India’s mega-rich are on the rise
India’s rich are becoming wealthier, in some cases unimaginably so. Back in 2000, there were just nine billionaires in the country. Now there are 119.
But while the headline figures show Indians are getting richer faster than the citizens of any other major economy, as in so many countries this good fortune is concentrated in the hands of a tiny minority.
Between 2008 and 2018, private wealth in India practically doubled, according to the Global Wealth Migration Review 2019 report. But the 98% growth seen during that period could be eclipsed by the rate of growth anticipated over the coming 10 years, say the authors from the Mauritius-based AfrAsia Bank and the South Africa-based market research firm New World Wealth.
That would mean India will overtake China as the fastest wealth-accumulating country in the world, and that by 2028, the combined private wealth of Indians will be more than double that held in Australia, Germany or the UK.