MUKESH AMBANI KA ANDHAA PAISA
India Mints Three Billionaires A Month: List 2020
India minted three billionaires every month as the nation’s stock markets surged to records despite a slowing economy. Asia’s third-largest economy added 34 new billionaires last year, jumping two spots to rank third with 138 ultra-rich persons after the China and U.S., according to Hurun Global Rich List 2020. The number rises to 170 if Indian-origin billionaires are tallied in. That compares with 799 and 626 billionaires in China and the U.S., respectively — the top two spots that together make half of the billionaires in the world.
Wealth of billionaire industrialists in India rose on the back of investments in select large caps even as the economy is expected to expand at its slowest pace in more than a decade in the year ending March.
“Indian billionaires are defying gravity as the structural slowdown in the economy doesn’t seem to hamper the growth of Indians in the list,” said Anas Rahman Junaid, managing director and chief researcher, Hurun Report India. “The missing pieces in the puzzle are automobile and the real estate sector and we expect exponential wealth creation in those sectors in the coming years. If the economy were to grow apace to meet the $5-trillion target, the total wealth creation would at least double the current value,” he said in a media statement.
Mukesh Ambani, chairman and managing director of Reliance Industries Ltd., continues to be the richest Asian and the only Asian in global top 10 with a net worth of $67 billion, according to the Hurun rich list. “Ambani’s wealth increased mainly on the back of a good performance in his telecoms business,” it said.
India minted three billionaires every month as the nation’s stock markets surged to records despite a slowing economy. Asia’s third-largest economy added 34 new billionaires last year, jumping two spots to rank third with 138 ultra-rich persons after the China and U.S., according to Hurun Global Rich List 2020. The number rises to 170 if Indian-origin billionaires are tallied in. That compares with 799 and 626 billionaires in China and the U.S., respectively — the top two spots that together make half of the billionaires in the world.
Wealth of billionaire industrialists in India rose on the back of investments in select large caps even as the economy is expected to expand at its slowest pace in more than a decade in the year ending March.
“Indian billionaires are defying gravity as the structural slowdown in the economy doesn’t seem to hamper the growth of Indians in the list,” said Anas Rahman Junaid, managing director and chief researcher, Hurun Report India. “The missing pieces in the puzzle are automobile and the real estate sector and we expect exponential wealth creation in those sectors in the coming years. If the economy were to grow apace to meet the $5-trillion target, the total wealth creation would at least double the current value,” he said in a media statement.
Mukesh Ambani, chairman and managing director of Reliance Industries Ltd., continues to be the richest Asian and the only Asian in global top 10 with a net worth of $67 billion, according to the Hurun rich list. “Ambani’s wealth increased mainly on the back of a good performance in his telecoms business,” it said.
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