$1 TRILLION AND COUNTING...

The stewards of India's rising affluence have created a new record with the elite club of dollar billionaires surging to 185 with a cumulative net worth of $1.19 trillion.

- V. KESHAVDEV

IN THE GRAND CYCLE of wealth creation, few stories are as captivating as the rise of India’s dollar billionaires. This year, the elite club has crossed a historic threshold — the combined wealth soaring past the $1 trillion mark for the first time, gaining over 50% in under three years. It’s momentous. Made even more remarkable by the fact that this ascent comes in the face of a 5% depreciation in rupee against the dollar since 2022.

That year, India’s dollar billionaires numbered 142, with collective fortunes valued at $832 billion. Fast forward to today, that number has swelled to 185, their aggregated net worth now nearly 50% higher at a staggering $1.19 trillion (₹99.86 lakh crore), a whisper away from ₹100 lakh crore milestone. This phenomenal growth in wealth is more than just a numerical triumph — it’s a resounding affirmation of India’s economic dynamism juxtaposed against a turbulent macro-economic and geo-political environment.

At ₹99.86 lakh crore, the cumulative wealth of India’s richest is equivalent of 33.81% of the country’s nominal GDP, estimated at ₹295.36 lakh crore as of March 2024. This staggering figure underscores the burgeoning influence of India’s wealthiest, whose fortunes have risen in tandem with the country’s economic expansion. The 2024 Economic Survey paints a picture of progress, noting that India’s market capitalisation to GDP ratio has surged to 124% in FY24, up from a more modest 77% in FY19. This rise, driven by total market capitalisation of BSE-listed firms reaching ₹387 lakh crore by March 2024 (from ₹151 lakh crore five years ago) places India well ahead of other emerging markets such as China and Brazil.