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April 20, 2024

India has the third highest number of billionaires in the world

Hurun Report, a private research, media and investment business established in 1999, released its Global Rich List yesterday. 


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The list ranks 3228 billionaires from 2402 companies and 68 countries. Hurun Report chairman and chief researcher Rupert Hoogewerf said, “Despite the disruption caused by Covid-19, this year has seen the biggest wealth increase of the last decade. A stock markets boom, driven partly by quantitative easing, and flurry of new listings have minted eight new dollar billionaires a week for the past year.” The total wealth of billionaires increased by 32 percent from $3.5TN to $14.7TN. Understandably, healthcare was one of the fastest risers of 2020. Sectors like e-commerce and electric vehicles were among the top sources of wealth over the last year.  


Source: Hurun Research Institute 2021
The list for 2021 places entrepreneur Elon Musk in the first position, as he added a record $151BN to his wealth, reaching a staggering total of $197BN. The massive sum works out to earnings of just under a billion dollars every two days. Luxury business honcho, Bernard Arnault, of LVMH dropped down one place to third position with $114BN. 231 self-made women are a part of the extensive list as well. Alice Walton of Walmart leads the pack as the richest woman in the world with $74bn in the bank, and Francoise Bettencourt Meyers of L’Oreal comes a close second with a net worth of $66BN. In India, Biocon’s founder and MD Kiran Mazumdar Shaw is the richest female entrepreneur, according to the Hurun Rich List 2021.


Source: Hurun Research Institute 2021
Mukesh Ambani is the only Indian to make an appearance in the top 10 of the list. His wealth increased by 24% last year, totalling to eye-popping $83BN. The Mumbai-based magnate’s company Reliance is India’s largest exporter, accounting for 8% of the country’s exports and 5% of India’s total revenues from customs and excise duty. Reliance is planning a calculated shift to renewable energy and has decided to venture into the battery making business ahead of the electric vehicle boom.  
Mukesh Ambani
Mukesh Ambani. Source: Facebook
Number 2 in India is the Adani family, Gautam Adani saw his wealth almost double to $32BN, on the back of Adani Green Energy attaining a $20BN valuation. Shiv Nadar and family of HCL take the #3 spot with their wealth rising to $27bn. 
Lakshmi Mittal, with a valuation of $19bn, takes the 4th spot. As healthcare is playing a major role in people’s lives this year. Cyrus Poonawalla of Serum Institute of India, is the 5th richest Indian on the Hurun Rich List. His wealth totals $18.5bn. Hero Cycles manufacturer Pankaj Munjal and family made to the list for the first time with wealth totalling $1.2bn, thanks to the surge in the demand for e-bikes in India. Other notable entrants are Murli Divi and family of pharma bigwig Divi’s Laboratories and Kumar Mangalam Birla and family of the global conglomerate Aditya Birla Group 


Source: Hurun Research Institute 2021
For the 6th year running, Beijing is the world’s billionaire capital, with a total of 145 billionaires, Shanghai and New York take 2nd and 3rd place. India has about 209 billionaires, of which 177 reside in the country. Mumbai proves to be the billionaire capital of India with 61 billionaires, followed by New Delhi with 40 billionaire residents.  
Elon Musk, Tesla
Elon Musk. Source: Instagram
Also Read: 

Knight Frank India’s report reveals positive trends in the real estate sector

Despite an uncertain economic market, ultra rich Indians’ wealth grew by 59% in 2020





Ruhi Gilder


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