185 Billionaires In India Hold Almost Rs 76 Lakh Crore In Wealth - Report

Indian billionaires saw a remarkable 42.1 per cent rise in wealth, reaching $905.6 billion in 2024, as their numbers grew from 153 to 185, a report by UBS has said.

Despite a mixed picture across the Asia-Pacific (APAC) region, 40 new billionaires emerged in India, driven by rising equity markets and robust economic growth.

In the APAC region, growth in billionaire wealth flattened, increasing by only 1.8 per cent to USD 3.8 trillion. The number of billionaires fell from 1,019 to 981.

"In the APAC region, the picture was mixed. In contrast, billionaire wealth in Mainland China and Hong Kong SAR dropped by 16.8 per cent to $1.8 trillion, with their total number falling from 588 to 501. Overall, APAC billionaire wealth saw minimal growth of 1.8 per cent, reflecting economic and market volatility," the UBS report said.

Global Billionaire Wealth Trends

Globally, US billionaires recorded the highest gains in 2024, with their wealth rising 27.6 per cent to $5.8 trillion, comprising over 40 per cent of global billionaire wealth. The number of US billionaires grew by 11.2 per cent to 835, with 101 new entrants.

Tech Billionaires Dominate Over the Decade

Over the past decade, tech billionaires’ wealth tripled, reaching $2.4 trillion in 2024, driven by innovations in e-commerce, social media, generative AI, and cybersecurity. Industrial billionaires also saw significant growth, with their wealth rising from $480 billion to $1.3 trillion, supported by green economy investments and advanced manufacturing.

Real Estate Lags Behind

Real estate billionaires struggled, especially after 2017, due to factors like China's property market correction, the COVID-19 impact on commercial real estate, and rising interest rates in the US and Europe.

UBS Billionaire Ambitions Report

The UBS Billionaire Ambitions Report highlights trends over the past decade, chronicling how billionaire wealth has grown, been invested, and preserved for future generations. It showcases how billionaires continue to shape industries and society while adapting to regional and economic challenges.