Pharma still leads India’s billionaire ranks, but new wealth is fast emerging from real estate, jewellery, and tech as self-made founders redefine the country’s rich list.
India’s billionaire map is changing. While pharmaceuticals still dominate the country’s wealth rankings, new money is quietly being made in real estate, construction, chemicals, and even tech.
The latest M3M Hurun India Rich List 2025 reveals that the pharmaceutical sector remains India’s largest wealth creator, with 137 billionaires. Industrial products follow close behind with 132, while chemicals and petrochemicals contribute another 125. Software and services follow with 110 billionaires, and real estate rounds out the top five at 99.
Taken together, these top five sectors reflect the dynamic duality of India’s billionaire economy, which now draws its super-rich from both old-school manufacturing dynasties and fast-emerging, innovation-led sectors.
Gold, Steel And Concrete Are Minting New Fortunes
Some of India’s fastest-growing fortunes this year have come from old-world businesses. The jewellery industry added 25 new billionaires, which is more than any other sector, as global demand for gold and Indian craftsmanship remained strong.
Construction and engineering saw 24 new entrants, while real estate added 23 new entrants. India’s building boom, fuelled by rapid urbanisation and infrastructure expansion, is helping turn property developers and contractors into the country’s newest billionaires.
Tech’s Quiet Comeback
After a brief lull, India’s technology entrepreneurs are back in the spotlight. The software and services sector now counts 110 billionaires, up from 105 last year. Real estate has also bounced back, rising from 91 to 99 names.
Pharmaceuticals, meanwhile, continue to hold steady. Industrial and chemical billionaires have seen slight declines, suggesting a healthy churn rather than any slowdown.
Meanwhile, Aravind Srinivas, founder of Perplexity, has made his debut on the 2025 M3M Hurun India Rich List with a net worth of ₹21,190 crore, becoming the youngest billionaire on the list.
Biotech Climbs The Ladder
One of the most promising shifts this year is the rise of biotech. As India cements its role as a global centre for health-tech and life sciences innovation, entrepreneurs in biotechnology are beginning to see serious wealth creation.
By contrast, traditional beverage and bottling businesses have grown more slowly, affected by higher input costs and softer demand. The momentum has clearly shifted to sectors tied to innovation, healthcare, and infrastructure.
India’s Billionaire Heartlands
India now has 358 dollar billionaires with a combined wealth of ₹167 lakh crore — around 5% more than last year.
Mumbai continues to lead with 451 billionaires, followed by Delhi with 223 and Bengaluru with 116. Maharashtra tops the state list with 548, well ahead of Delhi and Gujarat.
The Rise Of The Self-Made Billionaire
A revolution is underway among India’s richest. Nearly two out of every three billionaires in India today are self-made, a sharp rise from just over half five years ago. Among the newcomers, almost three in four are first-generation entrepreneurs who have built their fortunes from scratch.
The youngest of them, Zepto’s 22-year-old Kaivalya Vohra and 23-year-old Aadit Palicha, capture this new spirit of ambition, proving that India’s next wave of wealth is being created as much by young tech founders as by traditional industrial giants.
Women Step Into The Big League
For the first time, a woman has entered India’s top three richest. HCL Technologies chairperson Roshni Nadar Malhotra has become the third-richest person in India with a net worth of ₹2.84 lakh crore.
Self-made woman entrepreneur Jayshree Ullal of Arista Networks leads the list, followed by Zoho’s Radha Vembu and Nykaa’s Falguni Nayar. The entry of these women into the list signals their presence in the booming tech and retail sectors in India.
The Old Guard Still Rules The Top
Despite the creation of new wealth, the top of the billionaire pyramid remains familiar. Mukesh Ambani remains India’s richest person with ₹9.55 lakh crore, followed by Gautam Adani with ₹8.15 lakh crore.
Together, the two hold almost one-eighth of India’s total billionaire wealth. The top ten alone control about 28 percent of the total, which is proof that even as new fortunes rise, India’s wealth remains concentrated among a small elite.
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