Bangalore is India's millennial billionaire capital, while Mumbai has the most, says 'Rich List'

Mumbai: The IIFL Wealth Hurun India Rich List 2019, which promotes the success stories of entrepreneurs, recently listed all self-made entrepreneurs under 40, and found that – similar to their global counterparts – Indian tech moguls loom large. All self-made entrepreneurs listed in the Rich List have built technology-based ventures, and unlike billionaires on global lists which include heirs and heiresses, the young billionaires on the list are self-made, according to Hurun.

According to the list, while Mumbai registered the most billionaires amongst all ages, Bengaluru was the millennial billionaire’s capital. With a combined net worth of Rs 40,000 crore, all of India’s self-made entrepreneurs under 40 built their businesses from technology-based ventures.

Divyank Turakhia, founder of Media.net, topped the rankings. In 2010, Media.net became one of the top 5 largest online advertising businesses in the world. In 2016, Turakhia sold the enterprise in an all-cash deal – the third largest acquisition transaction in the online advertising industry across the globe, the company claims.

Ritesh Agarwal also made the list at no. 2. Agarwal earned his wealth through OYO, the world’s third-largest and fastest-growing hospitality chain of leased and franchised hotels, homes and living spaces.

The only brothers on the list are Nithin Kamath and Nikhil Kamath, who came in 3rd and 6th place respectively. The Kamath brothers built Zerodha, India’s largest retail stockbroker, andrecently launched True Beacon – a global ecosystem of proprietary investment products and capital markets services.

The youngest self-made entrepreneur under 40 is Ritesh Agarwal (25) with a net worth of Rs 7,500 crore, followed by Nikhil Kamath (33) with a net worth of Rs 4,400 crore. Bhavish Agarwal (34) of Ola comes in third with a net worth of Rs 3,100 crore.

Rapid advancements in technology enabled ‘millennial entrepreneurs’ such as Agarwal and Kamat, according to the company.

The Hurun Report India, which is indicative of a robust and diverse economy and thriving entrepreneurship in India, attributes a conducive market environment, ease of access to institutional capital, a beneficial risk-reward scenario, and the presence of young entrepreneurial leaders as critical drivers for growing the numbers added to the rich list every year.

Take a look at some figures from the 2019 Rich List below:

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