India Adds 94 New Billionaires in 2023, Surpassing $1 Trillion Wealth Mark – South Asia Time

India Adds 94 New Billionaires in 2023, Surpassing $1 Trillion Wealth Mark

 March 26, 2024  

New Delhi — India has witnessed a staggering surge in billionaire wealth, with the addition of 94 new billionaires in 2023, bringing the country’s total to 271, according to the latest report from the Hurun Global Rich List. The combined wealth of India’s billionaire cohort now stands at a staggering $1 trillion, underscoring the country’s growing economic prowess on the global stage.

Reliance Industries chairman Mukesh Ambani remains the sole Indian representative in the top 10 of the ‘2024 Hurun Global Rich List,’ ranking 10th with a wealth of $115 billion. Despite a 40 percent increase in his wealth, Ambani dropped one rank compared to the previous year’s ranking. He retains his status as Asia’s richest individual.

Following closely behind Ambani is Gautam Adani, chairman of the Adani Group, who ranks 15th on the global list with a net worth of $86 billion. Adani’s wealth surged by $33 billion, attributed to a rally in his companies’ shares.

India’s remarkable billionaire boom was fueled by a booming stock market, leading the country to add 94 new billionaires in 2023, the second-highest after the United States. Key sectors driving this growth include pharmaceuticals, automobile and auto components, and chemicals. The average age of India’s billionaires stands at 67.

Mumbai emerged as the fastest-growing billionaire capital in the world, adding 26 new billionaires in the report’s year and securing the third rank globally. Meanwhile, New Delhi made its debut in the top 10 billionaire cities. The Hurun Global Rich List highlights India’s ascent as a future economic powerhouse, poised to become the world’s third-largest economy.

Anas Rahman Junaid, founder and chief researcher of Hurun India, emphasized the significance of India’s billionaire boom, stating, “The next decade holds a clear message: overlooking the Indian narrative is a risk no visionary can afford.” The report underscores India’s potential in emerging sectors such as electric vehicles, space technology, and artificial intelligence.

The global billionaire rankings were topped by Tesla CEO Elon Musk with a wealth of $231 billion, followed by Amazon founder Jeff Bezos with $185 billion. Notably, pop superstar Taylor Swift joined the billionaire club, primarily through her music ventures, with a wealth valued at $1.2 billion.

India’s burgeoning billionaire landscape reflects the country’s growing economic influence and underscores its potential to shape the global economic landscape in the coming years.