India added 27 new dollar billionaires over the past year, taking the total number to a record 391, according to the M3M Hurun India Rich List 2026. The number of dollar billionaires has increased sharply from 237 five years ago.
The 2026 list includes 1,810 individuals with wealth of at least ₹1,000 crore, an increase of 128 from last year and 803 from five years ago. Their combined wealth stands at ₹187.5 lakh crore, or around $1.96 trillion, marking a 12.8% rise from the previous year and equivalent to roughly half of India’s GDP.
The increase came despite a weaker performance in the Indian stock market during the period. The combined wealth of those on the list rose 12.8%, while the Nifty 50 declined 3.9% and the Sensex fell 5.8%.
Hurun noted that much of the wealth represented in the list comes from ownership stakes in businesses. The value of these holdings can change independently of broader stock-market movements.
Adani Returns to the Top
Gautam Adani and family have returned to the top position on the list, while Mukesh Ambani and family remain among India’s wealthiest business families.
The biggest movement within the top 10 came from LN Mittal and family of ArcelorMittal, who moved to third place after their wealth increased 93% to ₹3.39 lakh crore. Their gain of ₹1.64 lakh crore was the largest absolute increase recorded on the list. Hurun linked the rise to stronger European steel prices and trade protection measures in the region.
Cyrus S Poonawalla and family remained fourth with ₹3.03 lakh crore, followed by Roshni Nadar Malhotra and family with ₹2.79 lakh crore. Roshni Nadar Malhotra continues to be India’s wealthiest woman.
Kumar Mangalam Birla and family ranked sixth with ₹2.69 lakh crore, followed by Dilip Shanghvi with ₹2.65 lakh crore and Azim Premji and family with ₹2.63 lakh crore.
Anil Agarwal and family entered the top 10 at ninth place after their wealth rose 87% to ₹2.08 lakh crore. Samir Mehta and family of Torrent Pharmaceuticals completed the top 10 with ₹1.89 lakh crore, following a 52% increase linked partly to the completion of the JB Chemicals merger.
The wealth threshold for entering the top 10 has risen to ₹1.89 lakh crore from ₹1.83 lakh crore last year. The threshold for the top 100 has also increased to ₹33,000 crore from ₹30,190 crore.
Wealth Concentration at the Top Changes
The combined wealth of Gautam Adani and Mukesh Ambani no longer exceeds the combined wealth of the other eight members of the top 10.
In 2022, the two families together held ₹18.89 lakh crore, compared with ₹13.05 lakh crore for the other eight. By 2026, the two fortunes together stood at ₹17.86 lakh crore, while the other eight accounted for ₹21.15 lakh crore.
The shift first emerged in 2025, when the combined wealth of the other eight moved ahead.
India’s Richest Outperform Major Assets
The combined wealth of India’s top 10 richest individuals has grown faster than several major asset classes over the past 14 years.
According to the Hurun analysis, the cumulative wealth of the top 10 increased 7.17 times between 2012 and 2026, rising from ₹5.44 lakh crore to ₹39.01 lakh crore.
Over the same period, the S&P 500 increased 5.24 times, gold rose 4.78 times and the Nifty 50 increased 4.44 times. Crude oil stood at 0.89 times its 2012 level.
AI Emerges as a New Wealth-Creation Sector
Artificial intelligence has emerged as a new category of wealth creation in the 2026 list.
The list features 19 AI entrepreneurs with combined wealth of ₹3.07 lakh crore, including 15 new entrants. The average wealth of a new AI entrant is around ₹12,100 crore.
The group includes entrepreneurs working in areas such as data centres, semiconductors, AI models and applications. Thirteen of the 19 AI wealth creators live outside India, highlighting the international reach of Indian-origin technology entrepreneurs.
The wider deep-tech sector is also expanding. AI, aerospace and defence, and semiconductors together account for 48 individuals with combined wealth of ₹4.26 lakh crore, including 30 new entrants.
India has also recorded its first quantum-computing rich lister, with Nagendra Nagaraja of QpiAi entering the list with wealth of ₹1,700 crore.
Manufacturing and Defence See Strong Growth
Industrial businesses continue to play a major role in wealth creation.
Industrial Products is the largest sector on the list with 166 entrants, followed by Chemicals with 142 and Pharmaceuticals with 136. Industrial Products also recorded the highest number of new entrants, adding 44 individuals.
On a like-for-like basis, wealth in Aerospace and Defence increased 69%, while Green Energy and Industrial Products each grew 31%. Metals and Mining rose 30%, Pharmaceuticals 25% and Financial Services 23%.
Consumer-focused sectors recorded weaker growth. Wealth in Consumer Durables declined 21%, Food and Beverages fell 9%, Consumer Goods dropped 8% and Retail declined 5%.
Hurun attributed the difference partly to softer consumer demand and high starting valuations in sectors exposed to household spending.
Self-Made Entrepreneurs Make Up a Larger Share
The profile of India’s wealthy is also changing, with self-made entrepreneurs accounting for a growing share of the list.
A record 1,266 individuals, or 70% of the list, are self-made, compared with 1,109 last year and 55% five years ago. The 2026 list also includes 346 new faces.
The youngest entrant is 23-year-old Kaivalya Vohra of Zepto, followed by 24-year-old Zepto co-founder Aadit Palicha.
AI entrepreneurs Tanay Kothari and Sahaj Garg, both 28, also entered the list through Wispr Flow, with wealth of ₹4,200 crore each.
The average age of individuals on the list is 64.
The number of women on the list has increased to 131 from 100 last year. Roshni Nadar Malhotra remains the wealthiest woman with ₹2.79 lakh crore, while Jayshree Ullal of Arista Networks leads among self-made women with ₹77,400 crore.
Mumbai Remains India’s Wealth Capital
Mumbai continues to have the highest concentration of wealthy individuals in India, with 465 people on the list. New Delhi follows with 236 and Bengaluru with 129.
Hyderabad has 114 individuals and Chennai 96. Bengaluru recorded the largest increase among the major cities, adding 14 names.
Mumbai-based individuals collectively account for ₹53.21 lakh crore in wealth, including 93 billionaires. New Delhi follows with ₹26.83 lakh crore and 68 billionaires.
Together, Mumbai and New Delhi account for nearly 53% of the billionaires and 54% of the wealth represented across India’s top 20 cities.
The wealth map is also expanding beyond major metros. Nine towns appeared on the list for the first time, including Bagalkot, Solan, Mandi Gobindgarh and Mirzapur. Hurun pointed to sectors such as bioenergy, specialised materials and engineering as contributors to wealth creation in smaller cities.
More Indian Wealth Is Based Overseas
The number of wealthy Indians living outside the country has also increased.
Of the 1,810 individuals on the list, 1,654 live in India and 156 are based overseas. The United States accounts for 90 individuals, followed by the UAE with 31 and the UK with 16. The overseas total has risen from 101 last year.
Eight of the top 10 new entrants are based outside India, with their businesses spread across retail, data centres, semiconductors, investment management and technology.
Wealth Remains Concentrated Among the Richest
Despite the expansion of India’s wealthy population, wealth remains concentrated at the very top.
The 23 individuals with wealth exceeding ₹1 lakh crore together account for ₹54.21 lakh crore, or 28.9% of the total wealth represented on the list.
Meanwhile, 1,157 individuals in the ₹1,000 crore to ₹5,000 crore wealth bracket account for 14.2% of the total.
The number of people with wealth above ₹1 lakh crore has risen from just two a decade ago to 23 in 2026.
The entry thresholds have also increased significantly. Since 2012, the wealth required to enter the top 10 has risen from ₹30,800 crore to ₹1.89 lakh crore, while the threshold for entering the top 100 has increased from ₹1,800 crore to ₹33,000 crore.
