An employee looks out over Mumbai from a show home at Lodha Altamount, a luxury residential project. (Photographer: Dhiraj Singh/Bloomberg)

Pharma Sector Mints More Wealthy Indians Than Software, FMCG: Barclays Hurun List

The pharmaceutical industry has minted the most number of wealthy Indians this year, according to Barclays Hurun India Rich List, 2018.

The sector has a total of 116 wealthy individuals after 42 persons entered the list for the first time, the research report—which is a list of 830 super-rich individuals with net worth of Rs 1,000 crore or more—noted. “The sector witnessed 23 percent growth in total wealth compared with 9 percent last year.”

Pharma Sector Mints More Wealthy Indians Than Software, FMCG: Barclays Hurun List

Manju Gupta & Family of Lupin Ltd. was the wealthiest new entrant in the pharma sector with a wealth of Rs 19,100 crore.

Pharma Sector Mints More Wealthy Indians Than Software, FMCG: Barclays Hurun List
The pharmaceutical sector added 42 individuals—the maximum—to the list of billionaires.

The report noted that total wealth was backed by increased valuation multiples of key pharma players that have a 50 percent export revenue, driven by the weakening rupee.

Dilip Shanghvi, founder and managing director of Sun Pharmaceutical Industries Ltd., tops the list with a wealth of Rs 89,700 crore. He was followed by Serum Institute of India’s Cyrus Poonawalla (Rs 80,100 crore) and Piramal Enterprise Ltd.’s Ajay Piramal (Rs 38,900 crore).

Also read: Lupin Confident Of Meeting U.S. Sales Forecast For This Year

The software and services segment (67) and the FMCG sector (54) trailed the pharmaceutical sector in creating billionaires.

Graphite India's Chairman—The Biggest Wealth Gainer

The chairman of India’s largest graphite maker, Krishna Kumar Bangur, was the biggest wealth gainer, the report noted. Bangur’s wealth swelled over 4.3 times to Rs 14,300 crore.

The company’s stock has surged 32 percent since January last year as the demand for graphite electrodes, a key raw material for steel making through electric arc furnaces, soared. China has cracked down on polluting units as the electrodes are made of needle coke, which is highly polluting.

Also read: Rising Needle Coke Prices May Not Dampen HEG, Graphite India’s Stellar Run

Pharma Sector Mints More Wealthy Indians Than Software, FMCG: Barclays Hurun List

Bangur was followed by Byju Raveendran—founder of the education platform Byju’s—whose wealth swelled 2.3 times to Rs 3,300 crore. “For the last four years, Byju’s has been doubling its valuation each year and is expected to continue this home-run for the next two years.”

Hinduja Enters Top 10, Storms To Second Place

With a wealth of Rs 1.58 lakh crore, SP Hinduja & family entered the list of top 10 wealthy Indians, just behind Reliance Industries Ltd.’s Chairman Mukesh Ambani (Rs 3.71 lakh crore).

Pharma Sector Mints More Wealthy Indians Than Software, FMCG: Barclays Hurun List

Hindujas were followed by the steel tycoon Lakshmi Mittal (Rs 1.145 lakh crore), Azim Premji (Rs 98,300 crore) and Dilip Shanghvi (Rs 89,700).

Former Tata Sons Chairman Cyrus Mistry also entered the list of top 10 richest people and ranks in ninth place with a wealth of Rs 69,400 crore.

The average wealth and age in the list is around Rs 5,900 crore and 60, respectively.

Also read: Tycoon Battles Tata to Unlock $17 Billion of His Wealth in India