 "India 3rd in highest number of billionaires in '24, wealth up 42%: Report")
India ranked third globally in billionaire count in 2024, with 185 billionaires, trailing only the US (835) and China (427), according to UBS' latest Billionaire Ambitions Report.
The country saw the addition of 32 billionaires in the past year, reflecting a 21 per cent increase, and a remarkable 123 per cent growth since 2015. The combined wealth of Indian billionaires surged by 42.1 per cent over the year to $905.6 billion.
Trends in the US and China
While the US gained 84 billionaires, China witnessed a decline of 93. American billionaires’ collective wealth grew from $4.6 trillion to $5.8 trillion, whereas China's total wealth dropped from $1.8 trillion to $1.4 trillion.
Globally, the billionaire population expanded from 1,757 in 2015 to 2,682 in 2024, with their cumulative wealth rising from $6.3 trillion to $14 trillion — an increase of 121 per cent.
The report said, "From 2015 to 2020, billionaire wealth grew globally at an annual rate of 10 per cent. Since 2020, the global average has stalled at 1 per cent. But that number masks continued expansion in the US, EMEA and parts of Asia, most notably India."
Of the 2,682 billionaires in 2024, 1,877 were self-made, while 805 came from multigenerational wealth.
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Billionaire growth in India
India is expected to experience a “significant” rise in billionaire entrepreneurs over the next decade, mirroring China’s trajectory from four years ago. The report also acknowledged the prevalence of family-owned businesses, with 108 publicly listed entities, placing India third globally in this category.
It said, "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."
Tech leads over 10 years
Over the last decade, tech billionaires have seen the fastest wealth growth globally, tripling from $788.9 billion in 2015 to $2.4 trillion in 2024.
The report noted, "In the earlier years, the new billionaires commercialised e-commerce, social media and digital payments; more recently they engineered the generative AI boom, while also developing cybersecurity, fintech, 3D printing and robotics."
Industrialists came next, with their wealth rising from $480.4 billion to $1.3 trillion, driven by advancements in aerospace, defence, electric vehicles, and green technologies. Materials sector billionaires followed, with assets increasing from $718.1 billion to $1.8 trillion, led by investments in raw materials, agriculture, and renewable energy.
The real estate sector, however, lagged behind, with wealth growing modestly from $534 billion in 2015 to $692.3 billion in 2024. Factors included China's property market correction, the pandemic’s impact on commercial real estate, and rising interest rates in the US and Europe.