India had as many as 185 billionaires in 2024, making its billionaire depend highest on the earth after the USA (835) and China (427), in accordance with UBS’ newest Billionaire Ambitions Report.
Reliance Industries head Mukesh Ambani (left) and Gautam Adani (File Photograph/Used for illustration)
India added 32 billionaires in the course of the previous 12 months, a bounce of round 21%, and greater than double (123%) since 2015, the report discovered. Over the previous 12 months, the web price of billionaires in India rose 42.1% to $905.6 billion.
The US added 84 billionaires, and in China, the quantity dropped by 93. The mixed wealth of billionaires in America climbed to $5.8 trillion from $4.6 trillion, whereas for China, it fell to $1.4 trillion from $1.8 trillion.
General, between 2015 and 2024, the entire billionaire fortune elevated by 121% globally, from $6.3 trillion to $14 trillion, whereas the variety of billionaires reached 2,682 from 1,757 throughout the identical interval.
India to witness “significant” rise in billionaires: Report
The research, presently in its tenth 12 months, estimated that over the following decade, India is poised to witness a “significant” rise in its depend of billionaire entrepreneurs, very similar to neighbour China did 4 years in the past.
Moreover, the report recognized 108 publicly-listed household companies in India, putting the nation at third on this class as nicely.
It stated, “Family businesses have played a pivotal role in India’s economic transformation. India boasts one of the highest numbers of publicly listed family-owned businesses globally, many of which have thrived across generations.”
“From traditional family-backed conglomerates to innovative businesses in pharmaceuticals, edtech, fintech, and food delivery, these entrepreneurs have capitalized on emerging opportunities in the new economy,” the survey famous.