M3M Hurun India Rich List 2026: India’s richest add 12.8% wealth to ₹187.5 lakh crore; dollar billionaires rise to 391

India’s wealth creation continued to expand in 2026 despite a decline in benchmark equity indices, with the combined wealth of the country’s richest individuals rising 12.8% to ₹187.5 lakh crore, according to the 15th edition of the M3M Hurun India Rich List released on Wednesday. The list, based on wealth as of August 24, 2026, includes 1,810 individuals with wealth of at least ₹1,000 crore who were born or brought up in India.

The increase in wealth came even as the Nifty 50 declined 3.9% and the Sensex fell 5.8% over the period covered by the list. India’s dollar billionaire count also reached a record 391, an increase of 27 from the previous year, according to the report.

Adani regains top spot, Mittal moves to third

Gautam Adani and family reclaimed the top position on the list with wealth of ₹9.23 lakh crore, ahead of Mukesh Ambani and family at ₹8.63 lakh crore. LN Mittal and family moved up eight places to the third position with wealth of ₹3.39 lakh crore.

Mumbai remained the city with the highest number of individuals on the list, with 465 entries, followed by New Delhi with 236 and Bengaluru with 129. Industrial Products was the largest sector by number of entrants, with 166 individuals, followed by Chemicals at 142 and Pharmaceuticals at 136.

Artificial intelligence made its debut as a standalone sector in the 2026 list, with 19 individuals collectively accounting for ₹3.07 lakh crore in wealth. Hurun said 15 of these were new entrants. Defence, manufacturing and green energy were also identified among the sectors influencing the changing sources of wealth.

Self-made entrepreneurs account for 70% of list

The number of self-made entrepreneurs on the list reached a record 1,266, representing 70% of the total. The 2026 edition also has 347 new entrants, while the number of women on the list increased to 131 from 100 a year earlier.

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, said the latest findings showed that wealth creation had outpaced the stock market during the period.

“The M3M Hurun India Rich List 2026 captures a year in which wealth creation outpaced the stock market,” Junaid said, adding that cumulative wealth rose 12.8% even as the Nifty 50 and Sensex declined. He also pointed to defence, manufacturing, green energy and artificial intelligence as areas reshaping the sources of Indian wealth.

India’s billionaire count hits record 391

The report counted 391-dollar billionaires in 2026, including 76 new entrants. Hurun noted that the figure would have been 559 if the same fortunes were converted using the 2014 exchange rate, highlighting the impact of currency movements on the dollar-denominated billionaire count.

Dr. Payal Bansal Kanodia, Promoter, M3M India and Chairperson & Trustee, M3M Foundation, said the latest edition reflected the expansion and diversification of India’s entrepreneurial ecosystem.

“With 70% of the 1,810 individuals being self-made and 347 new entrants, it is clear that India’s entrepreneurial ecosystem continues to expand and diversify, with growing participation from younger entrepreneurs and women,” Kanodia said.

The list uses a wealth threshold of ₹1,000 crore and covers individuals born or brought up in India, irrespective of their current residence or passport. Wealth calculations are a snapshot as of August 24, 2026, when the rupee-dollar exchange rate was ₹95.63 to the US dollar.

Hurun Research said its estimates use publicly available information. For unlisted companies, valuations are based on the latest investor round and comparisons with listed companies using industry valuation multiples including price-to-earnings, price-to-sales, EV-to-sales and EV-to-EBITDA. The report also said 2025 comparatives were restated where family holdings had been disaggregated in the 2026 edition.