Meet the top billionaires from India on the Hurun Global Rich List
- India ranks fifth in the list of countries with the highest number of billionaires.
- Mukesh Ambani, the richest man in Asia, is featured in the list of top 10 richest billionaires around the globe.
- This year, there were 28 fewer billionaires compared to last year in India.
Reliance Group chairman Mukesh Ambani became the first Indian to be featured on the annual list. With 42 billionaires residing in Mumbai and 25 in Delhi, Mumbai has become the billionaire capital of India.
The decline in number of billionaires in India is primarily because they collectively lost one fourth of their wealth because of 10% depreciation of the rupee and below average performance of the capital market, said the hurun research report.
On the other hand, India’s widening wealth gap is only increasing. According to a report by Oxfam, the richest 1% in India have together increased their wealth by 39%. Consequently, the richest in India hold 51.5% of the country’s wealth while the rest own less than 5%.