India ranks 3rd globally with 185 billionaires in 2024, wealth up 42%: Report
- The collective net worth of India’s billionaires soared by 42.1% over the past year to $905.6 billion
India has emerged as the third-largest hub for billionaires globally, boasting 185 individuals in 2024, according to UBS’ latest Billionaire Ambitions Report. The country ranks behind the United States, which leads with 835 billionaires, and China, which follows with 427, as per the UBS report.
The report highlights India’s rapid rise in billionaire numbers, adding 32 new names in the past year—a 21% increase. Since 2015, the country has more than doubled its billionaire count, growing by 123%, the UBS report added.
Billionaire Wealth Surges in India
The collective net worth of India’s billionaires soared by 42.1% over the past year to $905.6 billion, reflecting the country’s strong economic momentum. The report credits India’s economic dynamism for driving this growth, making it a key player in global wealth creation, as per the report.
US and China Lead the Rankings
The United States added 84 billionaires in 2024, with their combined wealth climbing from $4.6 trillion to $5.8 trillion. Meanwhile, China experienced a decline, losing 93 billionaires as its total billionaire wealth fell from $1.8 trillion to $1.4 trillion, the report added.
Globally, the number of billionaires grew from 1,757 in 2015 to 2,682 in 2024, while total wealth surged by 121%, reaching $14 trillion, as per the UBS report.
The report predicts that India’s billionaire count will see a “significant” rise over the next decade, mirroring the trajectory of China in recent years.
India also ranks third globally in publicly listed family-owned businesses, with 108 identified in the study. “Family businesses have played a pivotal role in India's economic transformation,” the report stated, emphasizing their success in both traditional industries and new economy sectors like pharmaceuticals, edtech, fintech, and food delivery, as quoted by theUBS report.
This upward trend solidifies India’s position as a burgeoning global economic powerhouse, the UBS report added.
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Business NewsEconomyIndia ranks 3rd globally with 185 billionaires in 2024, wealth up 42%: Report
First Published:8 Dec 2024, 07:00 AM IST
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