India’s GDP

The rising contribution of India’s billionaires to the national economy underscoring the growing income inequality in the country has been a talking point for years.

According to the latest figures published in Fortune India Rich List, the combined wealth of India’s richest individuals has surpassed $1 trillion, or approximately ₹99.86 lakh crore. The list identifies 185 individuals as ‘dollar billionaires,’ meaning they each possess a minimum wealth of $1 billion.

Despite global economic challenges and a 5% depreciation of the rupee against the dollar, the wealth of India’s billionaires has seen a significant increase. The total wealth of Indian dollar billionaires now accounts for 33.81% of the country’s nominal Gross Domestic Product (GDP), according to the report.

The 2024 rankings by Fortune India and Waterfield Advisors reveal that the collective wealth of India’s billionaires has grown by 50% from $832 billion in 2022. The number of dollar billionaires in India has also risen from 142 in 2022.

Reliance Group Chairman Mukesh Ambani tops the list with a wealth of $10.5 trillion.

Other notable billionaires in the top 10 include the Mistry family, Shiv Nadar, Radhakishan Damani, Sunil Mittal, and Azim Premji.

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