India's Great Wealth Factory

India is a land of immense possibilities and vast riches. As our economy comes into its own while the global economy struggles, it's the vibrant entrepreneurial ecosystem that gives the country the confidence to press for its rightful place in the league of nations.

Nothing exemplifies this phenomenon more than the country's richest — those who lay the foundation to build on the nation's long-term economic well being. Fortune India-Waterfield Advisors' first ranking of India's billionaires goes right into the heart of the country's wealth factory to bring you the most definitive list of the wealthiest billionaires. At least 142 dollar billionaires, whose businesses are largely based at home, are collectively worth $832 billion (₹66.36 lakh crore). This coveted club is more than one-fourth of India's $3.12 trillion economy. The top 13 valued at over ₹1 lakh crore each control 53% of wealth.

Once they earn, how do they grow their riches? Avneet Kaur explains the tussle between wealth preservation and wealth generation. And, how high net-worth individuals who relied on a mix of equity, fixed income instruments and gold are shifting to new alternative investment classes with preference for private markets, late-stage private equity and even passive funds over active funds.

In recent times, family offices have emerged as repositories to manage investments of the rich. But the big question is: When should you set up a family office? Is the portfolio large enough to afford a single family office? Or, should you rely on multi-family offices.

Any discussion on the wealthiest also poses the obvious moral question about the divide between the rich and the poor and whether the wealth is being deployed for the society. Ajita Shashidhar takes you through the intent and the vastly differentiated approach of the new-age givers who dive right into the causes closest to their hearts, rather than signing cheques.

Next, how do the wealthy ensure seamless transfer of wealth over generations — through succession planning? Nevin John finds some of the largest in India Inc. busy with family settlement agreements, family charters and conflict resolution mechanisms not just to pass on family wealth to the next generation, but also to avoid bitter disputes.

In The Conversation this issue, Joe C. Mathew engages the chairman of Prime Minister's Economic Advisory Council Bibek Debroy on the prospects for the Indian economy in the midst of a global economic upheaval.

As the world grapples with food uncertainty in the wake of the Russia-Ukraine conflict, India is making a pitch to the world to be its food bowl. India is the world's largest producer of milk & pulses and ranks second largest for rice, wheat, sugarcane, groundnut, vegetables & fruits. India's biggest advantage being that it is one of the few countries where agricultural area is almost half of geographical area while in other countries it ranges from 10 to 25%. So what are our chances? Read Joe C. Mathew's story.

A must-read this issue is Rajiv Ranjan Singh's conviction and exhortation that India can't afford rapid forex erosion on account of payouts for use of foreign IP. It's time to plug the flow. According to IMF Balance of Payments data, India paid $8.63 billion for use of IP in 2021, up from $15.1 million in 1981. Read why it's time to focus on building home-grown IPs — fast and furious.