India’s billionaire community saw an unprecedented 42% growth in their wealth in 2024, bringing their total fortune to over $905 billion. This surge positioned India as the country with the third-largest concentration of billionaire wealth worldwide, trailing only the United States and China, according to the UBS Billionaire Ambitions Report.
Over the last decade, the number of billionaires in India has more than doubled, rising to 185 as of April 2024. Their collective wealth increased by an impressive 263% during this period, marking a significant shift in the global wealth distribution landscape. The report attributed this phenomenal rise to the crucial role played by family-owned businesses, which have been pivotal in propelling India’s economic growth.
India’s billionaire success story spans diverse sectors, including pharmaceuticals, educational technology, financial technology, and food delivery. Many of the enterprises driving this growth are family-run and publicly listed companies. These businesses have not only strengthened the country’s economic foundations but also contributed substantially to the creation of wealth within the billionaire community over the past decade.
While billionaire wealth globally has experienced a slowdown in growth in recent years, India stands out as a notable exception. Factors fueling India’s wealth creation include a conducive economic environment, increasing urbanization, and robust growth in the manufacturing sector. Analysts have also pointed to key economic reforms introduced by Prime Minister Narendra Modi’s government as a significant factor behind India’s emergence as the world’s fifth-largest economy. With these favorable conditions in place, experts predict that the number of billionaire entrepreneurs in India will continue to rise in the next decade.
However, the sharp growth in wealth among India’s richest has also sparked concerns about the widening economic disparity in the country. This issue has become a focal point of public debate, as critics argue that the benefits of India’s economic success are not being distributed equitably across the population.
Globally, billionaire wealth increased by 121% between 2015 and 2024, reaching a cumulative total of $14 trillion. This growth significantly outpaced the MSCI ACWI Index, highlighting the financial resilience of the world’s wealthiest individuals. Over the same period, the number of billionaires worldwide grew from 1,757 in 2015 to 2,682 in 2024. Despite this expansion, the pace of wealth growth has noticeably slowed since 2020, averaging just 1% annually in recent years. This is in stark contrast to the 10% annual growth rate recorded between 2015 and 2020.
The UBS report’s findings underscore the contrasting fortunes of billionaires globally and in India. While the global billionaire community faces a deceleration in wealth accumulation, India’s economic dynamics have propelled its wealthiest citizens into a league of their own. As this trend continues, the country’s policymakers and business leaders will need to address the economic imbalances that have sparked concerns over inequality.
