India's Richest Under 40 Years Of Age See 286% Increase In Wealth
There are now 45 Indian-origin self-made rich individuals under 40 years of age with at least over Rs 1,000 crore wealth.
The wealth of India’s richest self-made entrepreneurs under 40 years of age surged nearly fourfold over the last one year.
Cumulatively, they added Rs 1.65 lakh crore to their wealth—an increase of 286% over last year, according to the IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2021. There were 31 new entrants to the list, of which 30 were startup founders.
There are now 45 Indian-origin entrepreneurs in the self-made rich list that are aged under 40. All of them had assets worth over Rs 1,000 crore as of Sept. 15, 2021.
"Number of under-40 self-made entrepreneurs in the rich list rose a whopping nine times in five years," said Anas Rahman Junaid, founder and managing director of Hurun India. "I expect this list to quadruple to 200 entrants in the next five years."
At the top of the list, was Dubai-based investor Divyank Turakhia with a wealth of Rs 12,500 crore. He was followed by co-founders of Browserstack Nakul Aggarwal and Ritesh Arora—both were new entrants with wealth of Rs 12,400 crore each.
EaseMyTrip founders Rikant Pitti, Nishant Pitti and Prashant Pitti debuted on the rich list on the back of a strong initial public offering of their company. Meanwhile, Eki Energy founder Manish Kumar Dabkara was the only non-technology debutant on the list. His company, too, had a robust initial public offering on the BSE SME Platform.
The average age of the self-made rich entreprenuers in the list was 34, with Bharat Pe's Shashvat Nakrani being the youngest at 23 years.
The software and services sector is the major wealth contributor for the self-made rich under 40 in India. Twelve of the 40 individuals on the list belonged to the sector.
Transportation and logistics, retail, entertainment and financial services were the next best with five each.
Bengaluru was the most-preferred city for a business headquarters for these young wealth creators, the report said. The country's tech capital housed 15 such individuals, followed by New Delhi (8) and Mumbai (5).
Three individuals from the list were located outside of India.