Number of Indian Billionaires Grew Faster Than China: Find Out Why

India is seeing a drastic increase in the number of billionaires, rising from 153 in 2023 to 185 in 2024 (19%). With this increase, India now ranks third in the world, behind China and the United States. 

The report predicts that the number of billionaires in India will keep growing, following a pattern similar to China's growth until 2020.

Billionaire Count Rises in India

India's billionaire count has jumped by over 20% in the last year, reaching 185 in 2024, compared to 153 in 2023. This is a massive 123% increase since 2015. The total wealth of Indian billionaires also grew by 42.1%, reaching $905.6 billion.

In contrast, China's billionaire count fell by 93, dropping from 520 in 2023 to 427 in 2024, due to the country’s economic slowdown. Despite the decline, China still ranks second globally in the number of billionaires, though their combined wealth has dropped from $2.1 trillion in 2020 to $1.8 trillion in 2024.

Why Does India Have More Billionaires Than China?

With the third-highest number of publicly traded family-owned businesses in the world, family-led enterprises have a major impact on India's progress. These companies have prospered and expanded into a number of cutting-edge industries, including food delivery, edtech, and pharmaceuticals.

Global Billionaire Wealth Growth

The wealth of billionaires increased by 121% globally between 2015 and 2024, from $6.3 trillion to $14 trillion. India has contributed significantly to this expansion, and over the next ten years, the number of billionaire entrepreneurs in the nation is expected to rise much more.

Over the next ten years, it is anticipated that India's number of billionaires will continue to rise quickly, just like China did until 2020. This is explained by the nation's flourishing family enterprises and growing industries like medicine and fintech.

India vs. China: Different Financial Status

The growth of billionaire wealth in China has slowed since 2020. The difficulties have been exacerbated by government initiatives promoting "common prosperity." India's increasing wealth is fueled by family-run enterprises and a variety of industries, such as medicine, fintech, and edtech, according to the UBS Billionaire Ambitions Report. Meanwhile, due to regulatory changes and economic slowdowns, China's number of billionaires fell from 520 in 2023 to 427 in 2024. 

Even with the decline, China still leads the world in the number of billionaires, albeit with a less promising financial future than India.

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