1 billionaire in every 5 days: How India is becoming richer (2024)

The number of billionaires in India is growing — from 109 in 2014 to 334 this year. According to the Hurun Rich List 2024, the country is seeing a rise in wealth creation at a rapid pace, with the total worth of the super-rich amounting to an estimated Rs 159 lakh crore, surpassing the combined GDP of Saudi Arabia and Switzerlandread more

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1 billionaire in every 5 days: How India is becoming richer (1)

Actor and Kolkata Knight Riders’ co-owner Shah Rukh Khan found himself on the Hurun Rich List for the first time. File image/PTI

India’s Richie Rich list is growing at an astronomical pace! As per the Hurun Rich List 2024, India is now home to 334 billionaires and their total worth is Rs 159 lakh crore — surpassing the combined GDP of Saudi Arabia and Switzerland and accounting for more than half of India’s GDP.

The Hurun Rich List 2024 also revealed that India’s financial capital, Mumbai, has emerged as the “billionaire capital of Asia” with more billionaires than China’s capital Beijing.

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The report also reveals an interesting trend — India is creating wealth at a time when other nations are seeing a decline. Interestingly, China saw a 25 per cent decline in its number of billionaires, while India experienced a 29 per cent increase.

Here’s how India is becoming richer and much, much more.

India’s many Richie Riches

As per the Hurun Rich List 2024, India is now home to 334 billionaires, rising by 29 per cent from the previous year.

The report reveals that India’s billionaire count has been steadily rising — in 2014, there were 109 billionaires, which went up to 259 in 2023. The Hurun Rich List 2024 further revealed that India minted a new billionaire every five days.

Anas Rahman Junaid, founder and chief researcher, Hurun India, said: “India continues to score Gold in the ‘Wealth Creation Olympics’. The number of billionaires in 2024 Hurun India Rich List hits triple century, with all the top 20 sectors adding new faces to the list! The top 20 sectors all added new faces, showcasing the unstoppable spirit of Indian entrepreneurs as they drive growth across the board.”

From an industry overview, real estate and industrial products added the most significant number of new entrants to the list, the former contributing 142 billionaires. Additionally, 64 per cent of the new entrants this year are self-made individuals.

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1 billionaire in every 5 days: How India is becoming richer (2)

New, young entrants on the list

The Hurun Rich List 2024 saw the inclusion of several regulars as well as some new names.

New entrants on the list include Shah Rukh Khan as well as Zepto founders Kaivalya Vohra and Aadit Palicha. At 21, Vohra is the youngest on the list followed by his co-founder, the 22-year-old Palicha. Vohra and Palicha were students of Stanford University, when they dropped out of their computer science course and pursued entrepreneurship. Both friends started Zepto in 2021 amid the COVID pandemic, with an aim to fulfil the demand for quick and contactless delivery of essential goods.

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At the age of 58, Bollywood superstar Shah Rukh Khan entered the list with a wealth of Rs 7,300 crore, powered by his stakes in IPL team Kolkata Knight Riders and film production company Red Chillies Entertainment.

Juhi Chawla, a Bollywood actor and the co-owner of Kolkata Knight Riders, also found herself on the Hurun Rich List, boasting of Rs 4,600 crore wealth.

Founders of payment solutions app Razorpay, Harshil Mathur and Shashank Kumar, also found their way on the rich list. The two of them have an estimated net worth of Rs 8,700 crores, which is approximately $1.03 billion.

Mumbai is the place for billionaires

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The Hurun Rich List also revealed that Mumbai has emerged as the “billionaire capital of Asia” with more billionaires than China’s capital Beijing. The report stated that India’s financial capital is now home to 92 billionaires compared to Beijing’s count of 91. Additionally, Mumbai added 26 new ultra-rich individuals having a total wealth of $445 billion to the club in the same time when China’s capital city lost 18.

Delhi followed Mumbai with the most billionaires to gain the second spot. Hyderabad surpassed Bengaluru for the first time to take the third position in the number of wealthy residents. Other cities in the top 10 are Chennai, Kolkata, Ahmedabad, Pune, Surat, and Gurugram.

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1 billionaire in every 5 days: How India is becoming richer (3)

Factors contributing to India’s wealth creation

But, what is the reason behind India’s rich becoming wealthier? Experts note that a new generation of entrepreneurs is responsible for the explosive growth in private wealth in India. As well as the large number of entrepreneurs, India’s competitive wages and an English-speaking population is also the reason for India’s economic rise.

Domestic economic reforms are also credited for the rise in the number of wealthy people in the country. As The Guardian notes, starting slowly in the 1980s, and then more dramatically against the backdrop of a wrenching financial crisis in 1991, India dismantled the dusty stockade of rules and tariffs that made up the Licence Raj. Companies that had been cosseted under the old regime were cleared out via a mix of deregulation, foreign investment and heightened competition. In sector after sector, from airlines and banks to steel and telecoms, the ranks of India’s tycoons began to swell.

However, the high growth in India’s wealth is not proportionate. A previous World Inequality Lab report has revealed that the wealth concentrated in the richest one per cent of India’s population is at its highest in six decades and the percentage share of income exceeds that of countries including Brazil and the United States.

By the end of 2023, India’s richest citizens owned 40.1 per cent of the country’s wealth, the highest since 1961, and their share of total income was 22.6 per cent, the most since 1922, said the study.

Moreover, many of India’s rich are also leaving the country in large numbers. Australia, the US, and Canada have become the favourite new homes for rich people from around the world.

With inputs from agencies

1 billionaire in every 5 days: How India is becoming richer (4)

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1 billionaire in every 5 days: How India is becoming richer (2024)

FAQs

Why does India have so many billionaires? ›

Since India, which won its independence in 1947 from Britain, opened its markets to foreign investment in 1992, its number of billionaires has surged. "The 'Billionaire Raj' headed by India's modern bourgeoisie is now more unequal than the British Raj headed by the colonialist forces," the authors said.

In which year will India become the richest country in the world? ›

RBI deputy governor Michael Patra says that it is “possible to imagine India striking out into the next decade to become the second largest economy in the world not by 2048, but by 2031 and the largest economy of the world by 2060.”

How to earn billions in India? ›

How To Become Rich In India
  1. 6 Ways to Become Rich in India. Like everyone, you too want to become rich. ...
  2. Living Within Your Means. This means managing debt and learning to budget. ...
  3. Creating An Emergency Fund. ...
  4. Making Money From Stock Market. ...
  5. Mutual Fund Investments. ...
  6. Rebalancing Portfolio. ...
  7. Becoming A Venture Capitalist.
May 13, 2024

Who is said to be billionaire in India? ›

Hurun India Rich List 2024: Gautam Adani at #1 ahead of Mukesh Ambani, India's total billionaire count has crossed 300, cumulative wealth is at ₹159 lakh crore, and Shah Rukh Khan has made it to the list for the first time. We bring you the details.

Why Indians are richest in USA? ›

According to Goenka, Indians value good education and are the most educated ethnic group. He added that Indians work very hard along with being frugal in their habits. “We are smart. We are in IT, engineering and medicine- the highest paying jobs”.

Why is India becoming so wealthy? ›

India is one of the fastest-growing economies in the world. Agriculture was once India's main source of revenue and income but it fell to approximately 16.7% of the country's GDP by 2022. The service industry in India increased from a fraction of the GDP to approximately 48.4% from the early 1960s through 2022.

Is India a rich country yes or no? ›

India has a fast-growing, diverse economy with a large, skilled workforce. But because of its population, it's also one of the poorest countries in the world based on income and gross national product per capita. Although agriculture employs the most workers, services are the major source of economic growth.

In which country can Indians become rich? ›

The UAE is increasingly drawing in wealthy Indians in comparison to other popular destinations such as Australia, Singapore, and the US. In the past year, Dubai's property market raked in 16 billion dirhams (Rs 35,500 crore) from Indian buyers, almost doubling the amount from 2021.

How powerful is India in the world? ›

Top 10 most powerful countries in the world, by military strength (in 2024):
RankNationPower Index
3China0.0706
4India0.1023
5South Korea0.1416
6United Kingdom0.1443
6 more rows
Jun 10, 2024

Which business is booming in India? ›

The fastest-growing businesses in India include website designing, interior designing and decorating, and digital marketing services.

What do top 1% earn in India? ›

The top 1 per cent earn on average Rs 5.3 million, 23 times the average Indian (Rs 0.23 million). Average incomes for the bottom 50 per cent and the middle 40 per cent stood at Rs 71,000 (0.3 times national average) and Rs 1,65,000 (0.7 times national average), respectively.

Who is the most profitable person in India? ›

1. Mukesh Ambani. Mr Mukesh Ambani, the Managing Director and Chairman of Reliance Industries, is India's wealthiest individual. As reported by Forbes, Reliance Industries has a revenue of over Rs 9.03 lakh crore ($109.4 billion).

How many billionaires stay in India? ›

India now has 334 billionaires

Indian billionaires live across 134 cities, with five of the top 10 residing in the financial capital - Mumbai.

Who was the youngest billionaire of India? ›

The youngest billionaires of the country are Harshil Mathur and Shashank Kumar, ( both aged 33) and founder of RazorPay, a payment solutions app. The youngest entrant to the richlist is 21-year old Kaivalya Vohra of Zepto, with his co-founder Aadit Palicha second youngest on the list at 22 years of age.

Who is popular billionaire in India? ›

Gautam Adani and family tops the 2024 Hurun India Rich List, as they saw a 95% increase in his wealth followed by Mukesh Ambani & family and Shiv Nadar & family to name a few. Over the past five years, six individuals have consistently remained in the India Top 10.

Why is India rich but poor? ›

The 1991 reforms brought in liberalisation, privatisation and globalisation of the economy. It led to a series of acts and policies aimed at liberalising the Indian economy to an unprecedented extent. These reforms facilitated an environment for the wealthy to profit from the less-affluent, without repercussions.

Who has more billionaires India or USA? ›

Ranked: Countries with the Most Billionaires in 2024

The gap between the two countries has now reduced to just 14 billionaires. 🇺🇸 U.S. Together, the U.S. and China account for nearly half of the 3,279 billionaires globally, leagues ahead of closest peers, #3 India (271) and #4 UK (146).

Where do most billionaires come from in India? ›

Top 10 Cities with the Most Billionaires in India in 2024
RankCityNumber of Billionaires
1Mumbai92
2New Delhi68
3Hyderabad18
4Bengaluru27
6 more rows
4 days ago

What is the top 1% in India? ›

The 10,000 wealthiest individuals of the 92 million Indian adults own an average of 22.6 billion rupees ($271.91 million) in wealth, 16,763 times the country's average, while the top 1 per cent possessing an average of 54 million in wealth.

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