India has seen a remarkable increase in its billionaire count, reaching 185 in 2024, marking a 20% rise from 153 in 2023. This surge places India third globally, following the US and China. The UBS Billionaire Ambitions Report highlights India’s growing wealth, driven by family-led businesses and diverse sectors, including pharma, fintech, and edtech. Meanwhile, China’s billionaire numbers dropped from 520 in 2023 to 427 in 2024, owing to economic slowdowns and regulatory changes. The report projects India’s billionaire growth trajectory will continue, resembling China’s growth pattern up until 2020.
Key Points from the UBS Report
India’s Billionaire Surge: India’s billionaire count has soared by over 20% in the past year, reaching 185 in 2024. This marks a substantial growth in comparison to 153 in 2023 and a 123% increase since 2015. The country’s billionaire wealth also surged 42.1%, totaling $905.6 billion.
China’s Decline: China’s billionaire count dropped by 93, from 520 in 2023 to 427 in 2024, a direct impact of the country’s economic slowdown. Despite this, China remains in the second spot globally in terms of billionaire count, but its wealth has decreased from $2.1 trillion in 2020 to $1.8 trillion in 2024.
The Role of Family Businesses: India’s growth is significantly influenced by family-led businesses, with the country ranking third globally in the number of publicly listed family-owned businesses. These businesses have thrived, diversifying into various emerging sectors such as pharma, edtech, and food delivery.
Global Wealth Trends: Globally, billionaire wealth grew by 121% from 2015 to 2024, with the total fortune reaching $14 trillion, up from $6.3 trillion. India’s share in this growth is notable, with the country poised for a further increase in billionaire entrepreneurs in the next decade.
Future Outlook for India and China
India’s Bright Future: India is expected to continue witnessing rapid growth in its billionaire count over the next decade, similar to the rise China experienced until 2020. This is attributed to the country’s thriving family businesses and expanding sectors like fintech and pharma.
China’s Challenges: China’s billionaire wealth growth has stalled post-2020, and government policies pushing “common prosperity” have added to the challenges. Despite the drop, China remains a global leader in billionaire count, though its financial outlook is less optimistic than India’s.
Summary of the news
| Why in News | Key Points |
|---|---|
| India’s billionaire count surges | India’s billionaire count increased by 20% to 185 in 2024 from 153 in 2023, placing it 3rd globally, after the US and China. |
| Family businesses’ role in growth | India has the highest number of publicly listed family-owned businesses, contributing to the rise in billionaire wealth. |
| China’s billionaire count drops | China’s billionaire count dropped from 520 in 2023 to 427 in 2024, largely due to economic slowdown and stricter regulations. |
| India’s billionaire wealth growth | India’s billionaire wealth rose 42.1% to $905.6 billion, marking a 263% increase over the past decade. |
| Global billionaire trends | The total wealth of billionaires worldwide grew by 121% from 2015 to 2024, reaching $14 trillion. |
| Family businesses in India | India ranks 3rd globally with 108 publicly-listed family businesses, contributing to economic transformation. |
| Projected growth for India | India is projected to see a continued rise in billionaires over the next decade, similar to China’s earlier growth trajectory. |
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