India has emerged major billionaire hub globally, but lags behind China and the US in several key aspects, according to the latest data from the Hurun Global Rich List 2024.
India, the world’s largest democracy and a burgeoning economy, boasts 271 billionaires, showcasing significant wealth accumulation within its borders. However, when compared to its counterparts, China with 814 billionaires and the US with 800, India’s billionaire count falls short.
The report highlights that while India saw 94 new faces joining the billionaire ranks this year, it also experienced a relatively low number of drop-offs at 7. Mumbai stands out as India’s top city for billionaires, with 92 individuals calling it home to their fortunes.
Scope for growth
Despite the impressive number of billionaires, India’s contribution to the global billionaire wealth remains at a modest 7%, indicating room for further growth and wealth accumulation. Moreover, the number of women billionaires in India is comparatively low, standing at 19, reflecting broader gender disparities in wealth distribution.
One of the significant findings of the report is the migration patterns of billionaires. India has 35 emigrant billionaires, indicating a trend of wealthy individuals seeking opportunities abroad. In contrast, there are no immigrant billionaires in India, suggesting a lack of significant foreign wealth influx into the country.
Furthermore, the data underscores the entrepreneurial spirit within India, with 54% of billionaires being self-made. However, this percentage is notably lower than China’s 90% and the USA’s 71%, indicating potential areas for improvement in fostering homegrown entrepreneurship.
The top industries driving wealth creation in India include pharmaceuticals, automobile, and auto components, and chemicals. While these sectors have contributed to India’s billionaire landscape, they pale in comparison to the dominance of financial services, media & entertainment, and software & services in the USA.
Despite the disparities, India’s presence in the global billionaire landscape signifies its growing economic prowess and potential for further development. With initiatives aimed at fostering entrepreneurship and innovation, India is poised to see continued growth in its billionaire ranks in the coming years.