India’s financial capital, Mumbai, has surpassed Beijing, China's national capital, as the city with the largest billionaire population in Asia. According to a wealth report by the Hurun research firm, Mumbai now hosts 93 billionaires, while Beijing has 85.
India is currently home to 1,539 ultra-wealthy individuals with a net worth of €107 million (INR 1,000 crore) or more, out of which 334 individuals have wealth exceeding or equal to 1 billion USD (904 million euros).
The Wealth of India’s Ultra-Rich Surpasses Switzerland's GDP
Notably, the combined wealth of India’s ultra-wealthy individuals amounts to over €1.7 trillion ($1.89 trillion or INR 159 lakh crore), which is almost equal to the combined GDP of Switzerland and Saudi Arabia, as per the report. Their combined wealth is also nearly half of India’s GDP, underscoring the significant disparity in wealth distribution in the country
The rise of India’s third wealthiest city
While Mumbai and Delhi reign as the preferred cities for India’s ultra-wealthy population, the southern city of Hyderabad has overtaken Bangalore (also known as India’s silicon valley), as home to the third largest ultra-rich population of India. This year, Bangalore takes the fourth spot followed by Chennai.
Which is the richest family in India?
Mukesh Ambani, the owner of Reliance Industries, and his family are not India’s wealthiest. Topping the country’s rich list is 62-year-old Gautam Adani, the founder and owner of the Adani Group, who along with his family has a net wealth of about €125.4 billion (138.5 billion USD). The Adani Group consists of 10 publicly traded companies. His family's wealth has grown nearly 95% over the last year. Adani is based in Ahmedabad, the capital of Gujarat, a state located in western India.
In comparison, Mumbai based Mukesh Ambani and family’s wealth grew by 25% over last year to approximately €109.5 billion (121 billion USD) positioning them on the number 2 spot.
The youngest billionaires on the list are 33-year-olds Harshil Mathur and Shashank Kumar, both founders of Razorpay, a digital payment solution provider for Indian businesses.
Where do India’s richest make their money?
Over the past five years, the growing manufacturing sector in India has boosted the wealth of the country’s ultra-rich. Entrepreneurs in the industrial products sector saw a 47% compound annual growth rate (CAGR) in their total wealth during this period. The second most lucrative sector has been pharmaceuticals, which benefited from the demand for vaccines and increased interest in the pharma industry due to the pandemic. Other sectors that performed well include chemicals and petrochemicals.
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