New Delhi: The UBS’ latest Billionaire Ambitions Report mentioned that Indian billionaires’ combined combined surged 42 per cent to over $905 billion in 2023-24 and emerged as the third-largest hub for billionaires globally. With 185 individuals as billionaires in 2024, India is at the third spot with the United States at the top with 835 billionaires, and China, securing second rank with 427.
The rise of family-led businesses in India In India played a major role in the country’s economic growth. The report stated that the country has among the highest numbers of publicly listed family-owned businesses, many of them spanning several generations.
“That helps to explain why India’s billionaires have prospered most in percentage terms over the past 10 years. The number of Indian billionaires has more than doubled (+123%) to 185 in the 10 years to April 2024 – our study period. Their total wealth has almost tripled (+263%) to USD 905.6 billion,” the UBS report read.
In a shot in the arm for the Modi government, the report said with the National Democratic Alliance winning the Lok Sabha Election 2024, the rapid growth is expected to continue in the country. The UBS Billionaire Ambitions Report expects India’s billionaire entrepreneurs to multiply over the next 10 years just as China’s did in the years until 2020 as the nation is seeing record urbanisation, digitalisation, and growing manufacturing.
What’s most interesting is that North American and Indian billionaires increased their wealth, and in China the aggregate billionaire wealth fell.
Female billionaires
The report also gave an insight of the rise in female billionaires from 2015 to 2024 worldwide. The number of female billionaires increased from 190 to 344, a rise of 81 per cent%, mainly driven by the self-made. “This compares with a rise of 49% in the male population, which remains far larger at 2,338 in 2024. From a wealth perspective, female billionaires’ assets have grown by 153% to USD 1.7 trillion. Again, that outstrips the rise in male billionaires’ assets of 117% to USD 12.3 trillion,” the report stated.
UBS Billionaire Ambitions Report: India’s billionaire wealth exploded by 42% in 2023-24, reaching over $905 billion, making it the third-largest hub globally with 185 billionaires. This surge is largely attributed to the success of family-led businesses and the nation’s rapid economic growth. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
