M3M India and Hurun India Release the 15th Edition of the M3M Hurun India Rich List 2026

Mumbai, 23 September 2026 : M3M India and Hurun India launched the 15th edition of the M3M Hurun India Rich List 2026, a list of individuals born or brought up in India with wealth of INR 1,000 crore or more, regardless of their current residence or passport. Wealth calculations are a snapshot as of 24 August 2026, when the exchange rate was INR 95.63 to the US dollar.

The M3M Hurun India Rich List 2026 features 1,810 individuals, up 128 from last year, across 163 cities, 106 of them in India. Their combined wealth stands at INR 187.5 lakh crore (USD 1.96 trillion), a 12.8% rise, even as the Nifty 50 fell 3.9% and the Sensex declined 5.8% over the same period. India now counts a record 391 dollar billionaires, up 27 from last year. Gautam Adani (64) & family reclaim the No. 1 spot with INR 9.23 lakh crore, ahead of Mukesh Ambani (69) & family at INR 8.63 lakh crore, while LN Mittal (76) & family climb eight places to third at INR 3.39 lakh crore. Mumbai leads with 465 individuals, followed by New Delhi (236) and Bengaluru (129). Industrial Products is the most populous sector with 166 entrants, followed by Chemicals (142) and Pharmaceuticals (136), and Artificial Intelligence enters as a sector for the first time with 19 entrants worth INR 3.07 lakh crore. A record 1,266 entrepreneurs, 70% of the list, are self-made, and 131 women feature on the list, up from 100 last year.

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. The 2026 M3M Hurun India Rich List reflects the depth and dynamism of India’s wealth-creation story. 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. As a promoter, I see the Rich List as more than a measure of wealth; it offers a window into the sectors, cities and entrepreneurial journeys shaping India’s economic trajectory. I congratulate this year’s new entrants and all the wealth creators featured. For M3M, our partnership with Hurun represents a shared commitment to documenting these shifts and understanding where Indian enterprise is headed next.”

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. India has a record 391 dollar billionaires, including 76 new entrants. At the 2014 exchange rate, we would have 559, with the same fortunes. Artificial intelligence makes its debut as a standalone industry with 19 individuals worth INR 3.07 lakh crore, including 15 new entrants. If you want to understand the story of wealth creation in India, the M3M Hurun India Rich List is a good place to start.”

Methodology

The M3M Hurun India Rich List 2026 has been researched and compiled by the Hurun Research Institute for the fifteenth year running. The cut-off date was 24 August 2026, when the exchange rate to the US dollar was INR 95.6346. The list includes individuals born or brought up in India, regardless of their current residence or passport.

Valuing the wealth of India’s richest is as much an art as it is a science. Hurun Research has certainly missed some, but our endeavour has been to develop the most comprehensive report of its kind, with the objective of identifying and acknowledging India’s top entrepreneurs and business owners. Sources of wealth include both inherited and self-made wealth. Hurun Report’s team of researchers have travelled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists and investors.

Hurun Research only uses publicly available data. For unlisted companies, Hurun Research’s valuation is based on the most recent investor round and a comparison with listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to Sales and EV to EBITDA.

Restated comparatives. Where a family holding has been disaggregated between individual members for the 2026 edition, the 2025 comparative has been restated on the same basis so that year-on-year wealth changes are measured like for like. The Bajaj Group and Torrent Pharmaceuticals holdings are the most significant instances. Ranks for 2025 are shown as originally published. Industry classifications were also restructured for 2026, from 44 categories to 33; year-on-year sector comparisons are therefore limited to categories whose definitions are unchanged.