deep-tech, product-led powerhouse. The debut of Aravind Srinivas, 31, founder of Perplexity, as the youngest billionaire, underscores this transformation — his wealth stems from building a foundational AI model competing globally. The meteoric rise of Zepto’s co-founders, Kaivalya Vohra, 22, and Aadit Palicha, 23, highlights how technology and innovation are compressing wealth-creation timelines. India’s wealth story is now about speed, disruption, and home-grown “brains” with global impact.”
“Sectors such as Industrial Products, Real Estate and Auto Components — which brought the highest number of new entrants to the M3M Hurun India Rich List 2025 — benefitted from PLI schemes, infra-capex and industrial strategies. The 43% wealth surge of Niraj Bajaj, the list’s biggest gainer, exemplifies the synergy of public policy and private enterprise. The list serves as a real-time scorecard of Atmanirbhar Bharat, driving a domestic growth engine more resilient to global volatility.”
“The Top 10 richest on the M3M Hurun India Rich List 2025 hold 27% of total wealth, able to power nationbuilding projects, while the base of wealth is rapidly broadening — individuals worth over INR 1,000 crore have more than doubled in five years, with representation rising to 91 cities from just 10 at inception. This ‘scaling-up and spreading-out’ dynamic is a blueprint for an inclusive and resilient economy.”
“For the first time, a woman entered the Top 3 of the M3M Hurun India Rich List 2025 — Roshni Nadar Malhotra debuted at No. 3, symbolising the multi-generational power of tech-driven wealth. She joins 100 other women on the list, including 26 dollar-billionaires and self-made icons such as Falguni Nayar and Kiran Mazumdar-Shaw, proving women are now central catalysts in unlocking India’s economic potential.”
“A record 66% — 1,115 individuals — on the M3M Hurun India Rich List 2025 are self-made, up from 55% five years ago; 74% of 284 new entrants built fortunes from scratch. The start-up boom has become the primary engine of new wealth creation, reshaping not just fortunes but also India’s economic fabric.”
“Plain-gold jewellers on the M3M Hurun India Rich List 2025 added about INR 89,000 crore in combined wealth, fuelled by a record wedding season, rising incomes, and branded gold, still 78% of India’s jewellery market. In contrast, diamond-sector entrants lost nearly INR 12,000 crore, with only 8% seeing gains, as the export-driven trade slumped 17% in FY 2025 to a two-decade low, hit by weak global luxury demand, price swings, and cheaper lab-grown stones costing 30–40% less.”
“The combined wealth on the M3M Hurun India Rich List 2025 stands at INR 167 lakh crore — nearly half of India’s GDP — with 358 dollar-billionaires, up from just 59 in 2012 and 200 billionaires five years ago. Wealth creation is increasingly borderless, with Jayshree Ullal in Silicon Valley, industrial stalwarts in London and Dubai, and new Gulf billionaires linking global capital back to India. Mumbai remains the billionaire capital with 451 entrants, but Bengaluru at 116, Hyderabad at 102, Chennai at 94, and Pune at 66 show decentralisation of wealth hubs. Sector-wise, Pharmaceuticals leads with 137 listers, followed by Industrial Products at 132, Chemicals & Petrochemicals at 125, Software & Services at 110 and Real Estate at 99, and a fast-emerging Biotech sector — a spread that makes India’s wealth engine more diverse and resilient.”
“The cut-off for the M3M Hurun India Rich List 2025 fell from INR 1,800 crore a decade ago to INR 1,000 crore, enabling the capture of local heroes from smaller towns — now 91 cities represented versus 10 at inception. We estimate that around 6,000 individuals in India today have a net worth above INR 1,000 crore. Nearly 60% of the list is on the cusp of inter-generational transition, with globally educated heirs and professional managers poised to spark a renaissance in long-standing companies.”
“In just over a decade, the entry bar for the Top 10 richest on the M3M Hurun India Rich List 2025 jumped 494%, from INR 30,800 crore in 2012 to INR 1.83 lakh crore in 2025. The Top 100 threshold rose 1,577%, from INR 1,800 crore to INR 30,190 crore. The club expanded 1,582%, from 100 individuals in 2012 to 1,687 in 2025; those worth above INR 5,000 crore rose nine-fold from 61 to 579, and those above INR 1,800 crore grew from 100 to 1,216. The billionaire count soared six-fold from 59 in 2012 to 358 in 2025, showcasing the turbo-charged energy of Indian entrepreneurs and investors reshaping industries, creating jobs, and expanding India’s global economic footprint.”
“Assuming that for every one Hurun rich lister we have found, we have probably missed two, India today likely has 6,000 individuals worth INR 1,000 crore”, concluded Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.
Top 10 Wealthiest Individuals in the M3M Hurun India Rich List 2025
Mukesh Ambani & family reclaimed the top spot as India’s richest with a wealth of INR 9.55 Lakh Cr, despite a 6% decline, moving up from second place last year. Gautam Adani & family, even with a 30% decline, hold the second position with INR 8.15 Lakh Cr.
Roshni Nadar Malhotra & family, a new entrant in the M3M Hurun India Rich List 2025, ranked third at wealth of INR 2.84 Lakh Cr and becomes India’s wealthiest woman. Cyrus S Poonawalla & family also held steady at fourth with INR 2.46 Lakh Cr, a 15% decline. Kumar Mangalam Birla & family entered the top five with INR 2.33 Lakh Cr, almost unchanged with just a 1% drop.
The standout performer was Niraj Bajaj & family, whose wealth jumped 43% to INR 2.33 Lakh Cr, climbing four ranks to sixth. Dilip Shanghvi ranked seventh with INR 2.31 Lakh Cr, down 8%, while Azim Premji & family rose one place to eighth with a 16% increase to INR 2.21 Lakh Cr.
Gopichand Hinduja & family are in the ninth place at INR 1.85 Lakh Cr, down 4%, while Radhakishan Damani & family round out the list at tenth place with a wealth of INR 1.83 Lakh Cr, recording a 4% decline compared to last year.
Table 1: Top 10 in the M3M Hurun India Rich List 2025
3 * Roshni Nadar Malhotra & family 2,84,120 New HCL 44 New Delhi
4 – Cyrus S Poonawalla & family 2,46,460 -15% Serum Institute of India 84 Pune
Kumar Mangalam Birla &
5 2,32,850 -1% Aditya Birla 58 Mumbai
family
6 Niraj Bajaj & family 2,32,680 43% Bajaj Group 70 Pune
7 Dilip Shanghvi 2,30,560 -8% Sun
Pharmaceutical Industries 69 Mumbai
8 Azim Premji & family 2,21,250 16% Wipro 80 Bengaluru
9 Gopichand Hinduja & family 1,85,310 -4% Hinduja 85 London
Radhakishan Damani & Avenue
10 1,82,980 -4% 70 Mumbai family Supermarts
Source: Hurun Research Institute; M3M Hurun India Rich List 2025;*New Entrant, – No Rank change. Rank Up Rank Down – No Change * New
India’s Top 10 Wealth Creators: Five-Year Growth Story
Mukesh Ambani & family retained their position as India’s wealthiest, with wealth growing 1.33x over four years to INR 9.55 Lakh Cr, powered by Reliance Industries. Gautam Adani & family also maintained their second rank, with wealth rising 1.61x to INR 8.15 Lakh Cr. At third place, Roshni Nadar Malhotra & family is new entrants in the list, having a wealth of INR 2.84 Lakh Cr through HCL.
Cyrus S Poonawalla & family rose to fourth with INR 2.46 Lakh Cr, growing 1.51x on the back of Serum
Institute of India’s success. Kumar Mangalam Birla & family climbed from ninth to fifth with INR 2.33 Lakh
Cr, nearly doubling their wealth at 1.91x. Niraj Bajaj & family more than doubling to INR 2.33 Lakh Cr—up 2.24x—taking them from 13th to sixth place. Dilip Shanghvi also advanced to seventh, with a 1.94x increase to INR 2.31 Lakh Cr.
Azim Premji & family recorded the sharpest rise in the top 10, surged from 34th to eighth with a remarkable 6x growth, taking wealth to INR 2.21 Lakh Cr. Gopichand Hinduja & family, once ranked fourth, slipped to eighth as their wealth contracted to INR 1.85 Lakh Cr (0.84x). Rounding off the list, Radhakishan Damani & family drop by three ranks, entering the tenth position with INR 1.83 Lakh Cr, reflecting a marginal 1.19x increase over four years.
Table 2: Top 10 Wealthiest Indians – 5-Year Growth
Name Rank
2025 Rank
2021 Wealth
2025
(INR Cr) Wealth
2021
(INR Cr) Company Growth
(Multiple)
Mukesh Ambani & family 1 1 9,55,410 7,18,000 Reliance Industries 1.33x
Gautam Adani & family 2 2 8,14,720 5,05,900 Adani 1.61x
Roshni Nadar Malhotra & family 3 New 2,84,120 New HCL New
Cyrus S Poonawalla & family 4 6 2,46,460 1,63,700 Serum Institute of India 1.51x
Kumar Mangalam Birla & family 5 9 2,32,850 1,22,200 Aditya Birla 1.91x
Niraj Bajaj & family 6 13 2,32,680 1,03,800 Bajaj Auto 2.24x
Dilip Shanghvi 7 11 2,30,560 1,18,900 Sun
Pharmaceutical
Industries 1.94x
Azim Premji & family 8 34 2,21,250 36,900 Wipro 6.00x
Gopichand Hinduja & family 9 4 1,85,310 2,20,000 Hinduja 0.84x
Radhakishan Damani & family 10 7 1,82,980 1,54,300 Avenue
Supermarts 1.19x
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Brief Bio of Top 10
Mukesh Ambani (68) & family | Chairman & MD, Reliance Industries | INR 9.55 Lakh Cr
Mukesh Ambani leads Reliance Industries, India’s most diversified conglomerate with interests in energy, telecom, retail, and technology. Residing in Antilia, one of the world’s most expensive private homes, he remains a symbol of India’s modern business success. In 2025, he launched Reliance Intelligence, an AI-driven subsidiary, marking a decisive step into next-generation technologies. Under his leadership, Reliance Jio became the world’s largest mobile data network within just a few years, while his ventures across oil & gas, telecom, and retail continue to shape critical sectors of India’s economy.
Gautam Adani (63) & family | Founder and Chairman of Adani Group | INR 8.15 Lakh Cr
Gautam Adani of Adani Group heads a diversified conglomerate with interests in ports, energy, logistics, and infrastructure. He began his journey as a commodities trader and went on to build one of India’s largest infrastructure empires, including the country’s biggest private port at Mundra, Gujarat. Under his leadership, the group has also emerged as a major force in India’s renewable energy transition, reflecting his vision of integrating large-scale infrastructure with the nation’s growth ambitions.
Roshni Nadar Malhotra (44) & family | Chairperson, HCL Technologies | INR 2.84 Lakh Cr
Roshni Nadar Malhotra is the Chairperson of HCL Technologies, making history as the first woman to head a listed Indian IT company. A graduate of the Kellogg School of Management, she has expanded HCL’s global footprint while strengthening its position as a leading IT services powerhouse. Beyond business, she plays a key role in philanthropy through the Shiv Nadar Foundation, with a strong focus on education and social impact. Consistently ranked among the world’s most powerful women in business, Roshni represents a rare blend of technocratic leadership and social responsibility, underscoring her prominence in Indian industry.
Cyrus S Poonawalla & family (84) | Chairman of the Serum Institute of India | INR 2.46 Lakh Cr
Cyrus Poonawalla leads the Serum Institute of India, the world’s largest vaccine manufacturer by doses, renowned for making life-saving immunizations accessible at scale. A horse breeder turned entrepreneur, he transformed global healthcare by pioneering affordable vaccines. His company gained worldwide recognition during the COVID-19 pandemic with the production of Covishield in collaboration with AstraZeneca. Widely regarded as a healthcare visionary, Poonawalla continues to shape the future of public health through innovation and scale.
Kumar Mangalam Birla (58) & family | Chairman of the Aditya Birla Group | INR 2.33 Lakh Cr
Kumar Mangalam Birla is Chairman of the Aditya Birla Group, a global conglomerate with diversified interests across metals, cement, telecom, textiles, and financial services. Assuming leadership at 28 after his father’s passing, he has transformed the group into a Fortune 500 powerhouse with a presence in over 36 countries. Under his stewardship, the group has focused on sustainable growth, digital innovation, and strategic global acquisitions. Birla also serves as Chancellor of BITS Pilani, highlighting his commitment to education and skill development in India.
Niraj Bajaj (70) & family | Chairman of Bajaj Group | INR 2.3 Lakh Cr
Niraj Bajaj is Chairman of Bajaj Group, one of India’s most respected automotive manufacturers and a pioneer in two- and three-wheeler innovation. Under his guidance, the company has expanded globally, introducing electric mobility solutions and modernising production. A former national table tennis champion, Bajaj blends discipline and strategic vision to steer the family’s diversified businesses in automobiles, finance, and steel.
Dilip Shanghvi (69) | Founder of Sun Pharmaceutical Industries | INR 2.31 Lakh Cr
Dilip Shanghvi is the founder of Sun Pharmaceutical Industries, India’s largest pharmaceutical company and a global leader in speciality generics. Starting with a small psychiatric drug business in Gujarat, he expanded Sun Pharma into a multinational enterprise with operations in over 100 countries. The company’s growth has been powered by its strength in niche therapies, a strong generics portfolio, and strategic acquisitions such as Ranbaxy Laboratories. Known for his low-profile leadership, Shanghvi has also contributed to national economic policy as a former Reserve Bank of India board member.
Azim Premji (80) & family | Founder Chairman of Wipro | INR 2.21 Lakh Cr
Azim Premji is the Founder Chairman of Wipro, a global IT services and consulting powerhouse. He transformed the company from a small vegetable oil business into a leader in software services, IT consulting, and digital transformation. Renowned for his ethical leadership and modest lifestyle, Premji has become one of India’s most impactful philanthropists, focusing on education, skill development, and social welfare through the Azim Premji Foundation.
Gopichand Hinduja (85) & family | Chairman of Hinduja Group | INR 1.85 Lakh Cr
Gopichand Hinduja is the Chairman of the Hinduja Group, a global conglomerate with interests spanning automotive, energy, banking, IT, media, and infrastructure. Together with his brothers, he transformed the family business from its Mumbai trading origins into a multinational enterprise operating in over 100 countries. Under his leadership, the group has focused on strategic global investments and diversification, while the Hinduja Foundation drives philanthropy in healthcare, education, and social development.
Radhakishan Damani (70) & family | Founder and Chairman, Avenue Supermarts | INR 1.83 Lakh Cr
A value-retail pioneer, Radhakishan Damani built D-Mart on everyday-low-price discipline, tight costs and cluster-based expansion, creating one of India’s most efficient big-box chains. Avenue Supermarts’ focus on high inventory turns, strong vendor relationships, and a growing private-label mix underpins resilient cash flows, while DMart Ready extends the format into online grocery. With wealth at INR 1.83 lakh crore, Damani and family remain among India’s most influential consumer-retail leaders, exemplifying conservative capital allocation and steady, compounding growth.
Richest Indian Professional Managers
Jayshree Ullal tops the list at INR 50,170 crore with Arista Networks, underscoring the scale of global tech wealth creation. Satya Nadella follows at INR 9,770 crore tied to Microsoft’s continued momentum. Nikesh Arora is at INR 9,190 crore with Palo Alto Networks, consolidating cybersecurity’s rise.
In India, Ignatius Navil Noronha stands at INR 6,570 crore through Avenue Supermarts, reflecting resilient value in value-retail. A close mid-table features Ajaypal Singh Banga at INR 5,970 crore and Thomas Kurian at INR 5,900 crore, both gained wealth through their investments.
Sundar Pichai is at INR 5,810 crore via Google, Indra K Nooyi rises to INR 5,130 crore and Shantanu Narayen registers INR 4,670 crore with Adobe. Ajit Jain rounds out the top ten at INR 2,950 crore with Berkshire Hathaway. The cohort illustrates the breadth of Indian-origin leadership across enterprise software, consumer goods, retail and financial services.
Table 3: Top 10 Richest Indian Professional Managers
Rank Name Wealth (INR Cr) Country Company Age
1 Jayshree Ullal 50,170 USA Arista Networks 64
2 Satya Nadella 9,770 USA Microsoft 58
3 Nikesh Arora 9,190 USA Palo Alto Networks 57
4 Ignatius Navil Noronha 6,570 India Avenue Supermarts 50
5 Ajaypal Singh Banga 5,970 USA Investments 65
5 Thomas Kurian 5,900 USA Investments 59
7 Sundar Pichai 5,810 USA Google 53
8 Indra K Nooyi 5,130 USA PepsiCo 69
9 Shantanu Narayen 4,670 USA Adobe 62
10 Ajit Jain 2,950 USA Berkshire Hathaway 74
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Top City of Residences in the M3M Hurun India Rich List 2025
Mumbai leads with 451 entries on the M3M Hurun India Rich List 2025, up from 255 in 2021, and remains home to India’s richest, Mukesh Ambani & family, with a total of 91 billionaires. New Delhi follows with 224 entries, rising from 167, led by Roshni Nadar Malhotra & family, and counts 70 billionaires.
Bengaluru takes third place with 116 entries, headed by Azim Premji & family, while Hyderabad climbs to 102, led by Murali Divi & family. Chennai (94), Ahmedabad (68) and Kolkata (68) also show strong representation.
Table 4: Top 20 Cities of Residence of M3M Hurun India Rich List 2025
Rank City of
Residence No. of
Entrants
(YoY Change) No of Entrants 2021 Richest Individual Number of
Billionaires
1 – Mumbai 451 (+65) 255 Mukesh Ambani & family 91
2 – New Delhi 223 (+6) 167 Roshni Nadar
Malhotra & family 70
3 Bengaluru 116 (+16) 85 Azim Premji & family 31
4 Hyderabad 102 (-2) 56 Murali Divi & family 19
5 – Chennai 94 (+12) 43 Venu Srinivasan 22
6 – Kolkata
8
11 – Dubai 18 (-2) 16 Sunny Varkey 11
Mehul Kanubhai Patel
11 Vadodara 18 (+2) – –
& family
13 – Coimbatore 17 (+1) 11 KP Ramasamy, KPD
Sigamani and P
Nataraj 4
14
Noida 15 (+4) 8 Hitesh Oberoi 1
15
Rajkot 12 (+2) 6 Parakramsinh
Ghanshyamsinh Jadeja 1
15
Ludhiana 12 (+3) 8 Rajinder Gupta 1
15
Jaipur 12 (+3) – Sanjay Agarwal & family 3
15 London 12 (-3) 12 LN Mittal & family 7
19 – Indore 10 (+1) – Vinod Kumar Agarwal & family 1
20* San Francisco 9 9 Jayshree Ullal 2
20* Faridabad 9 – Vijay Agarwal & family 1
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Rank Up Rank Down – No Change * New
Top State of Residences in the M3M Hurun India Rich List 2025
Maharashtra dominates the list with 548 entrants in the M3M Hurun India Rich List 2025, a sharp rise from 302 in 2021, followed by Delhi with 223, up from 167. Gujarat and Tamil Nadu make strong gains with 139 and 132 entrants respectively, while Karnataka records 128, showing steady growth from 90 earlier.
Telangana follows closely with 109 entries, up from 63, and West Bengal rises to 69 from 37. Haryana, Uttar Pradesh, and Rajasthan also expanded their presence, while international hubs like California (25 entrants), Florida, and New York are emerging additions to the list.
Table 5: Indian State of Residences of M3M Hurun India Rich List 2025
Rank State No. of Entrants (YoY Change) No of Entrants in 2021
1 – Maharashtra 548 (+78) 302
2 – Delhi 223 (+10) 167
3 – Gujarat 139 (+11) 65
4 – Tamil Nadu 132 (+2) 75
5
6
7 – West Bengal 69 (+2) 37
8 – Haryana 57 (+17) 25
9 – Uttar Pradesh 41 (+7) 22
10 – Rajasthan 29 (+1) 16
11 Madhya Pradesh 15 (+1) 4
11 – Kerala 15 (-4) 15
11 Punjab 15 (+3) 8
14 – Andhra Pradesh 12 (+4) 6
15 – Chattisgarh 9 (+2) 4
16 – Bihar 6 4
17 – Jharkhand 6 (+3) 4
18 Chandigarh 6 (+1) 2
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Rank Up Rank Down – No Change * New
Indian Diaspora
The rich list features 1,586 individuals residing in India, followed by 48 in the USA and 22 in the UAE. The UK hosts 16, while smaller hubs include Cyprus and Singapore (3 each), Canada and China (2 each), with 5 spread across other countries.
Table 6: Indian diaspora
Sr. No. Row Labels No. of Individuals
1 India 1,586
2 USA 48
3 UAE 22
4 UK 16
5 Cyprus 3
6 Singapore 3
7 Canada 2
8 China 2
9 Others 5
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Leading Non-Resident Indian Billionaires
Gopichand Hinduja & family top the overseas Indian list with INR 1,85 Lakh Cr, followed by LN Mittal & family at INR 1,75 Lakh Cr, both based in London. Jay Chaudhry, founder of Zscaler in San Jose, ranks third with INR 1.46 Lakh Cr, representing India’s strength in global tech.
Anil Agarwal & family of Vedanta Resources stand fourth with INR 1.11 Lakh Cr, also from London, while Shapoor Pallonji Mistry & family, based in Monaco, follows with INR 88,650 Cr. Sri Prakash Lohia of Indorama, another London-based industrialist, ranks sixth at INR 87,700 Cr.
Vivek Chaand Sehgal & family in Melbourne hold seventh with INR 57,060 Cr, while Jayshree Ullal of Arista
Networks in San Francisco ranks eighth at INR 50,170 Cr. The list is completed by Yusuff Ali MA of Abu Dhabi’s Lulu Group (INR 46,300 Cr) and Rakesh Gangwal & family of InterGlobe Aviation in Florida (INR 42,790 Cr).
Table 7: M3M Hurun India Rich List 2025– Richest Non-Resident Indians
Wealth 2025 City of
Rank Name Company Age
(INR Cr) Residence
1 Gopichand Hinduja & family 1,85,310 London Hinduja 85
2 LN Mittal & family 1,75,390 London Arcelormittal 75
3 Jay Chaudhry 1,46,470 San Jose Zscaler 67
4 Anil Agarwal & family 1,11,400 London Vedanta Resources 72
4 Shapoor Pallonji Mistry & family 88,650 Monaco Shapoorji Pallonji 61
6 Sri Prakash Lohia 87,700 London Indorama 73
7 Vivek Chaand Sehgal & family 57,060 Melbourne Samvardhana Motherson
International 69
8 Jayshree Ullal 50,170 San
Francisco Arista Networks 64
9 Yusuff Ali MA 46,300 Abu Dhabi Lulu 69
10 Rakesh Gangwal & family 42,790 Miami Interglobe Aviation 72
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
India’s fastest wealth creators in 2025
Satish Kumar Gupta & family of Jakson lead the gainers with a 241% jump, taking their wealth to INR 13,320 Cr. Close behind, Alakh Pandey and Prateek Maheshwari of Physics Wallah saw their wealth surge 223% each, reaching INR 14,520 Cr, as the edtech major continues its strong growth trajectory from Allahabad and Ajmer, respectively.
In Kolkata, Nirmal Kumar Bathwal of Penguin Trading & Agencies recorded a 213% increase, with his wealth rising to INR 7,120 Cr, while in Hyderabad, K Lakshmi Raju of NACL Industries registered a 200% gain, taking his wealth to INR 3,000 Cr, rounding off the list of top wealth gainers.
Table 8: M3M Hurun India Rich List 2025 – The Biggest Gainers in percentage terms
Rank Name %
Change Wealth 2025 (INR Cr) City of
Residence Company
1 Satish Kumar Gupta & family 241% 13,320 New Delhi Jakson
2 Alakh Pandey 223% 14,520 Allahabad Physics Wallah
3 Prateek Maheshwari 223% 14,520 Ajmer Physics Wallah
4 Nirmal Kumar Bathwal 213% 7,120 Kolkata Penguin Trading & Agencies
5 K Lakshmi Raju 200% 3,000 Hyderabad Nacl Industries
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Niraj Bajaj, Jay Chaudhry, and Joy Alukkas record the biggest wealth jumps of 2025
Niraj Bajaj & family of Bajaj Group lead with the largest year-on-year gain, adding INR 69,875 Cr to reach INR 2.33 Lakh Cr. Jay Chaudhry of Zscaler follows, increasing wealth by INR 57,867 Cr to INR 1.46 Lakh Cr, while jeweller Joy Alukkas saw a gain of INR 46,491 Cr, reaching INR 88,430 Cr.
Azim Premji & family of Wipro also posted a strong rise of INR 30,550 Cr to INR 2.21 Lakh Cr. Vikram Lal & family of Eicher Motors added INR 27,325 Cr, taking their wealth past INR 1.04 Lakh Cr.
Table 9: M3M Hurun India Rich List 2025– The Biggest Gainers (y-o-y) in absolute terms
Rank Name Change
(INR Cr) Wealth 2025 (INR Cr) City of
Residence Company
1 Niraj Bajaj & family 69,875 2,32,680 Pune Bajaj Group
2 Jay Chaudhry 57,867 1,46,470 San Jose Zscaler
3 Joy Alukkas 46,491 88,430 Thrissur Joy Alukkas
4 Azim Premji & family 30,550 2,21,250 Bengaluru Wipro
5 Vikram Lal & family 27,325 1,03,820 New Delhi Eicher Motors
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Major Changes over the last 5 years
The list’s Biggest Gainers in Percentage Terms table highlights the extraordinary wealth creation over the past five years, underscoring exponential growth across sectors. Leading the surge is Jagadish Prasad Aluru & family of HBL Power Systems, who recorded a remarkable 1,374% rise, reflecting the strong momentum in the Industrial Products industry.
In real estate, Roma Sarin & family of Anant Raj posted an impressive 990% gain, signaling the sector’s revival. Metals & Mining emerged as a powerhouse with three families in the top ten, including Kamal Kishore Sarda of Sarda Energy & Minerals (763%) and the Patwari family of Rashmi Metaliks (670%).
The Chemicals & Petrochemicals sector also delivered strong returns, with the Nuwal family of Solar Industries India growing wealth by 607%. Meanwhile, the Jewellery sector shone bright, as leaders from Khazana Jewellery and Kalyan Jewellers registered gains of over 550%, underscoring booming consumer demand and market expansion.
Table 10: The Biggest Gainers in percentage terms in five years
Rank Name 5 Year Change Company Industry
1 Jagadish Prasad Aluru & family 1374% HBL Power Systems Industrial Products
2 Roma Sarin & family 990% Anant Raj Real Estate
3 Kamal Kishore Sarda 763% Sarda Energy & Minerals Metals & Mining
Shivkishan Moolchand Agarwal &
4 family 739% Haldiram Foods International Food & Beverages
5 Sajjan Kumar Patwari & family 672% Rashmi Metaliks Metals & Mining
6 Satyanarayan Nuwal 607% Solar Industries India Chemicals &
Petrochemicals
7 Kailashchandra Nuwal & family 590% Solar Industries India Chemicals &
Petrochemicals
8 Gauri Shankar Agarwala & family 586% CMR Green Technologies Metals & Mining
9 Kishore Kumar Jain 577% Khazana Jewellery Jewellery
10 TS Kalyanaraman & family 553% Kalyan Jewellers India Jewellery
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Top 100: New Additions
The most notable development is the entry of Roshni Nadar Malhotra & family from HCL, who debut directly at Rank 3, signifying a new pinnacle of wealth generation. This is a powerful testament to the strength and leadership within the technology sector.
The list also underscores the collective success of India’s fast-moving consumer goods and real estate sectors.
The Haldiram Snacks and Haldiram Foods International families, including Manohar Lal Agarwal, Madhusudhan Agarwal and Shivkishan Moolchand Agarwal, have collectively made a formidable presence, with multiple family members making significant jumps in rank. Their performance underscores the enduring value of a strong brand legacy in the consumer market.
Additionally, we see noteworthy leaps from the M3M India founder, Basant Bansal & family, and Authum Investment & Infrastructure’s Sanjay Dangi & family, whose impressive rank changes reflect strategic growth and market resilience. Other new entrants to the list include Shahid Bilakhia & family of Meril Life Science and Aditya Khemka & family of Aditya Infotech, showcasing the emergence of new leaders across diverse industries.
Table 11: New to Top 100
Rank Name Wealth
2025
(INR Cr) Rank Change Company
3 Roshni Nadar Malhotra & family 2,84,118 New HCL
44 Shahid Bilakhia & Family 55,131 New Meril Life Science
61 Manohar Lal Agarwal & family 42,255 46 Haldiram Snacks
63 Basant Bansal & family 41,140 170 M3M India
67 Madhusudhan Agarwal & family 38,650 108 Haldiram Snacks
71 Sanjay Dangi & family 37,804 137 Authum Investment &
Infrastructure
72 Shivkishan Moolchand Agarwal & family 37,751 337 Haldiram Foods International
80 Sunil Vachani 35,567 31 Dixon Technologies
82 Prem Watsa 35,269 34 Fairfax Financial Holdings
84 Aditya Khemka & family 35,140 New Aditya Infotech
93 Raja Bagmane 31,509 24 Bagmane Developers
97 Ramesh Juneja & family 30,700 16 Mankind Pharma
98 Divyank Turakhia 30,600 108 Ai.Tech
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Healthcare, AI, and Real Estate Power the Biggest New Entrants of 2025
The biggest new entrant is Roshni Nadar Malhotra & family with a wealth of 2.84 Lakh Cr. Ranked second,
Shahid Bilakhia & family of Meril Life Sciences with INR 54,630 Cr, followed by Aditya Khemka & family of Aditya Infotech at INR 35,140 Cr. Karthik Sarma of SRS Investment Management ranked fourth, with a net wealth of INR 26,700 Cr. Aravind Srinivas, co-founder of Perplexity, debuts globally with INR 21,000 Cr.
Manoj Kumar Upadhyay of Acme Solar Holdings entered at INR 16,540 Cr, while Praful Pannalal Ranavat of Swarnshilp Chains & Jewellers follows with INR 11,380 Cr. Other new entrants includes Murari Lal Dhanuka & family (Lal Baba Seamless Tubes), Pradeep Garg (Kundan Refinery) and Anand Kamalnayan Pandit (Sri Lotus Developers and Realty).
Table 12: Top 10 new additions
Rank Name Wealth 2025 (INR Cr) Company
1 Roshni Nadar Malhotra & family 2,84,120 HCL
2 Shahid Bilakhia & Family 55,130 Meril Life Science
3 Aditya Khemka & family 35,140 Aditya Infotech
4 Karthik Sarma 26,700 Srs Investment Management
5 Manoj Kumar Upadhyay 16,540 Acme Solar Holdings
6 Siddharth Shankar 14,490 Tails Trading
7 Praful Pannalal Ranavat 11,380 Swarn Shilp Chains & Jewellers
8 Murari Lal Dhanuka & family 9,450 Lal Baba Seamless Tubes
9 Pradeep Garg 9,140 Kundan Refinery
10 Anand Kamalnayan Pandit 8,660 Sri Lotus Developers And Realty
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Top 5 Wealthiest Bollywood Icons 2025
Shah Rukh Khan & family top the list with a wealth of INR 12,490 crore, powered by Red Chillies
Entertainment’s diverse ventures. Juhi Chawla & family follow at second rank with INR 7,790 crore, driven by their stake in Knight Riders Sports, while Hrithik Roshan ranks third at INR 2,160 crore through his brand HRX. Karan Yash Johar (INR 1,880 crore) and Amitabh Bachchan & family (INR 1,630 crore) complete the top five with strong business portfolios and enduring brand influence.
Table 13: Silver Screen Titans in the M3M Hurun India Rich List 2025
Rank Name Wealth 2025 (INR Cr) Company
1 Shah Rukh Khan & family 12,490 Red Chillies Entertainment
2 Juhi Chawla & family 7,790 Knight Riders Sports
3 Hrithik Roshan 2,160 HRX
4 Karan Yash Johar 1,880 Dharma Production
5 Amitabh Bachchan & family 1,630 Investments
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Self-Made Success: Jayshree Ullal Tops List of India’s Wealthiest Women Entrepreneurs
Jayshree Ullal, President & CEO of Arista Networks, leads the list with INR 50,170 Cr, followed closely by Radha Vembu of Zoho at INR 46,580 Cr. Falguni Nayar & family of Nykaa rank third with INR 39,810 Cr, underscoring the strength of India’s digital-first and consumer-focused enterprises.
Kiran Mazumdar-Shaw of Biocon secures the fourth spot with INR 29,330 Cr, continuing her legacy as a pioneer in India’s biotech and healthcare sectors. In New Delhi, Ruchi Kalra & family of OfBusiness make an impressive entry with INR 9,130 Cr, highlighting the rise of women entrepreneurs in B2B commerce.
In entertainment and sports, Juhi Chawla & family feature with INR 7,790 Cr through Knight Riders Sports, while Neha Bansal of Lenskart follows at INR 5,640 Cr. The global presence is marked by Indra K. Nooyi, former CEO of PepsiCo, with INR 5,130 Cr, and Neha Narkhede & family of Confluent at INR 4,160 Cr. Kavitha Subramanian of Upstox rounds off the top 10 with INR 3,840 Cr, underscoring the growing influence of women in India’s fintech ecosystem.
Table 14: Top 10 Self-made women in the M3M Hurun India Rich List 2025
Rank Name Wealth 2025 (INR Cr) City of Residence Company
1 Jayshree Ullal 50,170 San Francisco Arista Networks
2 Radha Vembu 46,580 Chennai Zoho
3 Falguni Nayar & family 39,810 Mumbai Nykaa
4 Kiran Mazumdar-Shaw 29,330 Bengaluru Biocon
5 Ruchi Kalra & family 9,130 New Delhi Ofbusiness
6 Juhi Chawla & family 7,790 Mumbai Knight Riders Sports
7 Neha Bansal 5,640 New Delhi Lenskart
8 Indra K Nooyi 5,130 Connecticut Pepsico
9 Neha Narkhede & family 4,160 Palo Alto Confluent
10 Kavitha Subramanian 3,840 Mumbai Upstox
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Zepto Founders Kaivalya Vohra Emerge as India’s Youngest Rich Lister at 22
At just 22 and 23, Kaivalya Vohra and Aadit Palicha, co-founders of Zepto, lead as the youngest entrants with wealth of INR 4,480 crore and INR 5,380 crore respectively, underscoring the pace at which India’s start-up economy is creating value.
In the late-twenties to early-thirties bracket, Rohan Gupta of SG Finserve (26; INR 1,140 crore) and Shashvat Nakrani of BharatPe (27; INR 1,340 crore) feature prominently, while at 30, Trishneet Arora of TAC Security (INR 1,820 crore) adds cyber security to the mix. Aditya Kumar Halwasia (31; INR 1,960 crore; Cupid, Kolkata) further broadens the sector spread with healthcare manufacturing.
Among the 31-year-olds, Aravind Srinivas of Perplexity (INR 21,190 crore) and Ritesh Agarwal of PRISM (OYO)
(INR 14,400 crore) stand out globally. They are joined by Harsha Reddy Ponguleti (INR 1,300 crore; Raghava Constructions India, Hyderabad) and Hardik Kothiya & family (INR 3,970 crore; Rayzon Solar, Surat), reflecting the breadth from AI and hospitality-tech to infrastructure and new energy.
Table 15: M3M Hurun India Rich List 2025 – Youngest
Rank Name Age Wealth 2025 (INR Cr) City of
Residence Company
1 Kaivalya Vohra 22 4,480 Bengaluru Zepto
1 Aadit Palicha 23 5,380 Mumbai Zepto
3 Rohan Gupta & Family 26 1,140 New Delhi Sg Finserve
4 Shashvat Nakrani 27 1,340 Bhavnagar BharatPe
5 Trishneet Arora 30 1,820 Chandigarh Tac Security
6 Aravind Srinivas 31 21,190 San Francisco Perplexity
6 Aditya Kumar Halwasia 31 1,960 Kolkata Cupid
6 Harsha Reddy Ponguleti 31 1,300 Hyderabad Raghava Constructions India
6 Hardik Kothiya & family 31 3,970 Surat Rayzon Solar
6 Ritesh Agarwal 31 14,400 New Delhi Prism (OYO)
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Major Rank Changes over the last 5 years
This section presents the data pertaining to some of the major individual rank changes in the list over the course of 5 years.
Table 16: Biggest Rank Changes over the last 5 years
Rank Name Rank Change Since 2020 Rank 2025 Wealth 2025 (INR Cr)
1 Jagadish Prasad Aluru & family 749 206 14,740
1 Roma Sarin & family 611 198 15,260
3 Kamal Kishore Sarda 597 358 8,630
4 Gauri Shankar Agarwala & family 484 325 9,610
5 Akash Bhanshali 475 385 7,640
6 Hari Krishna Chaudhary & family 463 346 8,950
6 Sanjay Chandrakant Kirloskar 452 408 7,240
6 Dendi Ram Reddy & family 449 506 5,740
6 Atul Chandrakant Kirloskar 438 371 8,130
10 Rahul Chandrakant Kirloskar 437 372 8,120
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Year-on-Year Comparison of Top Industries
Pharmaceuticals, Software & Services and Real Estate experienced growth from 2024 to 2025. Pharmaceuticals saw a modest increase from 136 to 137, while Real Estate showed a more significant jump, rising from 91 to 99. Software & Services had the most substantial growth, with its performance climbing from 105 in 2024 to 110 in 2025. This makes it a strong performer in the period. Industrial Products and Chemicals & Petrochemicals both saw a decline in entrants. Industrial Products dropped from 142 to 132, and Chemicals & Petrochemicals decreased from 127 to 125.
Chart 1: Year-on-Year Comparison of Top Industries
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Sectoral Performance Trends: 2021–2025
The below line chart tracks the performance of 12 sectors, such as Industrial Products, Chemicals &
Petrochemicals, and Aerospace & Defense, over a five-year period from 2021 to 2025
2021 2022 Sector 2024 2025
Chart 2: Sectoral Performance Trends: 2021–2025
Industrial ProductsAerospace & DefenseMetals & Mining
Textiles, Apparels & AccessoriesJewelleryReal Estate
Chemicals & PetrochemicalsFood & BeveragesConstruction*
Media & EntertainmentConsumer ElectronicsTransportation & Logistics
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Industry Breakdown
Pharmaceuticals lead the M3M Hurun India Rich List 2025 with 137 individuals, headed by Cyrus S Poonawalla & family. Industrial Products follow with 132 entrants, with Ramesh Kunhikannan as the wealthiest representative.
Chemicals & Petrochemicals rank third with 125 individuals, led by Sri Prakash Lohia, while Software & Services take fourth with 110 entrants, represented by Roshni Nadar Malhotra & family. Real Estate secures the fifth spot with 99 entrants, headed by Rajiv Singh & family.
Financial Services leads this block with 93 entrants, led by Uday Kotak, followed by Construction & Engineering at 91, led by P Pitchi Reddy. Automobile & Auto Components, 90, led by Niraj Bajaj & family and Food & Beverages, 89, led by Ravi Jaipuria & family are close behind, while Jewellery rounds out the top ten with 82 entrants (Joy Alukkas).
Table 17: M3M Hurun India Rich List 2025 – Industry breakdown
Rank Industry No. of Individuals in the list Richest Individual
1 Pharmaceuticals 137 Cyrus S Poonawalla & family
2 Industrial Products 132 Ramesh Kunhikannan
3 Chemicals & Petrochemicals 125 Sri Prakash Lohia
4 Software & Services 110 Roshni Nadar Malhotra & family
5 Real Estate 99 Rajiv Singh & family
6 Financial Services 93 Uday Kotak
6 Construction & Engineering 91 P Pitchi Reddy
8 Automobile & Auto Components 90 Niraj Bajaj & family
8 Food & Beverages 89 Ravi Jaipuria & family
10 Jewellery 82 Joy Alukkas
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Top 5 Pharmaceutical entrepreneurs
Cyrus S Poonawalla & family lead Indian pharma wealth at INR 2.46 Lakh Cr, followed by Dilip Shanghvi at
INR 2.31 Lakh Cr. Rounding out the list are Murali Divi & family (INR 91,100 Cr), Pankaj Patel & family (INR 84,510 Cr), and a tie between Sudhir Mehta & family and Samir Mehta & family at INR 62,200 Cr, both from Torrent Pharmaceuticals in Ahmedabad.
Table 18: M3M Hurun India Rich List 2025 – Top 5 Pharmaceutical entrepreneurs
Rank Name Wealth 2025 (INR Cr) City of
Residence Company
1 Cyrus S Poonawalla & family 2,46,460 Pune Serum Institute of India
2 Dilip Shanghvi 2,30,560 Mumbai Sun Pharmaceutical Industries
3 Murali Divi & family 91,100 Hyderabad Divi’s Laboratories
4 Pankaj Patel & family 84,510 Ahmedabad Zydus Lifesciences
5 Sudhir Mehta & family 62,200 Ahmedabad Torrent Pharmaceuticals
5 Samir Mehta & family 62,200 Ahmedabad Torrent Pharmaceuticals
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Top 5 Industrial Products entrepreneurs
Vivek Kumar Jain leads the industrials cohort at INR 67,800 Cr (Gujarat Fluorochemicals), followed by Ramesh Kunhikannan at INR 28,750 Cr (Kaynes Technology India). Rounding out the list are Anu Aga & family (INR 28,310 Cr, Thermax), Balkrishan Goenka (INR 25,930 Cr, Welspun) and Baba Kalyani & family (INR 24,250 Cr, Bharat Forge).
Table 19: M3M Hurun India Rich List 2025 – Top 5 Industrial Products entrepreneurs
Rank Name Wealth 2025 (INR Cr) City of
Residence Company
1 Vivek Kumar Jain 67,800 New Delhi Gujarat Fluorochemicals
2 Ramesh Kunhikannan 28,750 Mysore Kaynes Technology India
3 Anu Aga & family 28,310 Pune Thermax
4 Balkrishan Goenka 25,930 Mumbai Welspun
5 Baba Kalyani & family 24,250 Pune Bharat Forge
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Top 5 Chemicals & Petrochemicals entrepreneurs
Sri Prakash Lohia leads at INR 87,700 crore with Indorama, followed by Satyanarayan Nuwal at INR 62,250 crore with Solar Industries India. Also featured are Ina Ashwin Dani & family (INR 51,450 crore, Asian Paints), Kailashchandra Nuwal & family (INR 38,630 crore, Solar Industries India) and Arun Bharat Ram (INR 35,760 crore, SRF).
Table 20: M3M Hurun India Rich List 2025 – Top 5 Chemicals & Petrochemicals entrepreneurs
Rank Name Wealth 2025 (INR Cr) City of
Residence Company
1 Sri Prakash Lohia 87,700 London Indorama
2 Satyanarayan Nuwal 62,250 Nagpur Solar Industries India
3 Ina Ashwin Dani & Family 51,450 Mumbai Asian Paints
4 Kailashchandra Nuwal & family 38,630 Bhilwara Solar Industries India
5 Arun Bharat Ram 35,760 New Delhi SRF
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Top 5 Software & Services entrepreneurs
Roshni Nadar Malhotra & family lead with INR 2,84,120 Cr (HCL), followed by Azim Premji & family at INR 2,21,250 Cr (Wipro). Jay Chaudhry ranks third with INR 1,46,470 Cr (Zscaler), while Jayshree Ullal (INR 50,170 Cr, Arista Networks) and Radha Vembu and Vembu Sekar (INR 46,580 Cr, Zoho) round out the top five.
Table 21: M3M Hurun India Rich List 2025 – Top 5 Software & Services entrepreneurs
Rank Name Wealth 2025 (INR Cr) City of
Residence Company
1 Roshni Nadar Malhotra & family 2,84,120 New Delhi HCL
2 Azim Premji & family 2,21,250 Bengaluru Wipro
3 Jay Chaudhry 1,46,470 San Jose Zscaler
4 Jayshree Ullal 50,170 San Francisco Arista Networks
5 Radha Vembu 46,580 Chennai Zoho
5 Vembu Sekar 46,580 Chennai Zoho
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Top 5 Real Estate entrepreneurs
Rajiv Singh & family lead Indian real estate wealth at INR 1.21 Lakh Cr (DLF), followed by Mangal Prabhat
Lodha & family at INR 93,750 Cr (Lodha Developers). Rounding out the top five are Chandru Raheja & family
(INR 49,360 Cr; K Raheja), Vikas Oberoi (INR 42,960 Cr; Oberoi Realty) and Basant Bansal & family (INR 41,140 Cr; M3M India).
Table 22: M3M Hurun India Rich List 2025 – Top 5 Real Estate
Rank Name Wealth 2025 (INR Cr) City of
Residence Company
1 Rajiv Singh & family 1,21,200 New Delhi DLF
2 Mangal Prabhat Lodha & family 93,750 Mumbai Lodha Developers
3 Chandru Raheja & family 49,360 Mumbai K Raheja
4 Vikas Oberoi 42,960 Mumbai Oberoi Realty
5 Basant Bansal & family 41,140 Gurugram M3M India
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Top Industries Driving New Entrants in 2025
In the M3M Hurun India Rich List 2025, Jewellery led with 25 new entrants, reflecting strong demand in the luxury market. Construction & Engineering followed with 24 newcomers, underscoring growth in infrastructure. Real Estate (23), Industrial Products (21), Food & Beverages (20), and Financial Services (20) also saw strong representation, highlighting diversified wealth creation across sectors.
Table 23: Top 5 industries producing the highest number of new entrants
Rank Industry Number of New Entrants
1 Jewellery 25
2 Construction & Engineering 24
3 Real Estate 23
4 Industrial Products 21
5 Financial Services 20
5 Food & Beverages 20
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Age Distribution
The M3M Hurun India Rich List 2025 showcases a broad age spectrum among India’s wealthiest, aged 22 to 96 years. With an average age of around 65, the list is dominated by seasoned business leaders who have spent decades building and consolidating their wealth. However, the presence of younger individuals signals a shift in India’s economic narrative—where startup founders, tech innovators, and new-age entrepreneurs are rapidly climbing the ranks. This generational diversity reflects a dynamic blend of legacy and disruption, underscoring India’s evolving landscape of wealth creation.
Chart 3: M3M Hurun India Rich List 2025 – Age distribution
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Baby Boomers Lead Generational Spread of Wealth
The age-based generational analysis of the M3M Hurun India Rich List 2025 reveals a clear dominance of older cohorts in India’s ultra-wealthy landscape. Over half of the individuals fall into the Baby Boomer category (born 1946–1964), followed by Generation X (1965–1980) at 28.1%. The Silent Generation (1928–1945) still holds a notable presence at 10.8%, reflecting the enduring influence of legacy wealth. Meanwhile, Millennials (1981–1996) and Generation Z (1997–2012) account for less than 7%, signalling the early emergence of a new wave of young wealth creators. This generational spread highlights the balance between long-established business empires and the rise of tech-driven entrepreneurship in shaping India’s economic future.
Table 24: Generational Spread of Wealth
Generation Birth Year Range Percentage
Silent Generation 1928–1945 10.8
Baby Boomer 1946–1964 54.6
Generation X 1965–1980 28.1
Millennial 1981–1996 6.2
Generation Z 1997–2012 0.3
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Intergenerational Wealth
Second-generation entrepreneurs dominate the M3M Hurun India Rich List 2025 with 373 entrants, led by the Ambani family under Mukesh Ambani at 68. The third generation follows with 88 entrants, where the Bajaj family, represented by Niraj Bajaj, stands as the wealthiest.
The fourth, fifth, and sixth generations also make their mark, though with smaller representation. The Birla family leads the fourth generation with Kumar Mangalam Birla at 58, while the Wadia family heads the fifth generation under 81-year-old Nusli Wadia. The Govind Gadgil family, led by Govind Gadgil at 66, represents the sixth generation.
Table 25: M3M Hurun India Rich List 2025 – Generations
Generation No. of Entrants Richest family Current Head Age
2 373 Ambani family Mukesh Ambani 68
3 88 Bajaj family Niraj Bajaj 70
4 12 Birla family Kumar Mangalam Birla 58
5 14 Wadia family Nusli Wadia 81
6 2 Govind Gadgil family Govind Gadgil 66
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Chart 4: Evolution of Entry Threshold to the M3M Hurun India Rich List (2015–2025) (In INR 1000 Crore)
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Chart 5: Rich List Grows 40% in 2 Years; Billionaires Increase Sharply
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Key Statistics
Table 26: Table analysing cut-off required for India’s Top 10, 50, 100 and 500
Year Top 10 (INR Cr) Top 50 (INR Cr) Top 100 (INR Cr) Top 500 (INR Cr)
2012 30,800 5,900 1,800 *
2013 46,600 7,600 3,800 *
2014 44,000 11,500 6,500 *
2015 47,000 15,100 7,900 *
2016 50,400 14,900 7,600 *
2017 56,500 17,600 8,400 1,200
2018 69,400 17,800 9,000 1,600
2019 71,500 15,200 9,300 1,800
2020 76,000 21,200 12,000 1,800
2021 1,21,600 28,900 16,800 2,900
2022 1,19,400 30,500 17,600 3,100
2023 1,20,700 31,400 20,900 3,800
2024 1,62,800 44,100 28,400 5,400
2025 1,82,980 49,000 30,190 5,830
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Table 27: Number of individuals by various thresholds over the years
Year Size of list INR 1,000 Cr INR 1,600 Cr INR 1,800 Cr INR 5,000 Cr USD Billionaire
2012 100 * * 100 61 59
2013 141 * * 141 71 63
2014 230 * * 230 122 109
2015 296 * 296 279 143 124
2016 339 * 339 315 154 126
2017 617 617 426 392 169 136
2018 680 680 466 427 184 141
2019 750 750 510 465 186 158
2020 828 828 558 508 232 179
2021 1,007 1,007 772 713 324 237
2022 1,103 1,103 851 762 326 221
2023 1,319 1,319 1,008 876 408 259
2024 1,539 1,539 1,274 1,191 534 334
2025 1,687 1,687 1,315 1,216 579 358
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Asian Paints and Alkem Laboratories lead corporate wealth creation in India
Asian Paints leads the list with 12 entrants, making it the single largest wealth creator in this ranking. Alkem Laboratories follows closely with 11 entrants, reflecting the strength of India’s pharmaceutical sector.
Tube Investments of India secures third with eight entrants, while Pidilite Industries contributes 7, showcasing consumer and industrial products as strong wealth generators. Page Industries, Godrej, and Amalgamations each account for 6 entrants, highlighting diversified family-owned businesses.
At fifth position, a cluster of companies — Polycab India, JK Cement, Infosys, Colourtex Industries, and Dabur India — each produced 5 entrants, demonstrating how sectors from IT and FMCG to cables and textiles are powering India’s billionaire landscape.
Table 28: Companies Producing the Highest Number of Rich Listers
Rank Company No. of Entrants
1 Asian Paints 12
2 Alkem Laboratories 11
3 Tube Investments of India 8
4 Pidilite Industries 7
5 Page Industries 6
5 Godrej 6
5 Amalgamations 6
8 Polycab India 5
8 JK Cement 5
8 Infosys 5
8 Colourtex Industries 5
8 Dabur India 5
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Social media following of some notable entrants in the M3M Hurun India Rich List 2025
Among select entrants in the M3M Hurun India Rich List 2025, social media followings span cinema and enterprise: Amitabh Bachchan (487 lakh), Shah Rukh Khan (486 lakh), Hrithik Roshan (481 lakh) and Karan Yash Johar (182 lakh).
Business–tech figures also draw sizeable entrants, Satya Nadella (116 lakh), Anand Mahindra (115 lakh) and Sundar Pichai (56 lakh), with Juhi Chawla & family at 53 lakh, Nandan Nilekani at 24 lakh and Ronnie Screwvala at 19 lakh.
Together, these figures illustrate how entertainment and business–technology leaders alike command substantial national followings across platforms.
Table 29: Social media following of some notable entrants in the M3M Hurun India Rich List 2025
Sr. No. Name Number of Followers (In Lakhs)
1 Amitabh Bachchan 487
2 Shah Rukh Khan 486
3 Hrithik Roshan 481
4 Karan Yash Johar 182
5 Satya Nadella 116
6 Anand Mahindra 115
7 Sundar Pichai 56
8 Juhi Chawla & family 53
9 Nandan Nilekani 24
10 Ronnie Screwvala 19
Source: Hurun Research Institute; M3M Hurun India Rich List 2025 *Followers are based on the maximum count across X (formerly Twitter), Instagram, and LinkedIn.
Star Signs of Success: Gemini, Virgo, and Capricorn Top the Rich List
Gemini tops the star sign list with a 9.50% contribution, represented by business leaders like Niraj Bajaj, Kumar Mangalam Birla, and LN Mittal. A tie for second place follows, with both Virgo and Capricorn contributing 9.10%. The Virgo group includes Anil Agarwal and Shapoor Pallonji Mistry, while Capricorn is represented by Rajan Bharti Mittal and Radha Vembu.
Close behind, Scorpio accounts for 9.00% of the list, featuring individuals such as Sunil Mittal and Yusuff Ali MA. Pisces contributes 8.90%, with names like Radhakishan Damani and Uday Kotak, followed by Cancer with an 8.80% contribution from billionaires like Gautam Adani and Roshni Nadar.
Aries is next, contributing 7.90% to the list with representatives such as Mukesh Ambani and Adi Godrej. A three-way tie follows, with Sagittarius, Leo, and Aquarius each holding a 7.80% share. The list is rounded out by Taurus at 7.50% and Libra at 7.20%, featuring prominent names like Cyrus Poonawalla and Dilip Shanghvi.
Table 30: Key Star Signs in the M3M Hurun India Rich List 2025
Rank Star Sign Total contribution to the list % Richest Individuals
1 Gemini 9.50% Kumar Mangalam Birla & family, LN Mittal & family, Rahul Bhatia & family
2 Virgo 9.10% Anil Agarwal & family, Shapoor Pallonji Mistry, Joy Alukkas
2 Capricorn 9.10% Rajan Bharti Mittal & family, Radha Vembu, Karsanbhai Patel & family
4 Scorpio 9.00% Sunil Mittal & family, Yusuff Ali MA, Abhaykumar Firodia & family
5 Pisces 8.90% Radhakishan Damani & family, Uday Kotak, Murali Divi & family
6 Cancer 8.60% Gautam Adani & family, Roshni Nadar & family, Benu Gopal Bangur & family
6 Aries 7.90% Mukesh Ambani & family, Adi Godrej & family, Sudhir Mehta & family
8 Sagittarius 7.80% Sajjan Jindal & family, Ravi Jaipuria & family, Mangal Prabhat Lodha & family
8 Leo 7.80% Azim Premji & family, Sri Prakash Lohia, Satyanarayan Nuwal
10 Aquarius 7.60% Vikram Lal & family, Nusli Wadia & family, Sanjiv Goenka & family
11 Taurus 7.50% Cyrus S Poonawalla & family, Rajiv Singh & family, Harsh Mariwala & family
12 Libra 7.20% Dilip Shanghvi, Chandru Raheja & family, Vivek Chaand Sehgal & family
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Aries Tops Star Sign Wealth Growth, Leo the Only Sign in Decline
Aries leads the list with a total contribution of 20.50%. Cancer follows in second place, with a strong contribution of 17.5%, while Taurus and Aquarius also feature in the top tier, with 15.4% and 15.1%, respectively.
In the middle of the rankings, Sagittarius contributes 12.5%, followed closely by Capricorn at 11.8%. Scorpio and Libra recorded contributions of 8.00% and 7.3%, with Gemini just behind at 7.2%.
Virgo (6.2%) and Pisces (5.2%) are positioned at the lower end of the positive contributors. In last place, Leo is the only sign to have a negative impact, showing a contribution of -0.6%.
Table 31: Star Signs Ranked by 1-Year Cumulative Wealth Growth
Rank Zodiac sign 1-year Cumulative wealth increase (%)
1 Aries 20.5%
2 Cancer 17.5%
3 Taurus 15.4%
4 Aquarius 15.1%
5 Sagittarius 12.5%
6 Capricorn 11.8%
6 Scorpio 8.0%
8 Libra 7.3%
9 Gemini 7.2%
10 Virgo 6.2%
11 Pisces 5.2%
12 Leo -0.6%
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Mergers and Acquisitions (M&A)
• Reliance Viacom18 merged with Disney Star India in Nov 2024, creating India’s largest entertainment JV worth US$8.5 bn.
• Adani Infra bought a 30.07% stake in PSP Projects in Nov 2024 for about INR 685 crore (US$81 mn).
• UltraTech Cement (Birla Group) acquired an extra 32.72% stake in India Cements in Jul 2024 for INR 3,950 crore (US$472 mn).
• UltraTech Cement also bought an 8.69% stake in Star Cement in December 2024 for INR 850 crore (US$100 mn).
• Sun Pharma announced in March 2025 that it would acquire US-based Checkpoint
Therapeutics for US$355 mn to expand its oncology drug business.
• Zscaler (Jay Chaudhry) acquired Israeli analytics startup Avalor in March 2024 for about US$310 mn to strengthen cloud security.
• JSW Group bought a 35% stake in MG Motor India (SAIC’s unit) in Apr 2024 for INR 3,580 crore (US$430 mn).
• Varun Beverages (RJ Corp) acquired PepsiCo’s bottling units in Ghana and Tanzania in November 2024 for US$169.6 mn.
• Groww completed the acquisition of Indiabulls Mutual Fund in May 2023 for about INR 176 crore (US$ 21 mn).
• Wipro (Premji family) acquired US-based Applied Value Technologies in Dec 2024 for about US$ 40 mn.
• ArcelorMittal (Lakshmi Mittal) bought a 27.5% stake in French steel-tube maker Vallourec in Aug 2024 for €955 mn (≈ US$ 1.04 bn).
Other Interesting Facts
• Mukesh Ambani & family, 68, (INR 9,55,409 Cr): added a new Boeing Business Jet to his private aviation fleet in late 2024.
• Gautam Adani & family, 63, (INR 8,14,720 Cr): marked his son Jeet’s wedding in Feb 2025 with a ceremony in Ahmedabad and an INR10,000 Cr pledge to charity.
• Cyrus S. Poonawalla & family, 84, (INR 2,46,460 Cr): acquired a historic £42 mn residence in London’s Grosvenor Square in Nov 2024.
• Roshni Nadar Malhotra & family, 44, (INR 2,84,120 Cr): received a 47% stake in HCL’s holding companies as a gift from her father Shiv Nadar in Mar 2025.
• Sunjay Kapur & family, 53, (INR 10,300 Cr): died in Jun 2025 during a polo match in England after reportedly swallowing a bee, sparking a major succession tussle at Sona Comstar.
• Dilip Shanghvi & family, 69, (INR 2,30,556 Cr): wife Vibha Shanghvi bought two ultra-luxury Worli sea-view apartments worth ~INR130 Cr in Dec 2024.
• Nandan Nilekani & family, 70, (INR 22,842 Cr): made headlines for INR307 Cr in philanthropic donations in FY 2024.
• Niraj Bajaj & family, 70, (INR 2,32,675 Cr): stood out for INR352 Cr charitable contributions in FY 2024, mainly in education and healthcare.
• Kumar Mangalam Birla & family, 58, (INR 2,32,852 Cr): contributed INR334 Cr to philanthropy in FY 2024, supporting healthcare and infrastructure.
• Jitendra Virwani, 57, (INR 26,880 Cr): reportedly bought an INR200 Cr Gulfstream G280 private jet in 2025 and held a traditional puja to bless the aircraft.
• Gopichand Hinduja & family, 85, (INR 1,85,313 Cr): revealed the Hinduja brothers reached a family truce, resolving a long-standing inheritance feud.
• Rohini Nilekani & family, 64, (INR 22,842 Cr): featured for INR154 Cr donations in FY 2024, focusing on education and rural development.
Top 100: M3M Hurun India Rich List 2025
For the full list, please refer to www.hurunindia.com
Table 32: Top 100 in the M3M Hurun India Rich List 2025
Rank Name Wealth 2025 (INR Cr) Company Industry City of
Residence
1 Mukesh Ambani & family 9,55,410 Reliance Industries Energy Mumbai
2 Gautam Adani & family 8,14,720 Adani Energy Ahmedabad
3 Roshni Nadar Malhotra & family 2,84,120 HCL Software & Services New Delhi
4 Cyrus S Poonawalla & family 2,46,460 Serum Institute of India Pharmaceuticals Pune
5 Kumar Mangalam Birla & family 2,32,850 Aditya Birla Metals & Mining Mumbai
Automobile &
6 Niraj Bajaj & family 2,32,680 Bajaj Auto Pune
Auto Components
7 Dilip Shanghvi 2,30,560 Sun
Pharmaceutical
Industries Pharmaceuticals Mumbai
Software &
8 Azim Premji & family 2,21,250 Wipro Bengaluru
Services
9 Gopichand Hinduja & family 1,85,310 Hinduja Automobile &
Auto Components London
Radhakishan Damani &
10 family 1,82,980 Avenue
Supermarts Retail Mumbai
11 LN Mittal & family 1,75,390 Arcelormittal Metals & Mining London
12 Jay Chaudhry 1,46,470 Zscaler Software & Services San Jose
13 Sajjan Jindal & family 1,43,330 JSW Steel Metals & Mining Mumbai
14 Uday Kotak 1,25,120 Kotak Mahindra Bank Financial Services Mumbai
15 Rajiv Singh & family 1,21,200 DLF Real Estate New Delhi
16 Anil Agarwal & family 1,11,400 Vedanta Resources Metals & Mining London
17 Ravi Jaipuria & family 1,09,260 RJ Corp Food & Beverages New Delhi
18 Vikram Lal & family 1,03,820 Eicher Motors Automobile &
Auto Components New Delhi
19 Sunil Mittal & family 99,300 Bharti Airtel Telecom New Delhi
20 Mangal Prabhat Lodha & family 93,750 Lodha
Developers Real Estate Mumbai
21 Murali Divi & family 91,100 Divi’S
Laboratories Pharmaceuticals Hyderabad
22 Rohiqa Cyrus Mistry & family 88,650 Shapoorji Pallonji Investments Mumbai
22 Shapoor Pallonji Mistry & family 88,650 Shapoorji Pallonji Investments Monaco
24 Joy Alukkas 88,430 Joy Alukkas Jewellery Thrissur
25 Sri Prakash Lohia 87,700 Indorama Chemicals &
Petrochemicals London
Britannia
26 Nusli Wadia & family 86,820 FMCG Mumbai
Industries
27 Venu Srinivasan 85,260 TVS Motors Automobile &
Auto Components Chennai
28 Pankaj Patel & family 84,510 Zydus
Lifesciences Pharmaceuticals Ahmedabad
29 Vijay Chauhan & family 74,600 Parle Products FMCG Mumbai
30 Rahul Bhatia & family 71,270 Interglobe Aviation Aviation New Delhi
31 Gopikishan Damani & family 70,670 Avenue
Supermarts Retail Mumbai
32 Benu Gopal Bangur & family 70,090 Shree Cement Cement & Cement Products Kolkata
33 Vivek Kumar Jain 67,800 Gujarat
Fluorochemicals Industrial Products New Delhi
34 Satyanarayan Nuwal 62,250 Solar Industries India Chemicals &
Petrochemicals Nagpur
36 Samir Mehta & family 62,200 Torrent
Pharmaceuticals Pharmaceuticals Ahmedabad
Torrent
35 Sudhir Mehta & family 62,200 Pharmaceuticals Ahmedabad
Pharmaceuticals
37 Rajan Bharti Mittal & family 62,060 Bharti Airtel Telecom New Delhi
37 Rakesh Bharti Mittal & family 62,060 Bharti Airtel Telecom New Delhi
39 Sanjiv Goenka & family 58,730 CESC Services Kolkata
40 Vivek Chaand Sehgal & family 57,060 Samvardhana
Motherson
International Automobile &
Auto Components Melbourne
41 Adi Godrej & family 55,580 Godrej Consumer Durables Mumbai
Abhaykumar Firodia & Automobile &
42 55,270 Force Motors Pune
family Auto Components
43 Shahid Bilakhia & Family 55,130 Meril Life Science Healthcare Vapi
Harsh Mariwala &
44 family 53,990 Marico FMCG Mumbai
Anand Mahindra &
45 family 51,930 Mahindra & Mahindra Automobile &
Auto Components Mumbai
Ina Ashwin Dani & Chemicals &
46 51,450 Asian Paints Mumbai
Family Petrochemicals
47 Rekha Rakesh
Jhunjhunwala & family 50,480 Rare Enterprises Investments Mumbai
48 Jayshree Ullal 50,170 Arista Networks Software & Services San
Francisco
Chandru Raheja &
49 family 49,360 K Raheja Real Estate Mumbai
50 Nadir Godrej & family 49,000 Godrej Consumer Durables Mumbai
51 Radha Vembu 46,580 Zoho Software & Services Chennai
51 Vembu Sekar 46,580 Zoho Software & Services Chennai
53 Yusuff Ali MA 46,300 Lulu Retail Abu Dhabi
54 Karsanbhai Patel & family 45,900 Nirma FMCG Ahmedabad
55 Manju D Gupta & family 45,270 Lupin Pharmaceuticals Mumbai
56 Sajjan Kumar Patwari & family 44,760 Rashmi Metaliks Metals & Mining Jhargram
57 Acharya Balkrishna 43,640 Patanjali
Ayurved FMCG Haridwar
58 Vikas Oberoi 42,960 Oberoi Realty Real Estate Mumbai
59 Rakesh Gangwal & family 42,790 Interglobe Aviation Aviation Miami
60 P Pitchi Reddy 42,650 Megha
Engineering &
Infrastructures Construction & Engineering Hyderabad
61 Manohar Lal Agarwal & family 42,260 Haldiram Snacks Food & Beverages New Delhi
62 PV Krishna Reddy 41,810 Megha
Engineering &
Infrastructures Construction & Engineering Hyderabad
63 Basant Bansal & family 41,140 M3M India Real Estate Gurugram
64 Nithin Kamath & family 40,020 Zerodha Financial Services Bengaluru
65 Falguni Nayar & family 39,810 Nykaa FMCG Mumbai
66 B Parthasaradhi Reddy & family 39,030 Hetero Labs Pharmaceuticals Hyderabad
67 Madhusudhan Agarwal & family 38,650 Haldiram Snacks Food & Beverages New Delhi
Kailashchandra Nuwal Solar Industries Chemicals &
68 38,630 Bhilwara
& family India Petrochemicals
69 Nirmal Kumar Minda & family 38,300 Uno Minda Automobile &
Auto Components Gurugram
Endurance Automobile &
70 Anurang Jain & family 38,040 Aurangabad
Technologies Auto Components
71 Sanjay Dangi & Alpana Sanjay Dangi 37,800 Authum
Investment &
Infrastructure Financial Services Mumbai
Shivkishan Moolchand
72
Agarwal & family 37,750 Haldiram Foods International Food & Beverages Nagpur
73 Romesh T Wadhwani 37,200 Symphony Technology Investments Palo Alto
74 Anil Rai Gupta & family 37,150 Havells India Consumer
Electronics New Delhi
75 Sunny Varkey 37,070 Gems Education Education & Training Dubai
76 Naveen Jindal & family 36,190 Jindal Steel &
Power Metals & Mining New Delhi
77 Bhushan Dua & family 35,790 Super Cassettes Industries Media &
Entertainment New Delhi
Chemicals &
78 Arun Bharat Ram 35,760 SRF New Delhi
Petrochemicals
79 Sunil Vachani 35,570 Dixon
Technologies Consumer
Electronics New Delhi
Uma Devi Prasad &
80 family 35,350 Aristo
Pharmaceuticals Healthcare Mumbai
81 Prem Watsa 35,270 Fairfax Financial Holdings Financial Services Toronto
Madhukar Parekh & Pidilite Chemicals &
82 35,210 Mumbai family Industries Petrochemicals
83 Aditya Khemka & family 35,140 Aditya Infotech Software & Services Noida
Smita V Crishna & Consumer
84 35,100 Godrej Mumbai family Durables
85 Ranjan Pai 34,700 Manipal
Education &
Medical Education & Training Bengaluru
Jamshyd Godrej & Consumer
86 34,220 Godrej Mumbai
family Durables
87 Rajan Raheja & family 33,950 Exide Industries Automobile &
Auto Components Mumbai
88 Rishad Naoroji & family 33,700 Godrej Consumer Durables Mumbai
89 Pratap Reddy & family 33,160 Apollo Hospitals Enterprise Healthcare Chennai
TS Kalyanaraman &
90 family 32,670 Kalyan Jewellers India Jewellery Thrissur
91 Niranjan Hiranandani 32,500 Nidar Real Estate Mumbai
NR Narayana Murthy &
92 family 32,150 Infosys Software & Services Bengaluru
93 Raja Bagmane 31,510 Bagmane Developers Real Estate Bengaluru
94 GM Rao & family 31,340 GMR Construction & Engineering Bengaluru
95 Pritviraj Jindal & family 31,000 JSW Steel Metals & Mining Dubai
S Gopalakrishnan &
96 family 30,740 Infosys Software & Services Bengaluru
97 Ramesh Juneja & family 30,680 Mankind Pharma Pharmaceuticals New Delhi
98 Divyank Turakhia 30,680 Ai.Tech Investments Dubai
Rafique Abdul Malik &
99 family 30,440 Metro Brands Textiles, Apparels & Accessories Mumbai
Arvindkumar Poddar &
100 family 30,190 Balkrishna Industries Automobile &
Auto Components Mumbai
Source: Hurun Research Institute; M3M Hurun India Rich List 2025
Methodology
The M3M Hurun India Rich List 2025 has been researched and compiled by the Hurun Research Institute for the thirteen years running. The cut-off used was 22 September 2025 when the rate of exchange to the US dollar was INR 88.3. The list relates to individuals born or brought up in India, irrespective of their current residence or passport.
Valuing the wealth of India’s richest is as much an art as it is a science. Sure, Hurun Research has missed some, but our endeavor has been to develop the most comprehensive report of its kind with an objective to identify and acknowledging India’s top entrepreneurs and business owners. The source of wealth includes both inherited and self-made wealth. Hurun Report’s team of researchers have travelled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists and investors.
- Hurun Research only uses publicly available data. For unlisted companies, Hurun Research’s valuation is based on the most recent investor round and a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales, EV to EBITDA.
M3M India
Founded in 2010, M3M India has quickly risen as one of India’s most dynamic, and innovative real estate developers, built on the values of ethical governance, transparency, commitment, and passion for excellence. With a forward-looking vision crafted by Founder Chairman Sh. Basant Bansal and Promoters Sh. Roop Bansal and Sh. Pankaj Bansal, M3M India has become a transformative force in the luxury residential and high-end retail in the real estate sector. Today, M3M India stands as a symbol of sophistication and innovation, setting new benchmarks across India.
With an impressive portfolio of 57 projects, M3M has already delivered all developments launched before 2020. The company has successfully completed 40 projects spanning 20 million square feet, and another 17 projects, covering 40 million square feet, are in full swing, adhering to the company’s commitment to timely delivery.
About Hurun Report
Hurun Report is a leading research, luxury publishing and events group established in London in 1999. With operations in India, China, France, the UK, the USA, Australia, Japan, Canada and Luxembourg, it is widely recognised worldwide for its comprehensive evaluation of the wealthiest individuals. Hurun Report is the largest compiler of the rich lists globally.
Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high-net-worth individuals; and Hurun Investments, a USD 20 mn early-stage venture capital fund with investments in tech, media, retail and education.
About Hurun India
“Promoting Entrepreneurship Through Lists and Research”
Hurun India was launched in 2012 under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford, and the duo believed it was the right time to discuss wealth creation in India, as they saw the country booming. Since then, Hurun India has pursued celebrating the stories of India’s transparent wealth creation, innovation and philanthropy. The five core pillars of Hurun India are:
First, we spotlight Value Creation by companies, the heartbeat of a developing India. It’s through their innovation and excellence that economic growth is fueled, paving the way for a prosperous tomorrow.
Next, we focus on Wealth Creation. As these companies thrive, wealth is generated, birthing a new era of affluent entrepreneurs and businesses. This wealth is not just financial; it’s a wealth of knowledge, experience and opportunity, essential for India’s next 10-15 years. For exponential growth, disruption is key.
Enter our third pillar: Start-Ups. These engines of innovation are the primary source of leapfrog growth, challenging the status quo and opening new doors of possibilities. While economic development is crucial, philanthropy plays an equally vital role in ensuring broader prosperity.
Our fourth pillar, Philanthropy, is about giving back and creating a balanced ecosystem where everyone progresses together.
Lastly, we celebrate our rich heritage with the fifth pillar: Culture. India, home to one of the oldest civilisations, boasts a myriad of artists. Yet, they remain undervalued on the global stage.
For the full details, please refer to www.hurunindia.com
Hurun Report Disclaimer
This report was prepared by Hurun Report. Hurun Report has collected and researched all the data. This report is meant for information purposes only. Reasonable care and caution have been taken in preparing this report. The information in this report has been obtained from sources considered reliable. By accessing and/or using any part of the report, the user accepts this disclaimer and exclusion of liability, which operates to the benefit of Hurun Report. Hurun Report does not guarantee the accuracy, adequacy, or completeness of any information contained in the report. Neither shall it be responsible for any errors or omissions in or for the results obtained from using such information. No third-party whose information is referenced in this report under the credit to it assumes any liability towards the user for its information. Hurun Report shall not be liable for any decisions made by the user based on this report (including those of investment or divestiture), and the user takes full responsibility for the decisions made based on this report. Hurun Report shall not be liable to any user of this report (and expressly disclaim liability) for any loss or damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential losses, loss of profit, lost business and economic loss regardless of the cause or form of action and regardless of whether or not any such loss could have been foreseen
