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With 819 billionaires, Chinese dominate the Hurun list for 2018

Vinson Kurian Thiruvananthapuram | Updated on February 28, 2018

Jeff Bezos

RIL Chairman Mukesh Ambani (file photo).

US with 571 billionaires placed second, India reclaims third spot with 56

Chinese billionaires are pulling away from the US for the third year running on the Hurun Global Rich List 2018.

There are 819 Chinese billionaires in 2018 compared with 571 in the US. Just two years ago, they were neck and neck at 534 and 535.

‘Amazing growth’

Rupert Hoogerwerf, Chairman and Chief Researcher, Hurun Report, said China is going through an amazing period of entrepreneurship, adding 210 billionaires in the past year. It has been a good year for India, claiming back its third place after adding 31 billionaires, on the back of a record performance by the Indian stock markets. The average listed age is 63, one year younger than last year.

These are among the highlights of the Hurun Global Rich List 2018, a ranking of US-dollar-billionaires in the world, the seventh in the annual series. Wealth calculations are a snapshot of January 31. The list ranked 2,694 billionaires from 68 countries and from 2,157 companies in another record-breaking year for the world’s billionaires.

The total wealth increased by a staggering 31 per cent to $10.5 trillion, equivalent to 13.2 per cent of global GDP, and almost double the global GDP six years ago. “Never has so much wealth been concentrated in the hands of so few,” said Hoogerwerf. The world today has the best part of 6,000 dollar billionaires, assuming that for every one we found, we have probably at least one if not more, particularly from the Gulf states.”

A boom in China, a weak dollar and a 26 per cent hike in the Nasdaq have led to a surge in dollar billionaires across the world. The US dollar depreciated 16 per cent against the euro, 12 per cent against the British pound, 10 per cent against the Chinese yuan and six per cent against the Indian rupee.

Global economic growth was at three per cent last year, the fastest rate since 2011 and a significant acceleration compared with 2.4 per cent in the previous year.

Back home, the Hurun India Rich List finds 170 Indians or Indian origin billionaires with $1billion or more. Mumbai is home to 55 billionaires, followed by New Delhi (29) and Ahmedabad (9). The country added four new billionaires each a week over the last year – 56 in all. With a wealth of ₹2,86,600 crore ($45 billion), Mukesh Ambani retains the richest Indian title (global rank: 19).

Most in pharma

Lakshmi mittal (global rank 65) with ₹1,17,600 crore ($18 billion) secures the second position. He is followed by Dilip Shanghvi (global rank 87) ranked at third with a wealth of ₹96,200 crore ($15 billion).

The pharmaceuticals sector created 20 billionaires but the average wealth stood at ₹20,500 crore ($3 billion) compared to global average of $39 billion.

Telecom-media-technology, with only 15 billionaires, recorded an average wealth at ₹27,900 crore ($4 billion) compared to global average of $5 billion.

With five billionaires, the Godrej Group contributes most number of billionaires, followed by Hero Honda and Asian Paints with three each. The total wealth of India’s top 170 in increased to ₹35,46,400 crore ($ 557billion) or 32 per cent higher than last year.

The young rich

There are three billionaires under the age of 40. Youngest is Shradda Agarwal, 32, of Outcome Health, worth ₹7,000 crore. Others in the group are Vijay Shekhar Sharma (39) of Paytm and Divyank Turakhia (35) of Directi.

Kiran Mazumdar-Shaw (global rank: 656) is the richest Indian self made women billionaire with wealth of ₹24,600 crore ($3.9 billlion).

Thirty-nine individuals have migrated from India. The UAE is the most preferred destination with 13. With a networth of ₹1,17,600 crore ($18 billion), Lakshmi Mittal (global rank: 65) is the richest immigrant.

Retail king Radhakishan Damani (global rank: 350), 62, of Avenue Supermarts, reported a 445 per cent increase in wealth to ₹38,100 crore ($6 billion), and is the fastest riser.

Cyrus Mistry and brother Shapoor Mistry (global rank: 184) of Tata Sons are the wealthiest new faces at 11th position with a networth of ₹60,900 crore ($9.6 billion).

“Story of wealth creation in India talks about the story of modern businesses and new competition dynamics in India. India is now the third largest billionaire creating country in the world. When its GDP touches $6 trillion by 2022, we expect the number of billionaires to at least double to 350,” said Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun Report India.

OTHER HIGHLIGHTS:

*Jeff Bezos, 54, of Amazon, added $51 billion to storm into first place with $123 billion.

*Warren Buffett overtook Bill Gates and broke through the $100 billion-mark after a 31 per cent jump in wealth

*Pony Ma of Tencent became the richest Asian with $47 billion

*With $5.3 billion, Chris Larsen of Ripple was officially the first blockchain billionaire

*Hungary-born financier George Soros, 87, donated $18 billion to bring his lifetime giving to $32 billion.

*More than one billionaire created every day of the last year, of which four every week were traced to China.

Published on February 28, 2018

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