Forbes List Adds a Billionaire from India Each Month

The number of Indians on the Forbes billionaire list rose to 101 from 84 in 2016, and Fakhri Ahmadov, managing director at Ahmadoff & Company, a U.K. based wealth advisory firm, says,  “Eevery 33 days brought a new Indian billionaire to the list last year.”

Forbes says India had 36 billionaires in 2005;  55 billionaires in 2010; and by 2016 India added 46 billionaires or roughly eight new one-percents per year since 2011. Between 2005 and 2016, India’s economy rose 170% while the world economy gained around 30%.

The healthcare and pharmaceuticals sectors added 10 business founders to the FORBES billionaires list in the last seven years, more than any industry in India. Retail added another seven billionaires during that period, Ahmadov said in a report dated April 8.

Billionaire Status

The reasons for this phenomenon are:

  • Fast economic growth in consumer retail goods
  • Redistribution of wealth along billionaire family lines
  • Increased penetration of the banking system
  • Increase foreign direct investment both in the physical economy and corporate equity

 

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

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