Despite dip in wealth, Murali Divi remains richest in Telugu States

Though the wealth of pharma billionaire Murali Divi & family declined marginally at 1 per cent to Rs 55,700 crore, he retained the top slot in the list of the richest individuals from Andhra Pradesh and Telangana, as per the 2023 edition of 360 ONE Wealth Hurun India Rich List 2023, a compilation of the richest individuals in India having a wealth of Rs 1,000 crore or more.

P Pitchi Reddy and PV Krishna Reddy of Megha Engineering & Infrastructures were the second and third richest persons in the two Telugu States each having 196 per cent rise in their wealth at Rs 37,300 crore and Rs 35,800 crore respectively. B Parthasaradhi Reddy & family of Hetero Labs has seen 44 per cent downfall in his fortune at Rs 21,900 crore but stood at fourth position.

According to the report, My Home Industries Chairman Rameswar Rao Jupally & family have witnessed 32 per cent growth in his wealth at Rs 17,500 crore this year. The cumulative wealth of individuals in the AP & Telangana list registered a 33 per cent increase compared to last year. With five names, Medha Servo Drives contribute

Rs 5,700 crore.

. “It’s particularly noteworthy to see 12 billionaires from AP & Telangana, including Murali Divi and P Pitchi Reddy leading the charge,” said Shaji Kumar Devakar, Executive Director, 360 ONE Wealth.

Speaking further about the Rich List from Telugu States, he said: “We are thrilled to witness the remarkable growth of wealth in AP & Telangana, with 105 individuals making their mark on the list this year. The cumulative wealth of Rs 5,25,700 crore reflects the economic dynamism of this region.”

Anas Rahman Junaid, MD & Chief Researcher, Hurun India, said, “This list showcases the region’s growing economic prowess. Hyderabad’s prominence as the city of choice for 83 per cent of individuals on the list highlights its emergence as a major wealth center.

With 33 new entrants contributing Rs 76,600 crore, the AP & Telangana rich list reflects the entrepreneurial spirit and wealth creation potential of this vibrant region.”

In terms of number of individuals in the list, pharmaceuticals sector accounts for 24 per cent of the richest in AP & Telangana, followed by construction & engineering with 13 per cent of the individuals. The rich list recorded 33 new entrants in this year. These individuals contributed a cumulative wealth of Rs 76,600 crore.