India's billionaire count doubles to 185 in 10 years
What's the story
The number of billionaires in India has more than doubled to 185 over the last decade under Prime Minister Narendra Modi's leadership, according to a UBS report.
According per the latest UBS Billionaire Ambitions Report, India also has become the third largest billionaire hub, with collective wealth of billionaires rising 42% to over $905 billion in the last fiscal.
Growth drivers
Family businesses and economic climate fuel wealth growth
The phenomenal rise in billionaire wealth can be largely credited to family-run businesses and a conducive economic environment.
Most of these multi-generational companies are publicly listed, working in different sectors from pharmaceuticals to online education, financial technology, and food delivery.
"It's been a time of exceptional economic growth," the report notes, crediting structural reforms introduced by Modi government for making India's economy the fifth largest globally.
Global comparison
India's billionaire wealth growth outpaces global trend
While the global growth of billionaire wealth has slowed down, India continues to defy the trend.
The UBS report indicates that urbanization, digital adoption, manufacturing expansion, and transition to new energy sources could further accelerate this growth.
It also predicts a significant increase in the number of Indian billionaires over the next decade, following China's pre-2020 growth trajectory.
Wealth distribution
Global billionaire wealth and sector-wise trend
Globally, billionaire wealth surged 121% to $14 trillion between 2015 and 2024, outpacing the MSCI AC World Index's 73% growth. The number of billionaires also grew from 1,757 to 2,682.
Although growth has slowed since 2020, the US, Europe, Middle East, Africa, and parts of Asia have continued to see billionaire wealth growth.
Tech billionaires' wealth tripled to $2.4 trillion since 2015, thanks to AI, cybersecurity, fintech, and robotics.