The report indicates that India ranks as the third most preferred country for billionaires in the year 2024, with 185 billionaires. This puts India in third place, coming only second to the United States, which boasts of 835 billionaire residents, and China, with 427. In the past year alone, India has minted 32 new billionaires and boasts an impressive 21% year-on-year growth and an even stratospheric 123% growth rate since 2015. Together, they raised their net worth by $ 343.4 billion in the last year and control more than $ 905.6 billion of India’s wealth.
Across the world, there is a new distribution of billionaires. Over the past year, the United States has increased its billionaire count by 84 to $5.8 trillion, up from $4.6 trillion. However, on the other end of the spectrum, China saw a decrease and actually shed 93 billionaires, which saw its billionaires’ club’s overall worth slashed to $1.4tn from $1.8tn.
Based on this report, the global billionaire count has increased from 1,757 in 2015 to 2,682 in 2024, or 53 percent. At the same time, the total billionaires’ wealth has risen from $6.3tn to $14tn, an increase of 121 per cent. These numbers illustrate how income and global prosperity have been concentrated in the top one percent of the world’s population over the last decade.
Finally, the relative reportage of India compared with other countries and its prospects for increased billionaire entrepreneurship are also discussed. In the next decade, the number of billionaires in India is also expected to rise steadily, in a similar fashion to what was seen In China four years back.
To add to its billionaire increase, India has the third largest number of family businesses listed on public exchanges at 108. This supports India’s profile in wealth creation and the dominant family business model. The results imply a continuing augmentation of India’s business influence and the increasingly important position of its businessmen in the worldwide economy.
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