India ranks 3rd globally in billionaires with 185 in 2024. 1st and 2nd are…: Report

Over the past year, the net worth of billionaires in India rose 42.1% to $905.6 billion, according to UBS' latest Billionaire Ambitions Report.

Published on: Dec 7, 2024, 13:11:02 IST

By HT News Desk, New Delhi

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India had as many as 185 billionaires in 2024, making its billionaire count highest in the world after the United States (835) and China (427), according to UBS' latest Billionaire Ambitions Report.

Reliance Industries head Mukesh Ambani (left) and Gautam Adani (File Photo/Used for representation)

India added 32 billionaires during the past 12 months, a jump of around 21%, and more than double (123%) since 2015, the report found. Over the past year, the net worth of billionaires in India rose 42.1% to $905.6 billion.

Also Read: Mukesh Ambani at top spot on Forbes India's rich list again with $108 billion net worth

The US added 84 billionaires, and in China, the number dropped by 93. The combined wealth of billionaires in America climbed to $5.8 trillion from $4.6 trillion, while for China, it fell to $1.4 trillion from $1.8 trillion.

Overall, between 2015 and 2024, the total billionaire fortune increased by 121% globally, from $6.3 trillion to $14 trillion, while the number of billionaires reached 2,682 from 1,757 during the same period.

India to witness “significant” rise in billionaires: Report

The study, currently in its 10th year, estimated that over the next decade, India is poised to witness a “significant” rise in its count of billionaire entrepreneurs, much like neighbour China did four years ago.

Additionally, the report identified 108 publicly-listed family businesses in India, placing the country at third in this category as well.

Also Read: Meet the better halves of 5 Indian billionaires

It said, “Family businesses have played a pivotal role in India's economic transformation. India boasts one of the highest numbers of publicly listed family-owned businesses globally, many of which have thrived across generations.”

“From traditional family-backed conglomerates to innovative businesses in pharmaceuticals, edtech, fintech, and food delivery, these entrepreneurs have capitalized on emerging opportunities in the new economy,” the survey noted.

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