India's cash crisis left it with 11 fewer billionaires

India's cash crisis left it with 11 fewer billionaires

The country lost 11 billionaires because of demonetisation.

According to the Hurun Global Rich List India, the demonetisation drive which started on 8 November, 2016 eroded the wealth of 11 individuals to below the threshold limit of $1 billion. Mr Shanghvi with a net worth of Rs 99,000 crore is the biggest pharma billionaire followed by Cyrus Poonawalla (Rs 75,400 crore), the chairman of Serum Institute of India, one of the world's largest vaccine manufacturers.

The country now has 132 billionaires with a net worth of Dollars 1 billion or more and the cumulative wealth of the ultra- rich people stood at USD 392 billion, according to Hurun Global Rich List India.

With a wealth of Rs 24,900 crore, Acharya Balakrishna of Patanjali Ayurveda ranks 28th on the list. However business tycoon Mukesh Ambani has been unaffected and not been touched.

He is followed by Sun Pharma head Dilip Shanghvi who ranks third on the list of Indians, with $14 billion (Rs 93,000 crore) and is ranked at 74 on Hurun's global list of billionaires. The subsequent rise of digital payments and resulting success of Paytm made chief executive Vijay Shekhar Sharma a new entrant to the billionaires club. While both the sectors have 13 billionaires each, manufacturing scored over TMT in terms of the value of total net-worth. Prominent among them are Gautam Thapar of Crompton Greaves, Nilima Motaparti of Divi's Labs, Prathap C Reddy & family of Apollo Hospitals, and Nandan Nilekani, an Infosys shareholder. The wealth in China seems to be more widespread than in India with the former producing 608 billionaires with average wealth of $2.7 billion against India's average wealth of $3 billion.

With five billionaires, the Godrej Group contributes the highest number of billionaires, followed by Hero Honda and Asian Paints with three each.

Among cities, Mumbai is the capital for India's super- rich as the city is home to 42 billionaires, followed by Delhi (21) and Ahmedabad (9).

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