India’s Billionaires are Thriving Despite the Pandemic but One Group is Outpacing the Other
According to Wealth-X, the combined wealth of the world’s billionaires is increasing year after year. Like their American counterparts, India’s billionaires are also seeing their wealth continue to grow even during turbulent times.
However, one particular class of billionaires from the South Asian country is thriving thanks to the rise of new industries.
For the first time, the number of Indian self-made billionaires now exceeds the Indian billionaires who inherited their wealth. The combined net worth of these self-made billionaires also represents over 50% of the total wealth of the country’s 102 billionaires.
Among the group’s biggest gainers are industrialist Gautam Adani and business magnate Mukesh Ambani, both of whom saw their net worth surge despite India suffering from economic setbacks caused by the coronavirus pandemic.
Their continued gains have been attributed to the new deals the businessmen entered into.
These recent changes in the wealth of India’s burgeoning self-made billionaire class is a stark contrast from the wealth distribution seen in the past. Twenty years ago, more than half of the combined net worth of India’s wealthiest was in the hands of just three people.
Technology is among the sectors credited for creating many of India’s new breed of billionaires. The industry is responsible for the rise of new billionaires such as Flipkart founders Binny and Sachin Bansal and Paytm founder Vijay Shekhar Sharma.
In the past, it was business executives from the manufacturing, mining, energy, and other industrial sectors that made up much of India’s billionaires. Now, those sectors only represent 33% of the country’s billionaires as traditional tycoons have fallen off the list over the years.
Among those who have lost their membership to the three-comma club are the construction industry magnates Rakesh Wadhawan and G.M. Rao, whose businesses suffered from the slowed-down growth of the sector.
However, it’s still men who took most of the spots on India’s billionaire list as only 6% of the country’s billionaires are women. The typical Indian billionaire also remains on the older side with only 5% of India’s billionaires being younger than 45 years old.
The median age of Indian self-made billionaires is 65 while those who inherited their wealth have a median age of 69.
Seeing the fast-paced way industries are developing in India, it wouldn’t be a surprise if these characteristics change significantly in the coming years.
More in Wealth
Controversial Rowing Photos Lori Loughlin Used In College Admission Bribery Scheme Finally Revealed!
Among the most talked-about aspects of actress Lori Loughlin’s alleged bribing of college officials for her daughters’ admission to the University...April 18, 2020
5 Ways Your Body Is Warning You About a Potentially Toxic Relationship
Being in tune with one’s own body won’t just help people catch illnesses early on. It can also warn a person...April 18, 2020
Skip Your Next Trip to the Salon with These Genius At-Home Beauty Treatments
While being unable to leave one’s home for an extended period of time due to a pandemic isn’t ideal, one can...April 18, 2020
After Megxit, This Couple Could Replace Meghan and Harry in Their Former Royal Roles
The British wouldn’t be the only ones to miss Prince Harry and Meghan Markle as they officially leave their post as...April 18, 2020
All the Adorable Reasons That Make John Krasinski and Emily Blunt #CoupleGoals
In a place where relationships and marriages seem to end in a blink of an eye, actors Emily Blunt and John...April 18, 2020
Jennifer Aniston & Jimmy Kimmel Just Did the Nicest Thing for a COVID-19 Positive Nurse
With the continued onslaught of the coronavirus pandemic, people are finally realizing just how indispensable and underappreciated the professionals working at...April 18, 2020
Joe Exotic Is Going All In! Here’s How He’s Making Millions from New-Found Fame
Joe Exotic is best known for being the main subject of the hit Netflix crime documentary show, ‘Tiger King: Murder, Mayhem and...April 18, 2020
Tom Brady Is Packing His Bags and Moving to a Different House, But It Looks Awfully Familiar
It looks like the world of professional sports is just as small as Hollywood. News has it that NFL star Tom...April 18, 2020
Zac Efron Once Met Leonardo DiCaprio at a Basketball Game and You’ll Never Guess What Happened Next
Hollywood is truly a small world. Celebrities often end up being friends with their fellow stars, what with them moving in...April 18, 2020