Twenty-five of the wealthiest names in India hold wealth which is equal to a tenth of India's entire economic output.
The list of wealthiest Indians has Mukesh Ambani at the top and includes SP Hinduja & family, Azim Premji, LN Mittal and Gautam Adani among others. The numbers are based on the IIFL Wealth Hurun India Rich List 2019 released on Wednesday.
The majority of the wealth is inherited, said Yatin Shah, co-founder and executive director, IIFL Wealth Management in a press statement.
"Around 53 per cent of the names featured in the IIFL Wealth Hurun India Rich List 2019 are those who have inherited wealth. This could only happen with a strong focus on not only wealth creation but also wealth preservation," he said.
Anas Rahman Junaid, managing director and chief researcher, Hurun Report India, said that the list is likely to grow longer.
"With Indian Government eyeing $5 trillion GDP mark, we are confident that the size of the India's rich list will easily triple in the next 5 years," he said
Growing list of India's rich augurs well for the wealth management industry, IIFL's Shah added.
"With the India story gaining momentum, supported by a young and an aspirational demography, the potential of wealth management in the country has merely scratched the surface. Given the list as an indicator, the Indian wealth management industry is poised for an exponential growth as India gears up to emerge as a $5 trillion economy," according to the statement.