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2023 M3M Hurun Global Rich List: India Ranks 3rd In Terms of Self-Made Billionaires

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India ranks third in terms of self-made billionairesAccording to the ‘2023 M3M Hurun Global Rich List,’ India is ranked 3rd in terms of the number of self-made billionaires, with a total of 105 on the list. These 105 self-made billionaires have a cumulative wealth of USD 381 billion.

  • With 187 billionaires and 16 newcomers, India remains the world’s 3rd largest billionaire producing country. However, it is 28 less than that in 2022, which had 215 billionaires.
  • If Indian-origin billionaires are included, the number goes up to 217.

China is about 5 times bigger than India in terms of the number of billionaires.

Key Report Findings Regarding India:

i.According to the report, the number of Indians on the list has increased steadily over the last 5 years.

ii.India now makes up 8% of the total global billionaire population, up from 4.9% five years ago.

iii.According to the list, 70% of the billionaires on it are self-made, while only 30% are inheritors.

iv.The percentage of self-made billionaires in India was 57%.

v.According to the report, there are currently more self-made billionaires than there were five years ago, which stood at 69%.

vi.According to the survey, 10% of people who inherited money have developed it rapidly.

  • Bernard Arnault, who inherited USD 15 million and made it into USD 200 billion, and Mukesh Ambani of Reliance, who inherited USD 10 billion in 2002 and raised it to over USD 100 billion over the course of 20 years.

2023 M3M Hurun Global Rich List: Top 10 Countries Ranked by Number of Self-Made Billionaires

RankCountryNumber of Self-made billionairesCumulative wealth (USD)
1China8913,014 Billion
2USA4963,093 Billion
3India105381 Billion
4UK99368 Billion
5Russia70374 Billion
6Switzerland41167 Billion
7Germany38137 Billion
8Australia32122 Billion
9France29123 Billion
10Canada2880 Billion

2023 M3M Hurun Global Rich List

i.The ‘2023 M3M Hurun Global Rich List,’ a ranking of the United States dollar (USD) billionaires in India, is released by Hurun India and M3M India, showcasing India’s place in the ranking list.

ii.The ‘2023 M3M Hurun Global Rich List’ is the ranking’s 12th year, and the wealth estimates in this report are as on January 14, 2023.

iii.A total of 2,356 companies from 69 countries made up the Hurun Global Rich List 2023, which included 3,112 billionaires, down from 3,384 in 2022.

iv.When compared to 2022, the number of billionaires fell by 8%, and their total wealth fell by 10%.

v.Around 1,078 people witnessed a gain in their wealth, including 176 newcomers.

vi.2,479 people saw their wealth decline or remain the same, with 445 dropping out.

vii.The average age was 66 years old.

2023 M3M Hurun Global Rich List: Mumbai leads all Indian cities with 66 billionaires, followed by Delhi & Bengaluru

According to the “2023 M3M Hurun Global Rich List,” 24 Indian cities or towns have “produced” 187 billionaires, placing Mumbai (Maharashtra), New Delhi (Delhi), and Bengaluru (Karnataka) among the top 25 global cities producing the most billionaires.

  • India is ranked 6th in the world in terms of the number of cities from which billionaires originate.
  • Mumbai (1st) has 66 billionaires, followed by New Delhi (2nd) with 39 billionaires, while Bengaluru comes in 3rd with 21 billionaires.

Key Points:

i.With a 356% increase in wealth over the previous 10 years, Mukesh Ambani is the richest among Mumbai’s 66 billionaires.

  • He is followed by Dilip Shanghvi, Radhakishan Damani, Kumar Mangalam Birla, and Uday Kotak.

ii.The Hurun list in New Delhi includes Shiv Nadar, whose fortune has increased by 136% during the past 10 years.

iii.According to Hurun India Philanthropy List 2022, Shiv Nadar recaptured “India’s most generous title” with a donation of Rs. 1,161 crore.

Recent related News:

According to the 2023 M3M Hurun Global Rich list released by Hurun India and M3M India, Gautam Adani has dropped 11 places to the 23rd rank among global billionaires. According to the report, Gautam Adani saw a 35% decline in wealth year-on-year. He lost Rs 3,000 crore every week over the last year.

About Hurun Report Inc. (Hurun Report):

Hurun Report is a leading research, luxury publishing and events group established in London in 1998. It has its presence in India, China, France, UK, USA, Australia, Japan, Canada and Luxembourg.

MD & Chief Researcher of Hurun India – Anas Rahman Junaid
Establishment of Hurun India – 2012