The sharp rally in equity markets since March 2020 appears to have helped the affluent not just in India, but in other countries as well. In the last three years, until May 2023, a whopping 84 per cent of them noted a growth in their net wealth. This is according to Bloomberg’s Global Wealth Blueprint, which was released recently.
The survey terms someone aged above 25 and has more than $150,000 of investable assets as affluent. While the proportion of the rich who got richer was 84 per cent in India, in China, this was 80 per cent. It was 74 per cent in the UAE.
The survey findings show that the most affluent people in India, 72 per cent of them, cite equity and stock markets as key contributors to wealth. At the same time, a little less than half of them — 47 per cent — cited inheritance as the key contributor to their wealth.
Growth of India’s rich
An analysis of Hurun’s India Rich list over the years, too, shows that the affluent section has done well since the Covid pandemic. The number of rich people in the country has increased by 16 per cent in 2022, compared to 2019.
The IIFL Hurun India Rich List 2022 shows that at the end of FY22 there were 1,103 Indians with assets worth more than ₹1,000 crore. The number was just 953 in 2019. At the time of the launch of the report, it was noted that the cumulative wealth of the people featured in the list “grows to ₹100-lakh crore – more than the combined GDP of Singapore, UAE, and Saudi Arabia.”
According to the Bloomberg Billionaires Index, as of September 11, Mukesh Ambani is the richest person in the country. Between September 11, 2019, and September 11, 2023, Ambani’s wealth almost doubled, growing from $47.3 billion to $92.4 billion. He inherited a large proportion of his wealth from his father, Dhirubhai Ambani. The massive growth in his wealth is also attributed to the increasing share prices of Reliance Industries Limited.
Gautam Adani holds the second position with a wealth of $65.5 billion. His wealth was just $8.52 billion in 2019. Shapoor Mistry, the Chairman of the Shapoorji Pallonji Group, holds the third position with a wealth of $31.5 billion. He is relatively new to the list for he took over the company’s chairmanship only after the death of his father, Pallonji Mistry, in 2022. In 2019, Pallonji Mistry had a wealth of $20.4 billion.