India’s economic landscape is undergoing a dramatic transformation, as evidenced by the latest Hurun India Richlist released on August 29, 2024. The report reveals a significant rise in the number of dollar billionaires in India, reflecting the country’s burgeoning status as a new epicenter of wealth in Asia.
A Record Number of Billionaires
India now boasts 334 dollar billionaires, marking a striking 29 percent increase from the previous year. This impressive growth rate means a new billionaire emerged roughly every five days over the past year. The surge underscores India’s rapidly expanding economic influence and wealth creation capacity.
City Rankings: Hyderabad’s Rising Star
In a notable shift, Hyderabad has surpassed Bengaluru to become the third top city for new billionaire entries on the Hurun list. This is the first time Hyderabad has achieved this position. Mumbai and New Delhi continue to lead, with the highest number of new additions to the rich list, highlighting their continued dominance in India’s wealth landscape.
Young Entrepreneurs Making Waves
This year’s list features a new wave of youthful billionaires, signaling a shift towards younger entrepreneurs driving economic growth. Notably:
- Harshil Mathur and Shashank Kumar, co-founders of Razorpay, are the youngest billionaires on the list at 33 years old.
- Kaivalya Vohra, co-founder of Zepto, is the youngest entrant at 21 years old.
- Aadit Palicha, also from Zepto, is the second youngest at 22 years old.
The list includes 11 individuals born in the 1990s, showcasing the emergence of a new generation of wealth creators.
Expanded Rich List
The 2024 Hurun Richlist identifies a total of 1,539 individuals with a net worth of Rs 1,000 crore or more, an increase of 272 names from the previous year. This expansion reflects the growing wealth across various sectors and regions in India.
Shah Rukh Khan’s First Appearance
Bollywood icon Shah Rukh Khan makes his debut on the rich list this year at the age of 58, with a net worth of Rs 7,300 crore. Khan’s wealth is largely attributed to his investments in the IPL team Kolkata Knight Riders and his film production company, Red Chillies Entertainment. His entry into the rich list highlights the significant financial clout of celebrities in India.
Anas Rahman Junaid’s Perspective
Anas Rahman Junaid, founder and chief researcher at Hurun India, emphasizes the shift in wealth creation dynamics. “While China saw a 25 percent decline in its number of billionaires, India experienced a 29 percent increase, reaching 334 billionaires,” Junaid noted. He added that the evolving composition of the list provides valuable insights into the future trajectory of the Indian economy.
As India solidifies its position as a wealth creation powerhouse in Asia, the latest Hurun Richlist offers a glimpse into the nation’s growing economic prowess and the rise of new financial elites.
