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The 2024 Hurun India Rich List has revealed a significant shift in the landscape of wealth creation in India, with Hyderabad overtaking Bengaluru as the city housing the third-highest number of wealthy individuals. This achievement comes after years of intense competition between the two cities, often referred to as India's tech hubs. Hyderabad now boasts 104 individuals with a net worth exceeding Rs 1,000 crore, a number that has more than doubled in the past four years. The city's rapid growth in wealth creation can be attributed to its thriving pharmaceutical, construction, and IT sectors, all of which have seen remarkable expansion in recent years.
Leading the list of Hyderabad's wealthy individuals is Murali Divi, founder of pharma major Divi's Laboratories, who ranks 26th on the all-India list with an estimated wealth of Rs 76,100 crore. Despite a 37% increase in his wealth this year, Divi has slipped four places on the list, a testament to the increasing competition among India's richest individuals. Following Divi are P Pitchi Reddy and PV Krishna Reddy, the uncle-nephew duo who head the construction and engineering giant Megha Engineering & Infrastructures. The duo holds the second and third positions on the Telangana rich list, with wealth of Rs 54,800 crore and Rs 52,700 crore, respectively, placing them 41st and 43rd on the all-India list. Despite a significant 47% surge in their wealth, they too have experienced a drop in their rankings.
Another notable figure on the list is B Parthasaradhi Reddy, the founder and chairman of Hetero Labs. Reddy, who also holds the distinction of being the richest Member of Parliament (Rajya Sabha), secured the 94th position on the India Top 100 list with a wealth of Rs 29,900 crore. He is the fourth richest individual in Telangana, although his ranking has slipped one spot despite a 37% increase in his wealth. This phenomenon of wealth growth accompanied by rank erosion is a trend observed across the list, attributed by Hurun India founder Anas Rahman Junaid to the increasing difficulty of making the top 100. Junaid highlights that the cut-off for the India Top 100 has risen dramatically, increasing 16-fold since the list's inception to Rs 28,400 crore. This sharp rise reflects the growing number of individuals with significant wealth in India, making the race to the top even more competitive.
The 2024 Hurun India Rich List showcases a diverse array of individuals across various sectors, including family-run businesses, startup founders, private equity investors, angel investors, next-gen leaders, film stars, and more. The list, which features 1,539 individuals, highlights the increasing economic dynamism of India and the rise of new wealth creators across diverse fields. While Hyderabad's rise to the top three is a significant achievement, it also underscores the ever-changing landscape of wealth creation in India, with new individuals and sectors emerging as key players in the country's economic story.
Source: Hyderabad Overtakes Bengaluru with 104 of India's Richest