India retained its position as the third country with the biggest number of billionaires, despite a fall in their numbers, according to the annual M3M Hurun World Rich List
According to the M3M Hurun World Rich List study, there are fewer billionaires in the world, yet China and the USA continue to lead the pack. The number of billionaires in India also decreased, while Germany surpassed the UK to take fourth place. The article emphasises how the epidemic has affected both the wealth of the super-rich and the state of the world economy. India retained its position as the third country with the biggest number of billionaires, despite a fall in their numbers, according to the annual M3M Hurun World Rich List, which was published in March 2023.
Let’s examine the report’s main points in more detail.
The Global Billionaire Count Drops for the Second Time in 10 Years
Only twice in the previous ten years has the number of billionaires globally decreased, according to the M3M Hurun World Rich List’s annual billionaire report. Let’s examine the report’s main conclusions in more detail.
The Global Billionaires List
3,112 billionaires are estimated to exist in the world, which is 269 fewer than the previous year. According to the survey, five billionaires died globally on average per week during the previous 12 months.
Leading Countries with Billionaires
China led the world in the number of billionaires, with 969, which is down by 164 from the previous year. The United States of America followed with 691 billionaires, which is down by 25. Together, China and the US account for 53% of the billionaires in the world. India came in third with 187 billionaires, which is down by 28 from the previous year. Germany overtook the United Kingdom for fourth place, with 144 billionaires.
India’s Billionaire List in 2023
According to the report, India had 187 billionaires, a decrease of 28 from the previous year. Mukesh Ambani, the chairman of Reliance Industries, remained the wealthiest person in India, with a net worth of US$82 billion. Healthcare, Consumer Goods, and Chemicals were the top three industries represented on the list, with 39, 25, and 21 billionaires, respectively.
Mumbai: Billionaire capital of India
Mumbai retained its title as the billionaire capital of India, with 66 billionaires, followed by New Delhi with 39. The average age of the Indian billionaires was 66 years.
India’s Billionaire Population and Wealth Grow Significantly
The combined wealth of these billionaires is $381 billion, according to the Hurun list. India’s proportion of the world’s billionaires has been consistently rising over the past five years. It now accounts for 8% of the total global billionaire population, compared to 4.9% five years ago.
Indian-Origin Billionaires
The report also identified 30 billionaires of Indian origin who live outside of India, with LN Mittal of ArcelorMittal in London leading the pack.
Wealth Changes Among Indian Billionaires
Out of the 187 billionaires, 52 saw an increase in their wealth, including 16 new faces. 107 billionaires saw a decrease in their wealth, and 40 dropped off the list altogether. 28 billionaires managed to maintain their wealth.
Gautam Adani’s Wealth Decline
Gautam Adani, the chairman of Adani Group, suffered the biggest loss in wealth among Indian billionaires, with his net worth down by US$28 billion. The decline was due to a report by US short-seller Hindenburg in January, which led to Adani’s wealth plummeting by more than 60% from his peak. At one point, just before the report, Adani was briefly the world’s second-richest person.
Mukesh Ambani is India’s Richest
Mukesh Ambani, Chairman of Reliance Industries, retained his position as India’s richest person. He is the 4th richest in the world with a net worth of US$82bn. He is followed by Gautam Adani, who ranks 2nd in India and 8th globally, with a net worth of US$62bn.
Healthcare and Consumer Goods Lead the Way
The healthcare and consumer goods sectors in India have led the way in creating self-made billionaires. The healthcare sector added 9 new self-made billionaires, followed by consumer goods with 7. The chemicals and financial services sectors each added 3 self-made billionaires.
Radha Vembu Emerges as the Most Successful Self-Made Woman
Chennai-based Radha Vembu, the co-founder of technology company Zoho, became India’s most successful self-made woman, with a net worth of US$4 billion. She overtook Falguni Nayar of Nykaa for the first time.
Vijay Shekhar Sharma Drops Off the List
Vijay Shekhar Sharma, the founder of Paytm, dropped off the billionaire list after the underwhelming initial public offering (IPO) of his company.
Hari Krishan Aggarwal Makes the List
Hari Krishan Aggarwal, the founder of footwear manufacturer Campus Activewear, made the list for the first time with a net worth of US$2.2 billion.
India’s Richest Women
Savitri Jindal, chairperson of the OP Jindal Group, is India’s richest woman and ranks 114th on the global list with a net worth of US$14.6bn. She is followed by Roshni Nadar Malhotra of HCL Technologies, who ranks 139th globally with a net worth of US$12.5bn.
Prominent Indian Business Families
Prominent Indian business families featured on the list include the Ambani family with 7 billionaires, the Hinduja family with 6 billionaires, and the Adani family with 3 billionaires. The Godrej, Mittal, and Premji families each have 2 billionaires.
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