Hurun Rich List tracks 1,687 business leaders with net worth exceeding Rs 1,000 crore, including 284 newcomers – a net increase of 148 from 2024 and 859 over the past five years.
India’s wealth creation story continues to accelerate, with the number of billionaires reaching 350 this year – a sixfold rise since the M3M Hurun India Rich List began 13 years ago. The 14th edition of the report, released on Wednesday, reveals that a new billionaire has emerged every week in 2025 so far, adding to the nation’s roster of ultra-high-net-worth individuals.
The list tracks 1,687 business leaders with net worth exceeding Rs 1,000 crore, including 284 newcomers – a net increase of 148 from 2024 and 859 over the past five years. Their combined wealth stands at Rs 167 lakh crore, equivalent to India’s GDP and surpassing Spain’s economy. However, average wealth per entrant dipped to Rs 9,850 crore from Rs 10,320 crore last year, amid global economic fluctuations.
Bollywood icon Shah Rukh Khan made headlines by entering the billionaire club for the first time, topping the entertainment sector with a family net worth of Rs 12,490 crore, primarily from Red Chillies Entertainment. At 59, Khan’s debut underscores the growing intersection of stardom and savvy business ventures in India’s wealth landscape. His inclusion marks a milestone for the film industry, where he leads as the richest entertainer.
Among the standout new entrants is 31-year-old Aravind Srinivas, founder of AI startup Perplexity, who became India’s youngest self-made billionaire with Rs 21,190 crore. Srinivas’s entry highlights the tech sector’s role in rapid wealth generation. Equally notable is 22-year-old Kaivalya Vohra, co-founder of quick-commerce platform Zepto, who claims the title of the youngest individual on the entire list. Vohra’s presence signals the early emergence of Gen Z wealth creators, though they represent just 0.3% of the 1,687 entrants.
The top 100 saw 13 new faces across diverse industries, from fast-moving consumer goods to technology. While specific names beyond the high-profile debuts like Khan, Srinivas, and Vohra were not detailed in the report’s highlights, these additions reflect a broadening base of prosperity. Overall, 97 startup founders secured spots, emphasizing the ecosystem’s contribution to billionaire growth.
Mukesh Ambani and family reclaimed the top position with Rs 9.55 lakh crore, edging out Gautam Adani and family at Rs 8.15 lakh crore. Roshni Nadar Malhotra and family ranked third with Rs 2.84 lakh crore, making her India’s richest woman and entering the top three for the first time. The entry threshold for the top 10 rose to Rs 1.83 lakh crore from Rs 1.63 lakh crore, while their average age fell to 69 – three years younger than last year.
Sector-wise, pharmaceuticals led with 137 representatives, followed by industrial products (132) and chemicals & petrochemicals (125). These figures align with India’s strengths in generics, manufacturing revival, and export-driven chemicals. Mumbai dominates as the billionaire capital with 451 individuals, ahead of New Delhi (223) and Bengaluru (116).
The report notes that 101 women feature on the list, including 26 dollar billionaires, and 66% of entrants are self-made. Among newcomers, 74% built their fortunes from scratch. Niraj Bajaj and family saw the largest wealth gain, adding Rs 69,875 crore to reach Rs 2.33 lakh crore.
This edition’s data, compiled as of September 2025, draws from public market valuations and proprietary methodologies by Hurun Research in partnership with M3M. It captures a snapshot of India’s evolving affluent class, where weekly billionaire additions – roughly 40 by year-end – outpace many global peers.
The Hurun list’s expansion mirrors broader economic trends, with startups like Perplexity and Zepto exemplifying innovation-driven gains. Khan’s entry, meanwhile, bridges entertainment and enterprise, as his production house expands into VFX and digital streaming. Vohra’s Zepto, valued at billions through rapid scaling in urban delivery, represents the quick-commerce boom.
Roshni Nadar’s ascent to the top three, propelled by HCL Technologies, showcases women-led tech fortunes. Adani’s second place follows infrastructure and green energy expansions, while Ambani’s lead stems from Reliance’s diversified portfolio in telecom, retail, and renewables.
Geographically, the list’s city rankings underscore urban wealth concentration: Mumbai’s 451 entrants include legacy families and fintech pioneers; New Delhi hosts policy-linked industrialists; Bengaluru thrives on IT and startups. This distribution highlights how tier-1 cities fuel 80% of the list.
On demographics, the youth infusion is evident: Millennials and Gen Z together hold 7% of spots, up slightly from prior years. Vohra, at 22, embodies this shift, having co-founded Zepto in 2021 amid the pandemic’s e-commerce surge. Srinivas, an IIT Madras alumnus, launched Perplexity in 2022, leveraging AI for search innovation.
The 284 new entrants span traditional and emerging fields. Beyond celebrities and tech whiz kids, the influx includes pharma innovators and manufacturing heads, per sectoral data. The report’s 1,687 total – up from prior editions – reflects a 20% annual growth in high-net-worth individuals.
Wealth concentration at the top persists: The top 10’s combined fortunes exceed many mid-sized economies, with their younger average age indicating succession and merit-based rises. Self-made dominance (66%) and female representation (101 women) add layers to the narrative of inclusive growth.
Hurun’s methodology ensures transparency, valuing listed companies at market prices and unlisted at 80% of peers. Exclusions cover those below Rs 1,000 crore or with opaque assets. This rigor makes the list a benchmark for tracking India’s G20 economy.
As India navigates global challenges, the 2025 list affirms its status as a billionaire factory. With 350 dollar billionaires – more than many European nations combined – the country added over 40 this year alone. The weekly cadence of new joins, from Khan’s silver screen empire to Vohra’s delivery disruptor, paints a picture of relentless ambition.
The full M3M Hurun India Rich List 2025 is available via official channels, offering detailed rankings and sector analyses. It serves as a vital resource for investors eyeing India’s high-growth segments.