New Delhi [India], December 7 : India is poised to experience a significant rise in billionaire entrepreneurs over the next decade, mirroring like China's growth in billionaires until 2020, says a report by UBS.
The report noted that the key factors such as rapid urbanization, digitalization, expanding manufacturing capabilities, and preparations for the energy transition are driving this momentum.
It said "It may well be that India's billionaire entrepreneurs multiply over the next 10 years just as China's did in the years until 2020".
According to recent data, the report also highlighted that the number of Indian billionaires has more than doubled, increasing by 123 per cent to 185 over the last 10 years up to April 2024. During the same period, their collective wealth has nearly tripled, rising by 263 per cent to an impressive USD 905.6 billion.
The report said "The number of Indian billionaires has more than doubled (+123 per cent) to 185 in the 10 years to April 2024 - our study period."
It also highlighted that, family businesses have played a pivotal role in this economic transformation. India boasts one of the highest numbers of publicly listed family-owned businesses globally, many of which have thrived across generations.
It said "Family businesses have played their part, some of them owned by billionaires."
The report identified 108 publicly listed family businesses in India, placing the country third worldwide in this category. These businesses have been instrumental in fueling economic growth and creating wealth.
Over the past decade, as per the report NSE Nifty 500 Index has more than doubled, increasing by 109 per cent in USD terms. This growth has coincided with the prosperity of billionaire families, whose ventures span a diverse range of sectors.
It added that from traditional family-backed conglomerates to innovative businesses in pharmaceuticals, edtech, fintech, and food delivery, these entrepreneurs have capitalized on emerging opportunities in the new economy.
"Their businesses come from many sectors. They include established family-backed conglomerates, as well as new economy businesses in areas such as pharmaceuticals, edtech, fintech and food delivery" the report said.
As India continues its economic ascent, the report believe the country will see an even greater surge in billionaire entrepreneurs in the coming years.
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