Officially, India has become the world's third hub with the most billionaires, totaling 185 in 2024 as seen in the Billionaires' Ambitions Report UBS. It is followed closely by the United States in the lead with 835, while China ranks second at 427 billionaires. Thus far, it is a high point for India as this seems to consolidate its position in terms of global economic influence and weightage.

What’s behind India’s rapid growth in billionaire numbers?

India has seen an enviable increase in the amount of billionaires. It has recorded a growth of 32 new billionaires in just the last one year-a 21 percent hike. Since the last decade, it has more than doubled billionaires, increasing by an enormous 123 percent since 2015. This dramatic boom displays India's growing and strengthening position in the international context.

How much wealth do Indian billionaires have?

Indian billionaires' wealth also increased sharply. India's billionaires' collective wealth grew 42.1% in the past year, to $905.6 billion. According to the UBS report, this growth is attributed to India's strong economic momentum and growing role in global wealth creation.

How do India’s billionaire numbers compare globally?

There is a sharp increase in billionaires all over the world. In 2024, the United States alone added 84 new billionaires, bringing the total wealth from $4.6 trillion to $5.8 trillion. But in China, it declined by 93 billionaires, whose collective wealth went from $1.8 trillion to $1.4 trillion.

The global billionaire population has increased from 1,757 in 2015 to 2,682 in 2024, with total wealth surging by 121% to $14 trillion.

The report forecasts continued growth for India's billionaire population. It draws parallels between India's current path and China's rapid growth in the past decade, suggesting that India is likely to see even greater gains in the years ahead.

India is also making its mark in the space of family-owned businesses. According to the UBS study, it has the third-highest number of publicly listed family-owned businesses in the world at 108. These family-run businesses have been crucial for India's economic transformation- whether it is in the traditional sectors or the newer industries of pharmaceuticals, edtech, fintech, and food delivery. On the whole, these have been drivers behind India's growing economic power.

India is emerging as a billionaire hub. Its economic strength will continue to advance in the coming years, and this will ensure that it emerges to be even more important in global wealth creation.