Indian billionaires' wealth nearly tripled to $905 billion in 10 years: Report
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India has emerged as a hotspot for wealth creation in the Asia-Pacific region, with the combined net worth of its billionaires nearly tripling to $905.6 billion in 10 years as of 2024. India now ranks third globally in total billionaire wealth, behind the United States and China, a UBS report highlighted. Rising sharply from $637.1 billion in 2023, this remarkable 42% growth rate in Indian billionaires’ wealth outpaces the global average and reflects India’s rapid economic transformation, propelled by family-led businesses and structural reforms propelled by the country’s government. Over the last decade, the number of billionaires in India has grown to 185—a 123% increase, throwing light on the flourishing entrepreneurial spirit in sectors like pharmaceuticals, edtech, and fintech, the UBS report noted. UBS highlights that family-owned enterprises are central to the surging growth rate in Indian billionaires’ wealth. India boasts one of ...