India is ranked third in terms of the number of billionaires in the latest Hurun Global Rich List.
China, however, figured way ahead in the list, with almost five times more billionaires than India.
The US occupied the second slot with 496 self-made billionaires in the 2023 Hurun rich list.
The list showed that India has 105 self-made ultra-wealthy individuals, ranking third in this category.
The combined wealth of these ultra-wealthy individuals is $381 billion, according to the Hurun list.
India’s proportion of the world’s wealthiest has been consistently rising over the past five years, and it now accounts for 8 percent of the total global billionaire population, compared to 4.9 percent five years ago.
Among the super wealthy, 57 percent are self-made.
The Hurun list showed the number of ultra high-net-worth individuals in the world has decreased for the second time in ten years, with five billionaires being lost every week in the previous year.
This year’s ranking includes 3,112 billionaires, which is a decrease of 269 compared to last year when the figure was 3,384.
The list showed that 70 percent of the super wealthy are self-made, while 30 percent come under the inherited category.
“Self-made billionaires are on the up, up from 69 percent of the list 5 years ago,” the report said.
“Of those who inherited their money, 10 percent have grown it aggressively – EG Bernard Arnault, who inherited $15 million, and turned it into $200 billion; or Mukesh Ambani of Reliance, who inherited $10 billion in 2022, growing it to close to close to $100 billion over 20 years,” it said.
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