M3M and Hurun India released the M3M Hurun India Rich List 2025, which includes 1,687 individuals across 91 cities with wealth worth ₹1,000 crore. According to the report, 1,004 individuals saw their wealth increase or stay the same, of which 284 are new faces, while 643 saw their wealth drop, and there were 139 dropouts. The number of billionaires rose to 358, up by 24 compared to last year. The cumulative wealth of the rich list is ₹167 lakh crore, representing a 5% YoY increase, greater than Spain’s GDP and equivalent to nearly half of India’s GDP.

Leading the rich list is Mukesh Ambani and family with a wealth of ₹9.55 lakh crore, despite a 6% decline, moving up from second place last year. Gautam Adani and family, even with a 30% decline, held the second position with ₹8.15 lakh crore. Mukesh Ambani and Gautam Adani alone account for 12% of the overall wealth, while the combined wealth of the Top 10 in the rich list equals 28% of the rest of the list. A new member of the Top 3 is Roshni Nadar Malhotra and family, with a wealth of ₹2.84 lakh crore; she also becomes India’s wealthiest woman. Garima Sawhney (39), co-founder of Pristyn Care, is the youngest self-made woman on the list.

Actor Shah Rukh Khan has joined the billionaire's club for the first time with a wealth of ₹12,490 crore. Aravind Srinivas, founder of Perplexity, makes his debut as the youngest billionaire on the rich list with a wealth of ₹21,190 crore. The youngest entrant on the list is Kaivalya Vohra (22) of Zepto, the $5.9-billion quick commerce startup, while his co-founder, 23-year-old Aadit Palicha, is the second youngest entrant. 

Paytm founder Vijay Shekhar Sharma regains billionaire status with a wealth of ₹15,930 crore, driven by a 124% surge in Paytm’s share price. Meanwhile, in absolute terms, Niraj Bajaj & family of the Bajaj Group led the list, adding a staggering ₹69,875 crore, or 43%, taking their wealth to ₹2.33 lakh crore.

At 96, Deepak Mehta & family and Milan Mehta & family (Precision Wires India), Hanwantbir Kaur Sahney & family (NRB Bearings), Jyotindra Bhagwanlal Mody (J.B. Chemicals & Pharmaceuticals), Keki Hormusji Gharda & family (Gharda Chemicals), and Nihchal H. Israni & family (Blue Cross Labs) are the veteran entrants on the M3M Hurun India Rich List 2025.

Sixteen professional managers are featured on the list. Jayshree Ullal (64), CEO of Arista Networks, is the richest at ₹50,170 crore; the richest India-based CEO is Ignatius Navil Noronha (50) of Avenue Supermarts, at ₹6,570 crore. 

As many as 1,044 listers increased their wealth, with 284 new faces, from 29 industries. On the other hand, 643 saw their wealth decline, and 139 dropped out of the rich list. With 451 individuals, Mumbai tops the M3M Hurun India Rich List 2025, followed by New Delhi (223) and Bengaluru (116). 101 women entered the list this year, including 26 dollar billionaires. 

The entry threshold for the Top 10 has surged to ₹1.83 lakh crore, up from ₹1.63 lakh crore, yet India added 58 new billionaires this year. A record 1,115 entrepreneurs—66% of the list are self-made, up from 1,008 last year and 55% five years ago. Notably, 74% of this year’s new entrants are also self-made. The average wealth of M3M Hurun India Rich Listers declined to ₹9,850 crore from ₹10,320 crore, driven by tariff headwinds and geopolitical tensions.

In terms of sectoral contribution, the pharmaceuticals sector is still No. 1, adding 137 entrants to the list, followed by jewellery, construction, and engineering. Biotech had a standout year, emerging as one of the strongest performing sectors in the M3M Hurun India Rich List 2025, driven by innovation and global demand. 

Elaborating on this year’s M3M Hurun India Rich List, Anas Rahman Junaid, founder and chief researcher, Hurun India, said, “About a decade ago, most new entrants were from the services sector. Today, we’re seeing more from manufacturing and nearly 100 startup founders—from space tech to AI—making the list. That’s a big shift in India’s wealth creation story.” He also added that in the last 14 years, the number of dollar billionaires has increased from 59 to 358—almost six times. The number of individuals with a net worth of ₹5,000 crore has risen ninefold, from 61 to 579.

On the outlook of how the Rich List will evolve, Junaid said that as nearly 50% of the list are baby boomers, born between 1946 and 1964, over the next 10–15 years, one of the largest intergenerational wealth transfers in India will occur, with millennials and Gen Z emerging as custodians of this wealth.

Speaking on the list, Dr Payal Kanodia, Promoter M3M India & Chairperson & Trustee, M3M Foundation, said, “Real estate, as a sector, has emerged as one of the most vibrant contributors, with 99 leaders making their mark—including 23 debutants entering the ranks for the first time. What excites me most this year is the significant rise in self-made entrepreneurs, underscoring the emergence of first-generation wealth creators who are reshaping the industry. Equally important is the spotlight on women leaders, a much-needed recognition in what has long been a male-dominated sector.”