The number of billionaires in India is expected to triple by the year 2027, according to a new report.
The 2018 Global Wealth Migration Review carried out by AfrAsia bank in conjunction with New World Wealth, India was the best performing country in the global wealth market in 2017. The study claims India’s private wealth shot up by 25% from $6,584 billion in 2016 to $8,230 billion in 2017. It is expected to grow by 200% to $24,700 billion if the prevailing macro-economic trends continue. Total wealth of any country is the private wealth – cash, assets, and equities – less any liabilities held by citizens.
While India currently has close to 140 billionaires, the country boasts of more than 20,700 millionaires. India has the third largest billionaire population in the world after the United States of America and China. In the past decade, Indian wealth has been noted to have increased by more than 5,000 billion dollars.
Mukesh Ambani is the richest man in India according to Bloomberg Billionaires Index with a net worth of $38 billion.