New Delhi, December 7: India is on the cusp of a dramatic rise in billionaire entrepreneurs over the next decade, comparable to China’s rapid billionaire growth until 2020, according to a report by UBS.
The report attributes this growth to key factors such as:
- Rapid urbanization.
- Digitalization.
- Expanding manufacturing capabilities.
- Preparations for the energy transition.
“It may well be that India’s billionaire entrepreneurs multiply over the next 10 years just as China’s did in the years until 2020,” the report noted.
Impressive Billionaire Growth in India
The number of Indian billionaires has more than doubled over the last decade, increasing by 123% to 185 by April 2024. Their combined wealth has nearly tripled, rising by 263% to USD 905.6 billion.
“The number of Indian billionaires has more than doubled (+123%) to 185 in the 10 years to April 2024,” the report stated.
Family Businesses Driving Transformation
India is a global leader in publicly listed family-owned businesses, with 108 such companies, ranking third worldwide. These family businesses have been instrumental in creating wealth and driving economic growth across generations.
“Family businesses have played their part, some of them owned by billionaires,” the report highlighted.
Sectoral Contributions to Growth
Over the past decade, India’s NSE Nifty 500 Index has more than doubled, growing by 109% in USD terms. This period has seen billionaire families expand across traditional sectors and capitalize on emerging opportunities in:
- Pharmaceuticals.
- Edtech.
- Fintech.
- Food delivery.
“Their businesses include established family-backed conglomerates as well as new economy ventures in areas such as pharmaceuticals, edtech, fintech, and food delivery,” the report added.
Future Outlook
As India’s economy continues its robust ascent, UBS predicts an even greater surge in billionaire entrepreneurs in the coming years, driven by innovation and expanding market opportunities.
