Hurun Rich List 2024: India emerges as Asia’s new wealth powerhouse with 334 billionaires

The 2024 Hurun India Richlist reveals India's economic surge with 334 billionaires, a 29% increase from the prior year, showcasing rapid wealth expansion. Hyderabad rises to third for new billionaires, with Mumbai and New Delhi leading. Young entrepreneurs like Razorpay's co-founders and Zepto's creators drive growth. The list now features 1,539 individuals worth Rs 1,000 crore+, a 272-name rise. Shah Rukh Khan debuts with Rs 7,300 crore. Anas Rahman Junaid notes India's 29% billionaire growth, contrasting with China's 25% decline, indicating a promising economic future.

The economic landscape of India is undergoing a remarkable metamorphosis, as highlighted in the recently unveiled Hurun India Richlist on August 29, 2024. This report not only signifies a substantial surge in the number of dollar billionaires in India but also signifies the country's ascension as a burgeoning hub of wealth in Asia.

A Remarkable Increase in Billionaires

India can now proudly claim 334 dollar billionaires, showcasing a remarkable 29% surge from the previous year. This staggering growth rate translates to a new billionaire emerging approximately every five days over the past year, symbolizing India's rapidly expanding economic influence and its capacity for wealth creation.

City Rankings: Hyderabad’s Ascendancy

In a notable turn of events, Hyderabad has outpaced Bengaluru to secure the third position for new billionaire entries on the Hurun list, marking its debut in this ranking. Meanwhile, Mumbai and New Delhi maintain their lead, boasting the highest number of new additions to the rich list, underscoring their enduring dominance in India's wealth spectrum.

Youthful Entrepreneurs at the Helm

This year's list showcases a fresh wave of youthful billionaires, indicating a trend towards younger entrepreneurs steering economic growth. Noteworthy mentions include:

- Harshil Mathur and Shashank Kumar, both aged 33, co-founders of Razorpay, emerge as the youngest billionaires on the list.

- Kaivalya Vohra, aged 21 and co-founder of Zepto, stands out as the youngest entrant.

- Aadit Palicha, also from Zepto, aged 22, follows closely behind.

The list further includes 11 individuals born in the 1990s, heralding the rise of a new generation of wealth creators.

Enlarged Rich List

The 2024 Hurun Richlist identifies a total of 1,539 individuals with a net worth of Rs 1,000 crore or more, marking an increase of 272 names from the previous year. This expansion mirrors the burgeoning wealth across diverse sectors and regions in India.

Shah Rukh Khan's Debut

Bollywood luminary Shah Rukh Khan makes his inaugural appearance on the rich list this year at the age of 58, boasting a net worth of Rs 7,300 crore. Khan's wealth is predominantly attributed to his investments in the IPL team Kolkata Knight Riders and his film production company, Red Chillies Entertainment. His inclusion in the rich list underscores the significant financial clout wielded by celebrities in India.

Insight from Anas Rahman Junaid

Anas Rahman Junaid, the founder and chief researcher at Hurun India, underscores the shifting dynamics of wealth creation. Junaid observed, "While China witnessed a 25% decline in its number of billionaires, India experienced a 29% increase, reaching 334 billionaires." He further noted that the evolving makeup of the list offers valuable insights into the future trajectory of the Indian economy.

As India cements its status as a powerhouse of wealth creation in Asia, the latest Hurun Richlist provides a glimpse into the nation's burgeoning economic prowess and the ascent of new financial elites.

Report available at: https://hurunindia.com/blog/2024-hurun-india-rich-list/