NEW DELHI: India is set to see a rise in the number of billionaire entrepreneurs over the next decade, heading for a growth trajectory similar to what China witnessed until the 2020, as per a report by UBS.
The report also mentioned that this substantial momentum could be driven by important factors like fast paced urbanization, manufacturing capabilities and energy transition.
The report also said that over the last decade till April 2024, the number of Indian billionaires has increased more than twice, with a rise of 185 per cent from the 123 per cent.
Meanwhile, their collective wealth has also tripled with a 263 per cent rise to a remarkable $ 905.6 billion.
Additionally, over the past decade, the NSE Nifty 500 Index has more than doubled, rising by 109 per cent in the terms of US dollar. This surge in the stock market aligns with the growing wealth of billionaire families, whose businesses have expanded over a wide array of sectors, according to the report.
The report identified 108 publicly listed family businesses in India, ranking the country third globally in this category.
It said that these family-run enterprises have played a crucial role in driving economic growth, highlighting the significant impact of generational businesses in India's economic transformation It also pointed out that India is home to one of the largest concentrations of publicly listed family-owned companies worldwide, many of which have thrived across several generations.
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.
As India continues its economic ascent, the report believes the country will see an even greater surge in billionaire entrepreneurs in the coming years.
The report also believes that with the Indian economy continuing to soar, the country is set to witness an even grater surges in billionaire entrepreneurs in the upcoming years.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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