Bengaluru third in India's rich list

Bengaluru ranks third in the list of billionaires with Wipro Ltd chairman Azim Premji topping the list.

According to the Barclays Hurun India Rich List 2018, Mumbai tops the list with 233 names, followed by New Delhi at 163 and Bengaluru at 70.

Anas Rahman Junaid, MD and Chief Researcher, Hurun Report India, said: “Amidst the huge political debate around India’s current economic scenario, Barclays Hurun India Rich List 2018 depicts that Indian businesses are booming. In fact, the number of Rs 1,000 crore-plus wealthy Indians have nearly doubled in the past two years – from 339 in 2016 edition to 831 presently."

Chairman of Reliance Group of Companies Mukesh Ambani topped the list for the seventh consecutive year with a total net worth of Rs 3,71,000 crore.

The list was compiled on the basis of the net worth of living Indians as on July 31, 2018, when the rate of exchange to the dollar stood at Rs 68.51. The list relates to Indians only, defined as born or brought up in India.

The cumulative wealth of the 831 individuals featured in the list stood at $ 719 billion - amounting to a quarter of India's GDP of $ 2,848 billion (as per IMF estimate on April 1, 2018).

As many as 306 new entrants were added to the list in the 2018 edition while 75 of those featured in 2017, did not make it to the present edition. Individuals having a net worth of Rs 9,000 crore and more were featured in the top 100 rankings.

With Rs 96,100 crore, Premji (73) bags the fourth spot in the rich list. He saw a 21% rise in his wealth.

In November 2017, Wipro bought back 7.6% of shares for Rs 11,000 crore. Now a prolific investor, Premji picked up a 6% stake in Future Retail from Bharti Group for Rs 1,700 crore in June 2018.

Read more: Bengaluru's uber rich worth Rs 3.46 lakh crore