New Delhi: Economists said on Friday that one new billionaire is created in India every five days. This is a testament to the growing number of startups that are going public, reflecting the country’s potential to become a worldwide economic powerhouse in the near future.
According to the ‘2024 Hurun India Rich List, ‘ the country now has a record number of 334 billionaires, up 75 from last year.
Mitali Nikore, economist and founder of Nikore Associates, told IANS that new companies are being formed, more startup founders are taking the IPO route, traditional firms are becoming more formal, and Family Offices are being registered are some of the contributing factors to the surge in billionaires from India.
Arsh Mogre, an economist (Institutional Equities) at Prabhudas Lilladher, said that India’s rapid economic growth is creating billionaires at an unprecedented pace. “This is a reflection of the country’s dynamic entrepreneurial spirit. It also highlights key opportunities in key sectors such as technology, pharmaceuticals, and renewable energy and reflects India’s potential to become a global economic power soon,” Mogre said.
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Aman Aggarwal, a renowned economist, pointed out that the rise in the number of billionaires is not just a sign of wealth accumulation, but also a boon for the government’s coffers. The increased number of billionaires means more revenue for the government in the form of taxes. Aggarwal explained, “There are various surcharges that one has to pay if the income is more than Rs 50 lakh or Rs 1 crore per annum, in addition to the 30 percent tax which one has to pay. Moreover, such rich lists comprise the net worth of individuals, which is created as per their shares in different companies on the market value during the listing period and tends to change as shareholding patterns change over time.” This underscores the economic implications of the increasing number of billionaires in India.
A record 1,539 Indians (up by 220) across 134 cities now have Rs 1,000 crore wealth on average — a 150 per cent increase from seven years ago. This wealth is not just from family-run businesses, but also from startup founders, private equity investors, angel investors, next-generation leaders, and even film stars. This diversity in wealth sources makes the economic growth more inclusive and promising for all.
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