India is facing the heat of economic slowdown!
Yes, it is for the regular citizens of India. Whereas, the case is different for the rich, especially those at the billionaire level!
Do you know?
Despite the economic concerns, India was successful in adding 34 new names to its list of billionaires in 2019, says the Hurun Global Rich List 2020.
With this addition, the country’s global position moved to third with 138 ultra-rich persons after China and the United States.
The number goes upto 170 if India-origin billionaires are included to the list, compared to 799 Chinese and 626 US billionaires, respectively.
The top two positions make up 50% of the billionaires, globally.
Surprisingly, the wealth of Indian industrialists has grown despite the weakening economy over the past decade.
“Indian billionaires are defying gravity as the structural slowdown in the economy doesn’t seem to hamper growth of Indians in the list. The missing pieces in the puzzle are automobile and the realty sectors,” says Anas Rahman Junaid, managing director and chief researcher at Hurun Report India.
Anticipating an exponential growth in these two sectors, the study says, “If the economy were to grow apace to meet the USD 5 trillion target, the total wealth creation would at least double the current value.”
Mukesh Ambani remains to be the only Asian in top 10 with net worth of USD 67 billion. “Ambani’s wealth increased mainly on the back of a good performance in his telecoms business,” the report says.
Top 10 Billionaires from India
|Rank||Name||Company||Net Wealth (in USD Bn)|
|2||SP Hinduja & family||Hinduja||27|
|3||Gautam Adani||Adani Enterprises||17|
|4||Shiv Nadar & family||HCL||17|
|5||Lakshmi N Mittal||ArcelorMittal||15|
|6||Uday Kotak||Kotak Mahindra||15|
|9||Cyrus Pallonji Mistry||Tata Sons||11|
|10||Shapoor Pallonji Mistry||Tata Sons||11|
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