India Adds 32 Billionaires in 2024, Ranks Third Globally

India has secured the third spot globally in the billionaire count for 2024, boasting 185 billionaires, according to UBS' Billionaire Ambitions Report.

The country follows the United States, which leads with 835 billionaires, and China, with 427.

Over the past year, India added 32 billionaires, reflecting a significant 21% rise and a staggering 123% growth since 2015. The collective wealth of Indian billionaires surged by 42.1%, reaching $905.6 billion.

Global billionaire trends showed contrast: the US added 84 billionaires, with wealth rising from $4.6 trillion to $5.8 trillion, while China lost 93, with total wealth dropping from $1.8 trillion to $1.4 trillion.

India's rising billionaire count mirrors growing economic inequality, which, after declining post-independence, began increasing sharply in the 1980s and accelerated since the 2000s, as highlighted by the World Inequality Lab in its recent report.

Between 2014-15 and 2022-23, wealth concentration at the top has reached record levels, with the top 1% now holding unprecedented shares of income and wealth.

Additionally, nearly 90% of billionaire wealth in India is concentrated among the upper castes, reflecting deep-seated societal inequities.