Tag: indian billionaires

Indian billionaires’ wealth drops by nearly 11% in 2023: UBS report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The wealth of billionaires in India dropped by nearly 11% in 2023 to $637.1 billion in comparison to $715 billion in 2022, data from the UBS Billionaires Ambitions Report 2023 showed on Thursday. With 19 new billionaires, India has a total of 153 billionaires, the report added. The UBS report also said that out of 153 billionaires, 90 are self-made and 63 have inherited the wealth.

Globally, the number of billionaires has soared by 7% to 2,544, with their total fortunes shooting up by 9% to around $12 trillion.

The UBS also revealed that the fortunes inherited by the newly-minted super-rich are found to be more as than that by self-made billionaires after a very long time in years as the overall wealth and billionaires increased in numbers last year.

Out of 137 new billionaires, 53 individuals inherited a total wealth of $150.8 billion in comparison to the 84 self-made billionaires who acquired $140.7 billion over the last year, according to the bank.

Since 2015, it is the first time that billionaires have gained more wealth through inheritance than through their own business activities.

UBS said there is a rise in the generational wealth transfer as more money passes through the generations. UBS, one of the largest wealth managers in the world, oversees $5.5 trillion in invested assets.

“This is a theme we expect to see more of over the next 20 years, as more than 1,000 billionaires pass an estimated $5.2 trillion to their children,” said Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management.

UBS sees a massive opportunity with the generational shift of wealth, but it also poses the risk of an end to years-long relationships with its customers and a change in the owners of this wealth.

“Over the next 20–30 years, you can either be on the winning or receiving side of it,” he said, referring to the wealth transfer. “Or you also happen to be in a vacuum and lose substantial assets if you do not know the potential beneficiaries,” Cavalli told reporters.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Wealth of Indian billionaires grew by Rs 3,500 crore each day in 2019, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Over the last one year, total wealth of India has increased by $625.5 billion, but it is heavily skewed with the wealth of the top 1 percent increasing by 46 percent and that of the bottom 50 percent rising a paltry 3 percent, revealed a report on wealth inequality on Monday.

In India, the fortunes of billionaires grew by Rs 3,500 crore ($0.5 billion) a day in 2019, a steep increase from Rs 2,200 crore ($0.31 billion) in 2018. Consequently, the total wealth of billionaires rose from $325.5 billion (Rs 2,272,500 crore) in 2017 to $368 billion (Rs 2,607,900 crore) in 2019. However, the poorest decile continues to live in debt as it has since 2004, according to the Time to Care report released by rights group Oxfam.

Consumer goods industry accounts for the maximum number of billionaires from India with 15. Pharmaceutical industry has more than 10 billionaires in the country. Oxfam notes that billionaires from the pharmaceutical industry is a rarity in developing nations.

>> Wealth of India’s richest 1% more than 4-times of total for 70% poorest: Oxfam

To put the vast wealth inequality in sharp relief, the top 10 percent of the population holds 74.3 percent of the total national wealth and the top 1 percent hold a staggering 42.5 percent. The bottom 50 percent, on the other hand, owns just 2.8 percent of the national wealth.

Further, the bottom 90 percent of the populace accounts for 25.7 percent of the national wealth.

The wealth of the top nine billionaires in the country is equivalent to that of the bottom 50 percent of the total population.

Oxfam’s calculations are based on the latest data sources available, including from the Credit Suisse Research Institute’s Global Wealth Databook 2019 and Forbes’ 2019 Billionaires List.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Forbes India Rich List 2019: Mukesh Ambani tops list for 12th year in a row, Gautam Adani jumps to No. 2

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Reliance Industries chairman and managing director Mukesh Ambani has topped the Forbes India Rich List 2019 for the 12th year in a row. The net worth of Ambanis’ have swollen to $51.4 billion, after the company added $4.1 billion to its net worth due to Jio.

Another big winner in the list who jumped eight spots to No. 2, with a net worth of $15.7 billion is Adani group owner Gautam Adani.

Moving on, there are six new faces this year, including Byju Raveendran of Byju’s, Manohar Lal and Madhusudhan Agarwal of Haldiram Snacks and Rajesh Mehra of Jaquar bathroom fittings.

Forbes India said, “A challenging year for the nation’s wealthies because of the economic slowdown, spelt an 8 percent fall in the total wealth of the tycoons on the 2019 list, amounting to $452 million.”

“In all 14 were poorer by $1 billion or more, and nine members from last year’s ranks dropped off. The total wealth of this year’s 100 richest shrank 8% from a year ago to $452 billion. But more than a third of that decline was due to the remarkable largesse of tech tycoon Azim Premji, who gave away a chunk of his fortune in March and consequently dropped in the ranks to No. 17 from No. 2.” added Forbes.

Meanwhile, in India’s wealthiest businesswomen list, Savitri Jindal of Jindal Group has topped the list with net worth of $5.8 billion followed by Kitan Mazumdar Shaw of Biocon ($2.38 billion) and Leena Tiwari of USV India ($1.92 billion).

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow