Number of billionaires in India reach 185, third most in world

Updated: Dec 9th, 2024


The number of billionaires in India grew from 153 to 185 this year, according to the UBS Billionaire Ambitions Report 2024. As per the report, the wealth of Indian billionaires’ increased by 42.1% to $905.6 billion.

With this, India secured the third rank in the world considering the number of billionaires. The first is US with 835 billionaires, and second is China with 427 billionaires.

Country No. of billionaires in 2024 Growth %
USA 835 11.2%
China 427 -17.9%
India 185 20.9%
Germany 117 7.3%
Switzerland 85 13.3%

The report stated that family businesses have played a pivotal role in economic growth of the country, as the country is one of the top players when it comes to family owned generational businesses that are also publicly listed.

The report cited IA 2017 Credit Suisse report, which mentioned 108 publicly listed family owned businesses in India, the third-highest in the world at that time. 

“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%) to 185 in the 10 years to April 2024 – our study period. Their total wealth has almost tripled (+263%) to $905.6 billion,” the report states.

It noted that NSE Nifty 500 has also more than doubled in last 10 years, with businesses in the sectors such as pharmaceuticals, edtech, fintech, and food delivery thriving.

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