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Hurun India and M3M India today released the 2023 M3M Hurun Global Rich List, a ranking of the US-Dollar billionaires in the India. Wealth calculations are a snapshot of 14 January 2023.
This is the twelfth year of the ranking. This release is to highlight and benchmark India’s position in the 2023 M3M HURUN Global Rich List.
The Hurun Global Rich List 2023 ranked 3,112 billionaires, down from 3,384 last year, from 2,356 companies and 69 countries. The number of billionaires dropped by 8 per cent and their total wealth dropped by 10 per cent compared with last year.
1,078 saw their wealth increase, of which 176 were new faces. 2,479 saw their wealth decrease or stay the same, of which 445 dropped-off. The average age was 66.
Commenting on the launch, Pankaj Bansal, Director, M3M India said, “At a critical point in history, when India’s GDP is poised to double by the end of the decade, we are excited about celebrating and benchmarking wealth creation in India with the rest of the world. We at M3M are even further excited about the value creation potential of the real estate sector.
As Andrew Carnegie also said, “Ninety percent of all millionaire become so through owning real-estate.” For instance, when cumulative wealth of Indian billionaires increased by 80 per cent, the wealth of Indian real estate billionaires increased by 150 per cent. It is amazing to see that all the richie-rich in the M3M Hurun Global Rich List are also deeply involved and engaged in the upliftment of the society at large and part of building and strengthening social fabric of the nation.
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As demonstrated by M3M Hurun Global Rich List 2023, although global wealth creation has taken a hit primarily on the back of inflationary concerns, this trend is going to reverse in the short run and accelerate in the long run.”
Commenting on the launch, Anas Rahman Junaid, MD and Chief Researcher, Hurun India, said, “M3M Hurun Global Rich List 2023 tells the story of the current global economy through the eyes of the entrepreneurs.”, concluded Anas Rahman Junaid, MD and Chief Researcher, Hurun India.
In terms of number of billionaires, India ranks third in the 2023 M3M Hurun Global Rich List. In terms of number of billionaires, China is almost 5 times bigger than India.
The number of resident Indian billionaires is increasing over the years. Comparison of India vs USA
Over the last five years, India’s contribution to the global billionaire population has been steadily increasing. Currently India contributes 8 per cent of the total global billionaire population compared to 4.9 per cent five years ago.
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Number of Indian billionaires with the wealth ranging in higher thresholds have increased over the years. For instance, number of billionaires with a wealth of US$ 5bn has grown two times in the last 10 years.
Where do Indian billionaires rank in the world?
The global ranks of Indians in M3M Hurun Global Rich List is swelling at the fastest pace in India’s modern history. For instance, Gautam Adani & family has gained more than 437 ranks over the last 10 years. The table below gives a snapshot of Indians in M3M Hurun Global Rich List 2023.
Where does India rank when it comes to wealth gain?
In terms of number of billionaires who have added US$ 1bn or more over the last year, India occupies sixth rank in 2023 M3M Hurun Global Rich List.
And where does India rank when it comes to wealth depletion?
In stark contrast to the 2022 M3M Hurun Global Rich List, India is at the top of the league table when it comes to wealth depletion. When countries such as China and USA had 178 and 123 billionaires respectively, who lost more than 1US$ billion, India has 41 billionaires who lost more than a billion-dollar YoY in 2023 M3M Hurun Global Rich List.
