M3M Hurun India Rich List 2025 Reveals Shifting Fortunes and Rising Titans of Wealth
From legacy industrialists to new-age entrepreneurs, the 14th edition of the list maps India’s evolving wealth landscape with record-breaking gains and surprising entries
The M3M Hurun India Rich List 2025, unveiled in its 14th edition, offers a compelling snapshot of India’s wealth creation story—one that is increasingly diverse, dynamic, and driven by both legacy empires and disruptive startups. The list, compiled by Hurun India in partnership with M3M Foundation, ranks the country’s richest individuals based on net worth as of August 31, 2025, and highlights key trends in wealth accumulation, geographic concentration, and entrepreneurial momentum.
At the top of the list, Mukesh Ambani retains his position as India’s richest individual with a net worth of ₹9.55 lakh crore, despite a 6% year-on-year decline. Gautam Adani follows in second place with ₹8.14 lakh crore, marking a 30% drop in wealth. In a historic shift, Roshni Nadar Malhotra, Chairperson of HCL Technologies, climbs to the third spot with ₹2.84 lakh crore, becoming India’s richest woman and the highest-ranked female entrepreneur in the list’s history.
The top 10 richest Indians for 2025 include:
- Mukesh Ambani & family – ₹9,55,410 crore
- Gautam Adani & family – ₹8,14,720 crore
- Roshni Nadar Malhotra & family – ₹2,84,120 crore
- Cyrus S Poonawalla & family – ₹2,46,460 crore
- Kumar Mangalam Birla & family – ₹2,32,850 crore
- Niraj Bajaj & family – ₹2,32,680 crore
- Dilip Shanghvi – ₹2,30,560 crore
- Azim Premji & family – ₹2,21,250 crore
- Gopichand Hinduja & family – ₹1,85,310 crore
- Radhakishan Damani & family – ₹1,82,980 crore
Among the biggest gainers, Niraj Bajaj & family of Bajaj Group lead the pack, adding ₹69,875 crore to reach ₹2.33 lakh crore—a 43% surge that elevates them to sixth place. Jay Chaudhry of Zscaler follows with a ₹57,867 crore increase, while jewellery magnate Joy Alukkas gains ₹46,491 crore, taking his net worth to ₹88,430 crore.
The list also spotlights India’s fastest wealth creators, including:
- Satish Kumar Gupta & family of Jakson Group – 241% rise to ₹13,320 crore
- Alakh Pandey and Prateek Maheshwari of Physics Wallah – 223% rise each to ₹14,520 crore
- Nirmal Kumar Bathwal of Penguin Trading – 213% rise to ₹7,120 crore
In terms of city-wise concentration, Mumbai continues to dominate with 451 individuals on the list, followed by New Delhi with 223 and Bengaluru with 116. The rise of Tier 2 cities and regional business hubs is also evident, with notable entries from Surat, Coimbatore, and Indore.
The 2025 edition features several new entrants to the Top 100, reflecting the rise of sectors such as edtech, renewable energy, and specialty manufacturing. Entrepreneurs from companies like Physics Wallah, Zepto, and HBL Power Systems have made significant debuts, signaling a generational shift in wealth creation.
One of the most remarkable stories is that of Jagadish Prasad Aluru & family of HBL Power Systems, who recorded a staggering 1,374% rise in wealth over five years, underscoring the momentum in industrial products and energy storage solutions.
The list also tracks biggest rank changes, with several individuals climbing over 100 positions due to strategic business expansions, IPOs, and global market penetration. The resilience of family-owned businesses and the agility of tech-driven startups continue to shape India’s economic narrative.
Hurun India’s Founder & Chief Researcher Anas Rahman Junaid noted, “This year’s list reflects the broadening base of India’s wealth creators. From traditional industries to digital disruptors, the diversity is unprecedented. The rise of women leaders, regional champions, and young entrepreneurs signals a maturing economy that rewards innovation and scale.”
Dr. Payal Kanodia, Chairperson of M3M Foundation, emphasized the social impact of wealth creation, stating, “As India’s economic engine accelerates, it is vital that wealth translates into inclusive growth. The stories behind these numbers are stories of perseverance, vision, and transformation.”
With over 1,000 individuals listed and a combined wealth exceeding ₹167 lakh crore—nearly half of India’s GDP—the M3M Hurun India Rich List 2025 is more than a ranking. It is a reflection of India’s entrepreneurial spirit, its global ambitions, and its evolving definition of success.
