KOCHI: Which city do Kerala’s billionaires prefer for residence? Surprisingly, it’s Thrissur, not Kochi, the state’s business hub. According to the latest report by 360 One Wealth-Hurun Kerala Rich List, Thrissur is home to five billionaires, while Ernakulam houses four.
The recent list of Kerala billionaires, released by 360 One Wealth Hurun, identifies Lulu Group’s M A Yusuffali as the wealthiest Malayalee, with a wealth of Rs 55,000 crore. He is followed by his son-in-law, Shamsheer Vayalil, with Rs 33,000 crore. Shamsheer Vayalil is a new addition to the Hurun rich list and oversees a diverse investment portfolio, including Ziva, Keita, RPM, LifePharma, Burjeel Holdings, Lakeshore Hospital, and Educare Institute.
S Gopalakrishnan, co-founder of Infosys, and his family, with Rs 31,000 crore, rank third. Joy Alukkas is in the fourth position with Rs 27,600 crore, while Sunny Varkey holds the fifth spot with Rs 26,000 crore.
The cumulative wealth of individuals on the Kerala list has increased by 15% compared to the previous year, according to the report.
Thrissur residents featured on the rich list include Yusuffali, Joy Alukkas, T S Kalyanaraman of Kalyan Jewellers, Kochouseph Chittilappilly, the founder of V-Guard, and V P Nandakumar of Manappuram Finance.
Speaking about the rich list, Shaji Kumar Devakar, executive director, of 360 ONE Wealth, said, “Kerala’s representation in the 360 ONE Wealth Hurun India Rich List 2023 is remarkable, with 30 individuals showcasing the state’s growing prominence in wealth creation. The cumulative wealth of Rs 3,60,500 crore underlines the economic resilience of Kerala’s affluent. Notably, the surge in wealth and the dominance of key industries in this year’s list reiterate the state’s potential as an economic powerhouse.”