Billionaire Ambitions Report 2024: India's billionaire club continues to witness a sharp increase as the country now stands at third position in the global billionaire count list, only after China and the US. The count of billionaires in India has witnessed a surge of over 20 per cent to 185 in 2024, from 153 in 2023.
As for China, the dragon economy saw a decline in the billionaire count. This was primarily owing to the economic slowdown the country has been witnessing, pushing down the number of billionaires from 520 in 2023 to 427 individuals in 2024.
However, the nation still ranks second in the total billionaire count. As per the report, from 2015 to 2020, billionaire wealth grew globally at an annual rate of 10 per cent.Since 2020, the global average has stalled at 1 per cent.
"But that number masks continued expansion in the US, EMEA (Europe, Middle East and Africa) and parts of Asia, most notably India, " the report added.
Family-led businesses at the forefront
Family businesses in India have played a key role in pushing India's ranking in the billionaire list. The country has the highest number of publicly-listed family-owned businesses.
"That helps to explain why India’s billionaires have prospered most in percentage terms over the past 10 years. The number of Indian billionaires has more than doubled (+123 per cent) to 185 in the 10 years to April 2024 – our study period," the report said.
The total wealth of India's billionaire club has almost tripled by 263 per cent to $905.6 billion. These individuals have businesses across various sectors. From family-backed conglomerates to new economy businesses like pharma, edtech, fintech and food delivery. The report also stated that the country's billionaire entrepreneurs might multiply over the next 10 years just as China's did in the years until 2020.
China’s Billionaire Wealth Shrinks
While the period between 2015 and 2020 was great for the dragon economy, as the billionaire wealth increased by over 20 per cent annually, things have changed a lot post 2020. The government's push for “common prosperity” and stricter regulations have slowed China's growth path. Even the country's share in global stock market indices has dropped.
Between 2015 and 2020, the total wealth of Chinese billionaires more than doubled, jumping 137.6 per cent from $887.3 billion to $2.1 trillion. But since then, it has fallen by 16 per cent to $1.8 trillion.
