From 2015 to 2020, billionaire wealth grew globally at an annual rate of 10%. Since 2020, the global average has stalled at 1%. But that number masks continued expansion in the US,EMEA and parts of Asia, most notably India, “Billionaire Ambitions Report 2024” published by UBS says
Zurich: In global wealth creation, India is a bright spot in the Asia-Pacific (APAC) region as the country’s billionaires now have the third-highest total wealth of any country, behind the US and China, according to “Billionaire Ambitions Report 2024” published by UBS, a multinational investment bank and financial services company, on Friday.
The number of Indian billionaires has more than doubled (+123%) to 185 in the 10 years to April 2024. Their total wealth has almost tripled (+263%) to USD 905.6 billion. It’s been a time of exceptional economic growth, said the report .
Between 2015 and 2024, total billionaire wealth in the world increased by 121% globally from USD 6.3 trillion to USD 14.0 trillion, said the report.
From 2015 to 2020, billionaire wealth grew globally at an annual rate of 10%. Since 2020, the global average has stalled at 1%. But that number masks continued expansion in the US,EMEA and parts of Asia, most notably India, the report says.
The rise of family-led businesses in India In India, family businesses are playing a major role in the country’s economic breakthrough.
“As India breaks into the top league of economies worldwide, it also has among the highest numbers of publicly listed family-owned businesses, many of them spanning several generations.”
Family businesses have played their part, some of them owned by billionaires. A 2017 Credit Suisse report found that India had 108 publicly listed family owned businesses – at the time the third-highest in the world.
As India’s NSE Nifty 500 Index has more than doubled (+109% in USD terms) over 10 years, billionaire families have prospered in parallel.
Their businesses come from many sectors. They include established family-backed conglomerates, as well as new economy businesses in areas such as pharmaceuticals, edtech, fintech and food delivery.
During two completed terms in office, Prime Minister Narendra Modi’s National Democratic Alliance government introduced structural reforms that have helped propel the economy to the fifth-biggest in the world.
After the National Democratic Alliance won a third term in office during 2024, the rapid growth is expected to continue. Rising urbanization, digitalization, growing manufacturing and preparation for the energy transition are maintaining the momentum.
It may well be that India’s billionaire entrepreneurs multiply over the next 10 years just as China’s did in the years until 2020, suggested the report.