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Hurun List 2026: Mumbai Leads with 465 Rich List Entries

Adani returns to top as India’s rich list expands to 1,810

Gautam Adani and his family have regained the top position on the M3M Hurun India Rich List 2026, moving ahead of Mukesh Ambani and his family after a year of changes in the fortunes of India’s richest business groups.

The 15th edition of the list, released by M3M India and Hurun India on September 23, puts Adani family wealth at Rs 9.23 lakh crore. Ambani and his family are placed second with Rs 8.63 lakh crore. Adani’s wealth rose 13% over the period covered by the report, while Ambani’s fell 10%. The gap between the two stands at Rs 59,400 crore.

The change at the top follows a reversal from the 2025 edition. Last year, Ambani had reclaimed the first position with wealth of Rs 9.55 lakh crore, while the Adani family was placed second with Rs 8.15 lakh crore.

The latest list covers 1,810 people with wealth of at least Rs 1,000 crore. That is 128 more than last year and 803 more than five years ago. Their combined wealth is estimated at Rs 187.5 lakh crore, or about $1.96 trillion, after a 12.8% rise.

The increase came during a period when the wider Indian stock market recorded a decline. Over the same period, the Nifty 50 fell 3.9%, and the Sensex dropped 5.8%. The difference shows that the wealth measured by the Hurun list is linked to ownership of businesses, including privately held companies, and does not move in line with the main stock indices alone.

India also reached a new high in dollar billionaires. The country now has 391 people with wealth of at least $1 billion, 27 more than the previous year. The figure has risen sharply from 237 five years ago.

The biggest movement near the top came from LN Mittal and his family. The ArcelorMittal family moved up eight places to third with wealth of Rs 3.39 lakh crore, an increase of 93%. Reports on the list linked the rise to stronger steel prices and European trade protection measures.

Cyrus S Poonawalla and family ranked fourth with Rs 3.03 lakh crore. Roshni Nadar Malhotra and family were fifth with Rs 2.79 lakh crore. Kumar Mangalam Birla and family followed with Rs 2.69 lakh crore, while Dilip Shanghvi and Azim Premji and family were placed seventh and eighth.

Anil Agarwal and family entered the top 10 at ninth with Rs 2.08 lakh crore. Samir Mehta and family of Torrent Pharmaceuticals completed the top 10 with Rs 1.89 lakh crore.

Roshni Nadar Malhotra remained the wealthiest woman on the list. Women accounted for 131 entries in 2026, compared with 100 in the previous edition.

One of the clearest changes in the report is the number of people classified as self-made entrepreneurs. There are 1,266 such names, equal to 70% of the list. The figure was 1,109 last year and 55% five years ago.

The list has 347 new entrants. The youngest is 23-year-old Zepto co-founder Kaivalya Vohra, followed by his 24-year-old co-founder Aadit Palicha.

Artificial intelligence has also appeared as a separate sector for the first time. Nineteen people in the category hold combined wealth of Rs 3.07 lakh crore, with 15 of them entering the list this year. Among the names reported are Tanay Kothari and Sahaj Garg of Wispr Flow, each with wealth of Rs 4,200 crore.

The list also records the first entrant whose wealth is linked to quantum computing. Nagendra Nagaraja of Bengaluru-based QpiAI entered with wealth of Rs 1,700 crore.

Mumbai continues to have the largest number of people on the list, with 465, followed by New Delhi with 236 and Bengaluru with 129. Hyderabad has 114 and Chennai 96.

The list covers 163 cities, including 106 in India. It also includes 156 people living outside India, with 90 in the United States and 31 in the United Arab Emirates.

Industrial Products is the largest sector by number of entries, with 166 people. Chemicals has 142 and Pharmaceuticals 136. Industrial Products also produced the highest number of new entrants, with 44.

The report points to stronger wealth growth in sectors linked to manufacturing, defence and energy. On a like-for-like basis, wealth in Aerospace and Defence rose 69%, while Industrial Products and Green Energy each increased 31%.

Dr. Payal Bansal Kanodia, Promoter, M3M India & Chairperson & Trustee, M3M Foundation, said: “The M3M Hurun India Rich List has become an important annual barometer of how India is creating, accumulating and reshaping wealth. For M3M, our association with Hurun is not merely about putting a name to a list; it is about supporting a research-led effort to understand the economic forces and entrepreneurial journeys that are shaping India’s next phase of growth.”

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said: “The M3M Hurun India Rich List 2026 captures a year in which wealth creation outpaced the stock market. Cumulative wealth rose 12.8% to INR 187.5 lakh crore, even as the Nifty 50 fell 3.9% and the Sensex declined 5.8%. Defence, manufacturing, green energy and artificial intelligence are changing both the sources of Indian wealth and the people creating it.”

The figures are based on a wealth snapshot taken on August 24, 2026. Hurun says it uses publicly available information and values unlisted companies using recent investment rounds and comparisons with listed companies. The methodology also includes research and checks with entrepreneurs, industry experts, journalists and investors.

The 2026 list therefore offers a picture of where large private fortunes are concentrated today: established industrial groups remain dominant, while technology, artificial intelligence, defence, manufacturing and newer forms of enterprise are adding fresh names to the country’s wealth rankings.