The total wealth of India's billionaires has tripled over the past 10 years, increasing by 263% to 905.6 billion USD, as of April 2024
As reported by the largest Swiss financial holding - UBS Group, the number of Indian billionaires more than doubled during this period and approached 300. There are currently 108 officially registered family business enterprises in the country with capital over 1 billion USD, making India the third largest country in the world by this metric.
Family businesses have played a crucial role in driving India's economic growth and have had a significant impact on transforming the country's economy. A significant boost to the increase in the number of Indian billionaires has been given by factors such as urbanization, growth in industrial production capacity and India's transition to green energy, UBS points out.
Over the next decade, India's billionaire growth trajectory will continue, similar to that seen in China before 2020
As reported earlier by the rating agency Hurun India, the Indian metropolis Mumbai (western state of Maharashtra) became the leader among Asian cities in terms of the number of living billionaires. Now 92 billionaires live there, compared to 91 in the Chinese capital. Globally, Mumbai has the third highest number of billionaires after New York (119 people) and London (97 people).
The spheres that have brought multi-million fortunes to Indians are energy, pharmaceuticals and the real estate market.
The first place among the richest residents of Mumbai is firmly held by businessman Mukesh Ambani, who owns the Reliance Industries holding. It operates in power, petrochemicals, textiles, natural resources, retail and telecommunications across India. In the "golden list" are also the owner of the industrial conglomerate Adani Group Gautam Adani, the head of the IT consulting company HCL Shiv Nadar, the owner of the Indian Serum Institute, which produces vaccines, Cyrus Poonawalla, the managing director of the pharmaceutical company Sun Pharmaceuticals Dilip Shanghvi and others.< /p>