Words: FWD Media Images: Various sources
According to a report by UK based wealth consulting firm Ahmadoff & Company, India has seen a new billionaire almost every month since 2010 of which majority are self made. The report released early this month said that the increase in billionaires is due to massive local economy and globalised Indian enterprises. Their research also explains that self-made Indians take care of 65 per cent of wealth of billionaires.
The report said that steady high growth rates of the economy created demand to new services and goods, specifically from pharmaceuticals, healthcare and construction industries. “10 business founders from healthcare and pharmaceutical industry were listed in the last seven years more than any industry in India followed by retail industry which made 7 billionaires during that period,” the report said.
While few people even among billionaire control a major chunk of wealth, it is coming down year after year due to fast growth of almost all entrepreneur-led industries in Indian economy. “Enough competition for billions of dollars became intense during the last few years, average wealth level of the richest five men decreased to $16.5 billion this year from $20.3 billion of 2010 though entry ticket was same in years. It means about $20 billion of wealth from only this group have been redistributed to other billionaires or brought 20 billionaires to the Forbes list,” said the report. The total wealth of the richest fifty billionaires to Indian GDP decreased to 11.7 per cent from 13.4 per cent during 2010-17.