India is witnessing a remarkable increase in the number of billionaires, with the Hurun India 2024 report indicating that a new billionaire has emerged every five days over the past year. Notably, India has crossed a significant milestone in billionaire rankings, surpassing the 300 mark for the first time. This signals a robust growth in wealth accumulation, with a total of 334 billionaires now residing in the country, representing an increase of 75 individuals compared to the previous year.
Billionaire Count Surpasses 300
According to Anas Rahman Junaid, founder and chief researcher of Hurun India, the country continues to excel in the ‘Wealth Creation Olympics,’ achieving gold status. The Hurun India 2024 Rich List has seen the count of billionaires exceed 300, featuring many fresh faces across various sectors. This report highlights India’s emergence as a leading wealth creation engine in Asia, showcasing the diverse opportunities for economic growth and investment within the country.
Comparison with Global Trends
While China has experienced a 25% decline in billionaire numbers, India has seen a remarkable 29% increase, reaching a historic total of 334 billionaires. For the first time, 1,539 individuals have been included in the Hurun India Rich List, reflecting a diverse range of wealth creators—ranging from family-run businesses and startup founders to private equity investors and film stars.
Distribution of Wealth
The patterns of wealth creation in India have become more decentralized and broad-based. The report indicates that the number of cities represented in the rich list has expanded from 95 to 97 over the past year, marking a growth in presence beyond ten cities since the list’s inception. In total, 1,539 individuals in India possess at least ₹1,000 crore, with 534 individuals classified as High Net Worth Individuals (HNWIs) boasting at least ₹5,000 crore in assets.
Growth in Average Wealth
The current dataset reveals that there are approximately 5,000 individuals in India with a net worth exceeding ₹1,000 crore. The cumulative wealth of India’s richest has grown by 46%, while the average wealth has increased by 25%. The report notes that 1,334 individuals saw either an increase or stability in their wealth, with 272 new entrants. However, 205 individuals witnessed a decline in their net worth, and 45 individuals were removed from the list.
The Youngest Billionaire
Among the notable entrants in the billionaire ranks is Kaivalya Vohra, founder of the quick commerce delivery firm Zepto, who, at just 21 years old, boasts a net worth of ₹3,600 crore. Other relatively young billionaires include Harshil Mathur and Shashank Kumar, co-founders of the payment solutions app Razorpay, both aged 33. At the top of India’s billionaire list is Gautam Adani, with a staggering net worth of ₹11.6 lakh crore, followed closely by Mukesh Ambani at ₹10.14 lakh crore. Other prominent figures include Shiv Nadar of HCL Technologies, Cyrus Poonawalla, also known as the ‘Vaccine King,’ Dilip Shanghvi, Kumar Mangalam Birla, the Hinduja family, Radhakishan Damani, Azim Premji, and Neeraj Bajaj.
