The wealth of India’s billionaires surged by 42% in 2024, exceeding $905 billion, making India the third-largest concentration of billionaire wealth globally, behind the United States and China, according to the UBS Billionaire Ambitions Report.
The report noted that over the past decade, the number of Indian billionaires more than doubled to 185, with their collective wealth increasing by 263% as of April 2024. This trend underscores the growing prominence of Indian billionaires in the global wealth landscape, driven in part by the significant role of family-owned businesses in the country’s economic growth.
These businesses, spanning diverse sectors such as pharmaceuticals, educational technology, fintech, and food delivery—many of which are family-led and publicly listed—have been instrumental in the rise of Indian billionaires over the last decade.
While global billionaire wealth growth has slowed in recent years, India remains an exception. Factors contributing to this resilience include a favorable economic environment, rising urbanization, and a growing manufacturing sector. Economic reforms under Prime Minister Narendra Modi’s government were also cited as key drivers behind India’s ascent as the world’s fifth-largest economy. Experts predict further growth in the number of billionaire entrepreneurs in the coming decade.
However, the report also highlights growing concerns over the increasing economic disparity between the wealthy and the broader population, a debate that has intensified in India in recent years.
Globally, billionaire wealth increased by 121% from 2015 to 2024, reaching a total of $14 trillion, outpacing growth in the MSCI ACWI Index. The number of billionaires rose from 1,757 in 2015 to 2,682 in 2024. Despite this overall growth, the annual increase in wealth has slowed since 2020, averaging just 1% in recent years compared to a 10% annual growth rate between 2015 and 2020.