India has added more new billionaires than China according to the Hurun Global Rich List 2024.
The country also saw lesser drop offs, compared to the U.S. and China which has the highest number of billionaires. U.S., with the second-highest number of billionaires, added 132 new faces this year, higher than India's 94 and China's 55.
Mumbai was the fastest growing billionaire capital in the world with 92 billionaires, adding 26 in the year, taking it to third in the world and Asia’s billionaire capital.
Ray Dalio also spoke about indebtedness, adding that if the level of indebtedness is high, then it is a problem, but India has a "very low level of indebtedness".
The estimate comes courtesy of the Henley Private Wealth Migration Report 2023. Experts say taxes and complex remittance rules are to blame, but note that India produces far more new millionaires than it loses to migration
What does it take to be part of India’s richest 1 per cent club? According to a report by Knight Frank, $175,000 (Rs 1.44 crore). The money is lesser than what is required in Monaco – which has the highest threshold at $12.4 million (Rs 102 crore)