The $1Bn Club Swells
Thirty two billionaires saw their wealth rise by at least $1 bn; 16 gained between $2 bn and $3 bn.
Thirty two billionaires saw their wealth rise by at least $1 bn; 16 gained between $2 bn and $3 bn.
Mukesh Ambani tops this year's rich list with $99.70 billion.
This year's roster of India's dollar billionaires is a reaffirmation that the growth story is not ephemeral but perpetual.
The overall wealth of India's uber-rich swelled from ₹66.35 lakh crore ($832 billion) to ₹69.30 lakh crore ($843 billion) in 2023.
The Indian high net worth individual (HNI) population, with asset value of $1 million and more is expected to rise to 16.5 lakh by 2027, growing 107% from 7.9 lakh in 2022.
The boom in the chemicals space, including speciality chemicals, has given wings to entrepreneurs, both old and new.
While old business families, who adapted to the changing times, continue to thrive, new-age businesses have spawned a whole new class of billionaires.
Not only are more billionaires coming from smaller cities, the amount of wealth they have created is also way higher than what it was a decade ago.
InterGlobe Enterprises said that related party transactions between IndiGo and itself stood at ₹150.12 crore in FY19, accounting for 0.53% of the airline’s turnover.
IndiGo co-founder Rahul Bhatia in a letter to the airline’s board of directors says his co-founder Rakesh Gangwal’s “ego has been hurt”.