Billionaires In India News

For the first time ever, Mumbai has emerged as Asia's new billionaire capital, surpassing Beijing, according to the latest Hurun Research Institute report. The financial hub of India now boasts 92 billionaires, overtaking Beijing's count and solidifying its status as a thriving center for wealth creation. Here are the top highlights from the Hurun Global Rich List 2024 and the 10 richest people in 2024 - watch! Hurun Global Rich List 2024 - As per the Harun Global Richest List 2024, Mumbai was the fastest-growing billionaire capital in the world, adding 26 in the year and taking it to third in the world and Asia's billionaire capital. New Delhi broke into the Top 10 for the first time. Mukesh Ambani and his family kept the title of India's richest person. Here are the top Richest persons in India as per Harun Global Rich List 2024 Want to make your money go further & work harder for you? Here are 20 Personal Finance Strategies from Mint. Check out our new coffee table book authored by Neil Borate & the Mint Money team. Download your digital copy here! https://shorturl.at/dDUV1 Mint is an Indian financial daily newspaper published by HT Media. The Mint YT Channel brings you cutting edge analysis of the latest business news and financial news. With in-depth market coverage, explainers and expert opinions, we break down and simplify business news for you. Click here to download the Mint App https://livemint.onelink.me/MrDS/p0kx3pdg

On an average, Indian billionaires increased their wealth by 120%. While the bottom 50% continue to battle inflation, and saw their wealth depreciate during the exact same period. An obvious question this gives rise to is if India should consider taxing its super rich. But more on that later. OXFAM recently published a report called ‘survival of the richest’’ on the opening day of World Economic Forum in Davos, Switzerland. The report makes more such shocking claims. It goes on to say that the richest 1% of the country own more than 40% of India’s total wealth. Whereas the bottom 50% or 70 crore people own just 3% of India’s total wealth.

For any country to uplift its people, the benefits of economic growth need to flow evenly to the entire population

India currently has 119 billionaires, the third highest after the US and China, and this number is expected to swell to 357 by 2027, according to a AfrAsia Bank report

IIFL Holdings Ltd more than doubled in the past 12 months, a surge that pushed his net worth to $1 billion for the first time this week, according to the Bloomberg Billionaire Index

In the five years through 2017, the number of Indians with wealth of $500 million or more grew by 43%. In the next five years, Knight Frank estimates it will grow by 70%

UHNIs allocated 16% of their income to leisure and ad-hoc expenditure, at least 65% of respondents said they had increased their allocation to this category, says a Kotak Wealth Management report

India has total wealth more than France, Canada, Australia and Italy while the US and China top the list of the wealthiest countries in the world, says a report by New World Wealth

Mukesh Ambani cemented his decade-long position on Forbes’ list as India’s richest man by adding a staggering $15.3 billion (67%) to his last year’s wealth

Oxfam International's global income inequality report says 57 billionaires in India have the same amount of wealth as the bottom 70%