According to the report published on Thursday, the total assets of Indian billionaires reached $905 billion during the April 2023 to March 2024 period. This marks a 42 percent increase from the previous fiscal year, positioning India as the third-largest country by billionaire wealth, behind the United States and China.
Compared to a decade ago, Indian billionaire wealth has tripled, growing by 263 percent. The average wealth per individual is now around $4.9 billion.
The report attributes India's rise in billionaire wealth to its growing presence in the global economy and its large number of family-owned publicly traded companies, which have significantly contributed to the surge in billionaires over the past ten years.
While global billionaire wealth growth has slowed, India stands out as an exception. The report suggests that the dynamic nature of Indian entrepreneurs and the country's favorable economic environment are key factors driving this trend.
Looking ahead, the report predicts that the growth of Indian billionaires will continue, fueled by urbanization, digitalization, growth in manufacturing, and the ongoing energy transition. Much like China in the past decade, India is expected to see a dramatic rise in billionaire entrepreneurs over the next ten years.
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