India had as many as 185 billionaires in 2024, making its billionaire count highest in the world after the United States (835) and China (427), according to UBS’ latest Billionaire Ambitions Report.
India added 32 billionaires during the past 12 months, a jump of around 21%, and more than double (123%) since 2015, the report found. Over the past year, the net worth of billionaires in India rose 42.1% to $905.6 billion.
The US added 84 billionaires, and in China, the number dropped by 93. The combined wealth of billionaires in America climbed to $5.8 trillion from $4.6 trillion, while for China, it fell to $1.4 trillion from $1.8 trillion.
Overall, between 2015 and 2024, the total billionaire fortune increased by 121% globally, from $6.3 trillion to $14 trillion, while the number of billionaires reached 2,682 from 1,757 during the same period.
India to witness “significant” rise in billionaires: Report
The study, currently in its 10th year, estimated that over the next decade, India is poised to witness a “significant” rise in its count of billionaire entrepreneurs, much like neighbour China did four years ago.
Additionally, the report identified 108 publicly-listed family businesses in India, placing the country at third in this category as well.
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.”
“From traditional family-backed conglomerates to innovative businesses in pharmaceuticals, edtech, fintech, and food delivery, these entrepreneurs have capitalized on emerging opportunities in the new economy,” the survey noted.