Mukesh Ambani of Reliance Industries, India's richest man. PHOTO: REUTERS
According to a list compiled by China-based Huran Report, India’s rich have benefitted from a rise in the value of their stock market, while a decrease in wealth among Britons and Russians helped the South Asian country climb the ranking.
India’s Mukesh Ambani, chairman of Reliance Industries, led the group of 97 billionaires from his country, while leaving Russia behind with 93 billionaires.
Ambani, the only Indian to make it into the top 50 global list, ranks at 41 with a fortune of $20 billion.
By comparison, Microsoft founder Bill Gates is the richest man on the list with a fortune of $85 billion who is followed by Carlos Slim, the Mexican business tycoon, with $82 billion and Warren Buffett of Berkshire Hathaway’s with $76 billion.
The Huran Report describes 5% of Indian billionaires as “self-made, but with a helping hand from parents”, while 9% “inherited a small business and grew it big time”. However, China had 61% “self-made” billionaires who did not have any financial support from their families, the report said.
This story was curated from Quartz and Wall Street Journal blog India Realtime.
COMMENTS (54)
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@Neo: What an ugly comment and an ugly thought process.
Well India has come a long way since independence. Then we had 95% population living under poverty line to around 21% now. In last decade we lifted ~250 million people out of poverty which is second to only China and also acknowledged by World bank and other organisations. And more Billionaires means more investment and more job creations for the middle class, poor and unprivileged which is in a way very good thing. Ambanis, Tatas, Ajim premji, Bidlas etc have actually contributed alot when it comes to job creation and generating wealth for country. In this decade and next, we hope to uplift almost all of out poor above poverty line and new govt is just working in the line of that and 'Make In India' is just one step towards it.
Repeated posting of this old news report is quiet intriguing!
Who create jobs and raise the poor from poverty ... ?? ... the billionaire industrialists ... !!
Sure, the more rich people the better. But when you count the number of poor people (many so poor that they live and sleep on the streets) it means that about 99.9% of the wealth is owned by 0.1% of the population. So this is not a good situation. Having said that, poverty has declined and with the economic rise of India, there is hope that the wealth will get more evenly distributed. India and Indians are focusing on education (perhaps not as much as we should) and this is key for success over the long term. In the short term, "Make In India" will hopefully address this problem.
@Siraj Ahmed: Agreed, India has a long way to go to reduce poverty in the country but the present government under Modi is surely making some concerted efforts to lift the lot of the people. However, one can't find anything being done for the people of Pakistan where politicians and top brass are filling their own pockets and military still spending billions on making more nuclear toys/military infrastructure as well as sending its assets across the border, but no focus at all on improving country's economy.
India may have the 3rd largest number of Billionaires but has largest no of Millionaires. Soon it will have 2nd largest no. of Billionaire........but Indians should also look after their poor ( 25% of population; 300 million) who are the largest block for any country.
@Yo2Da2: nice post ...are you Pakistani ? if you are i wish more were like you ! India shining is just a cliche .... dont take it seriously ...what is important is firstly the mass of the indian society which even with poor governance was about to take off and the usa and the world recognised that back in the early 1990's when clinton bothered to visit and bush wanted strategic partnership ..now with Modi it is going to be a lot more dynamic. I disagree with you the modi is bringing only hope . He has made a lot of very brave changes and even taken some solid risks which was unthinkable with the previous govt. Modi is making not a few but many totally paradigm changes so tis is not just extrapolation of the same but rather a new ball game . some of these changes are ..sacking top man of DRDO , sacking Foreign secretary, sacking another big timer in the system for interfering with corruption investigations - some of these are shucking ...plus Israel Defense Minister will visit for first time , Modi due to visit Israel a first for an indian PM and this is not just visits but a huge increase in teh value of defence deals to be done plus joint research - a lot of paradigm changes ......this is no longer that weak Gandhian india ....but i'll end the same as you did , we want peace with Pakistan
@roma: A note of caution. Projections are stochastic, like everything in life. The probabilities calculated today will certainly have to be revised with new information. That optimistically foolish and premature "India Shining" sloganeering of the last BJP administration came crashing down, they were kicked out of office, and India's economy grew at around 5 per cent for several years. Not bad fore any economy. But not good enough for a country punching below its reach. No one was counting on the world economic crisis of 2008. While Modi has brought a lot of hope to Indians - and that is a good thing. But hope by itself, without the right decisions, policies and investments, is not enough. The long streak of 10 per cent growth that China saw for a couple of decade will not be repeated again. There is something called "the regression to the mean" in statistics that will take inevitably takes place. However, having bold goals and plans are better for companies and nations, rather than timid ones. The former inspire; the latter not very much. All the flourishing and booming of past century or so - US, Germany and Japan, the Asian Tigers, China, India, and others - are testament to optimism combined by good follow-through. Wishing the best to both Pakistan and India as well as other South Asian countries.
@Pity: - that is in fact a great question, and i hope you will be around to witness the answer ......before too long that is 6 to 8 years you will see a change in those figures - and then in 12 years or so an exchange of those figures - after which india's share of the world's poorest will be replaced by yours.
@Indian: Poverty cannot be eradicated. It exists even in rich developed countries. You can change the definition of poverty and eradicate that way. But that's like an illusion. (As politicians and right wing TV host in the US like to say: "Our poor have TVs, refrigerators, cars". So, poverty is a relative term.) Likewise, when people say "wealth" is concentrated in the top x% hands, it does not mean wealth is a fixed thing. It is created. It is not an endowment. Tax laws can effect a fairer distribution of national income and should be used. But tax laws can also inhibit incentives to creating of wealth. And what about the more serious poverty of all: Poverty of spirit?
@Hamza Khan: you can reduce your poverty IF your country exists in 10 years time. On the other hand India is on her way to RE-Gaining her superpower status. Indian economy was the world's richest and biggest for thousands of years. Jai Hind
@Pity:
No one has ever claimed that India has no poverty. Yes sir, we are alive to the problem and the desire of growing of economy at least by 8 % year on year till next 20 years.
all our efforts are in the direction of poverty elimination and better the quality of life of common people.
What is common between Tata's and Azim premji's Wipro...they both contributes the largest in charity, in philanthropy, good pay masters, good business ethics....one is Parsi and the other is Muslim. Rest of them Ambanis, Mittals, Adani's and likes of them do not contribute to the social sector and on philanthropy and CSR....and they are all Hindus.
As usual...jealous people...justifying their failures..m lovin it...:))))
In recent days hospitals in Pakistan are facing a plague of people suffering lethal levels if ulcers and heartaches.
What is best part of this news is jealous pakistanis posting fake statistics (as usual). Your country is a failure while you are busy posting fake stats to make fun of Indians who are progressing faster than you could ever since your country's formation based on your religion.
@Pity: If you were comparing apples to apples (not apples to tiddlywinks), you'd note two things: India has created more wealth since 1991 than it did in its entire 5,000 year history. India's population has grown from 325 million in 1947 to 1.25 billion today (roughly 4 times) - so, absolute numbers of poor people has gone up, but the percentage has declined and continues to decline. Having said this, I am absolutely dismayed by the lack of social consciousness among many of these Richie rich folk. The elder Ambani built an absolutely ugly and tasteless in-your-face multi-storied $2 billion house close to a slum. By contrast Azim Premji and Tatas have shown the more benevolent and socially conscious face. I wish there were more of them. (But all the companies have created jobs and given people hope.) (You may want to visit the BBC.com site for an essay on the Tatas including their founding member Rustomji Tata. They were not only ahead of any Indian industrialists, they were ahead of many Western industrialists in their enlightened approach to their employees, customers, and communities.)
97 billionaires and a 'billion' poor people out of a population of 1.30 billion. The low poverty figures are all feel good type statistics given by WB, like if you take 1 dollar as the daily earning, the poverty figure is say 23%, if you make it 1.25 dollar per day, the poverty figure increases to 46 %....so on and so forth. The actual number of poors below poverty line is much more than the government given figure. Mukesh Ambahi's 1 billion USD home(now estimated to be more), ANTILIA overlooks large swathes of Mumbai slums, an estimated 62% of Mumbians live in slums, same in Calcutta and large cities.
@Pity: You can keep looking at Indian negative points, while we grow and eradicate poverty just like we eradicated polio.. U can keep fighting a loosing battle with TTP, Polio and Begging....
ET plz b fair.
@Baloch: "What is the percentage of billionaires in India as compared to the number of Indians living below the poverty line? How much of Indian wealth is concentrated in the hands of these billionaires These are the real questions."
Now provide real answers please.
@Safwan: The people living below the poverty line is much higher worldwide and it’s above 50% in India according to a recent multi dimensional poverty report.
Source please sir...
@hamza khan: Get the facts right mate. India and China has lifted more than 232 million people out of poverty in the last 10 years according to World bank. India huge country compared to Pakistan by size and population. We are in the right path to eradicate poverty by 2025. Pakistan only can dream of the development India is going through right now. So please concentrate on your own problems than worry about India.
@Pity: Why you bother the future of India unless you are an Indian. According to the World Bank’s Global Monitoring Report (GMR) 2014, India has lifted millions of people out of poverty in the last 10 years.
Just two Indian billionares Ambani and Tata employ 1 million Indians. Can you imagine how many the remaining 90 employ. Those employed by these billionares are obviously out of poverty. I hope the numbers rise to 500 billionares.
Come on guys, they dont keep 2 billion cash in a locker inside their house, they distribute to poor by providing jobs. Dont listen to jealous comments. They would be dying to have a Ambani or TATA.
@Indian - "Why blame Billionaires for the poverty? They are creating and providing job opportunities as much they can. I would blame rise in population for the poverty"
Actually this bogey of population related to poverty has been countered by economists. Poverty is simply due to unequal distribution of wealth. Yes on the face of it, it does look like population is the contributor towards poverty. But skillful use of population by converting it to an asset would lead to prosperity. And by prosperity, I don't mean BMWs and the like, but prosperity in food, decent living, healthcare for all, clean environment, breathable air, forest and natural resources/wildlife intact, promotion of arts, theatres & museums and preservation of historical places - overall quality of life.
Most of our cities do not have garbage disposable facilities, water sources and air are polluted, the veggies we consume have pesticides due to which there's an increase in rate of cancers. Our middle class while aspiring for the prosperity of the West, refuses to take ownership in maintaining a clean environment (I've seen people in BMWs eating 120/300 paan & spitting out). There's no move towards preserving history (pathetic state of our historical places & forts). What use is that billion dollar wealth? After all the intangibles also count.
This would be good news if, at the same time, income inequality in India on the whole had been improving. That unfortunately is not the case:
http://articles.economictimes.indiatimes.com/2014-10-03/news/545996471income-inequality-gini-coefficient-poor-rich-gap
@Tani: Why r u explaining to these ppl ..where 80 % peope go in dark coz of no electricity ..these ppl r living in stonge age so ofcoz they wil be jealous !
Calm down Pakistanis. The sudden spurt in number of billionaires is due to our rising stock market. Most of the Indian companies are family owned and the promoters/owners own more 70%--80% of the stock. Therefore, rising markets increase the paper wealth and number of billionaires. The reverse is happening in the case of Russia (oil price decline and falling stock markets). As far as poor people are concerned, Indian government is doing everything to lift people above the poverty line. Between 2004-2011, India lifted 138.2 million out of poverty. This is no small achievement. Over the next 10 years, our average gdp growth is projected to be 6.5%. This will lead to many more jobs and less poverty.
@wb, with whose views I mostly agree, and @Milind, whom I mostly disagree
Happy to agree with both of you in this instance. Both of you may find the link below interesting: http://www.hindustantimes.com/india-news/landgrabber-s-inc-making-millions-in-raigarh/article1-1312502.aspx
But then who I am to question 'MoDevelopment'? the flavor of the day.
@TUNG
Good observation. Distribution of income is as important if not more than earning it.
@TUNG:
Europe stole from colonies in Africa and India for 2 centuries and also usurped lands of people in America and Australia and marginalised the native people. They are hardly the role models on equality. Now that the colonies are gone, the growth rate of Europe is dropping precipitously.
@hamza khan: If Pakistan also prospers, that does not hurt India.in any case, Pakistan has not even conducted a census in 18 years and frequently its statistics have been questioned by fellow Pakistanis. So i would not brag. It is unclear who has projected a 6-8% growth rate for Pakistan in near future when its largest industry - the textile industry is complaining bitterly aout gas shortage o generate electricity? Once again though, if such growth numbers are realized by Pakistan, ood for Pakistan.
I wish from my heart, that Indian people soon have more than billion Billionaires!
In this corrupt economic world order, if there are many possibilities to become a beggar, then there is also at least one good chance for everyone to become a billionaire! Example are the Chinese self-made billionaires or the Pakistani patriotic politicians!!!
Why blame Billionaires for the poverty? They are creating and providing job opportunities as much they can. I would blame rise in population for the poverty. Poverty doesn't mean that people are starving to death but they are cheated of basic luxury that we are having. As for as our state and southern states are concern, state Governments are providing 1 Kg for Rs 1 rice, dal and wheat i.e. 30 Kgs of rice for Rs 30 for one month for the poor people. I don't know about other part of the country but this is how governments should be helping people. Speaking about So much poverty in India and still there is not even a single case of polio yet. Incredible India isn;t it.
Heh impressive, this though reminds me of Slumdog Millionaire. It's true that there are some solid players in the land as well as Bharat do have a hyper poverty rate despite the figures and all Mr. Ambani is really wealthy.
@wb - Agree with you... the fact that we have billionaires while other compatriots of ours are in poverty is nothing to be proud of. We'd rather be a happy & satisfied country rather than a rich (and greedy) one.
@pity - 80% of those 20% you calculated would be your co-religionists, who refuse to embrace modernity, overbreed themselves, try to live of state benefits (whether in India or in the West) and then whine about discrimination.
Indian Billionaires have created millions of jobs and helped in pulling them up into rich and middle class. Money earned legally is welcome. It is the black money earned through corruption which is a cancer.
@TUNG: Are you saying there is less equality in US and China???? Think before comment.
@Tani:
pakistans poverty rate is 20-25%, and has only recently increased after dropping to below 20% after musharraf. our economy is $260+ billion, with a projected growth rate of 6-8% in the next 2-3 years. that would mean we would effectively halve our poverty rate in 10 years whereas you would still be several hundred million poor.
india lifted 267 million people out of poverty in one decade and to compare it it is more then the population of brazil and now india has 21.9% poor people so it is a great achievement if you see in any way even in china there are 13% poor but they contain second largest and in usa it is around 6% so no country is free from poverty it i in every country. India is large so the poverty figures appears large . i can show few countries with poverty greater then 60% but they are small countries so dont appear in figures. So, India is going in right direction for sure
Here every politician is billionaire and public is penniless.
ever wondered why europenas with bigger economy than india have fewer number of billionaries? yes becuase they have more equality in their countries and their rich are taxed well
India was once world's largest economy and India will achieve the same status in future if our stars are aligned properly. India a nation of entrepreneurs and technologists will graduate to middle income status by 2025 as the economy will expand 5 times to 10,000 billion. The already vanishing poverty rate will come to a full stop. We are extremely proud of our billionaires and job creators.
@Pity: India is second most populated country in the world. So ofcourse we will have more numbers in good and bad cases both, because of population compared to others. India has 22% poor in the country. From 46%, india has lifted millions of poor in past decades. Generated 267millions strong middle class. And lifted previous to upper middle class and elite. There is strong upward mobility. That's a big achievement for us. Since british left us with 0.8 percent growth rate with massive poor. We stood our ground and developed into top ten largest economy. Now it is working on opening economy more. Generate more. We are estimated-2016 to be fastest growing economy with growth rate surpassing 6% to gradual 7-8%.india will lift more %of poor than the initial target this decade than was possible. It has already created many industries millions jobs. And still working on creating various home grown industries,self made entrepreneurs. About poor. GOI provides subsidies in food, education, health, insurance, gas to poor. We still have way to go... Rome was not built in a day. But we got ample to celebrate from what we were at 47 to now. Some people can only see negativity and sulk. While others are busy building their country from scratch. Now tells me what you are doing for your poor?
If I were this news would only sadden me.
@Pity Those are just not the people living below poverty line, they are the one living in extreme poverty. The people living below the poverty line is much higher worldwide and it's above 50% in India according to a recent multi dimensional poverty report.
What is the percentage of billionaires in India as compared to the number of Indians living below the poverty line? How much of Indian wealth is concentrated in the hands of these billionaires These are the real questions.
@Pity: India has 50 % people In BPL category in the nineties now that reduced to 20 % with in 20 yrs.Don't be in negativism ,with in next decade that will reduce to 0% for sure.
According to World Bank statistics, the world has 872.3 million people below the poverty line, of which 179.6 million people live in India. In other words, India with 17.5% of total world's population, has 20.6% share of world's poorest people. What will be the future of 'shining' India, I wonder?
Sir on this note, one more reliance metro train in mumbai ;)