India's Wealth Surges: 284 Billionaires, Biotech Boom
India's wealth landscape has seen significant growth, particularly in the biotech sector. The country now boasts 284 billionaires, with Mumbai leading the way with 451. Meanwhile, Bengaluru, not among Asia's top three, has emerged as a notable wealth hub with 116 billionaires.
Biotech has emerged as a fast-growing sector, contributing to India's diversified economy. Pharmaceuticals top the list with 137 listers, followed by industrial products and chemicals & petrochemicals. This growth has led to a rise in billionaires, with India ranking third globally with a combined wealth of Rs 98 trillion, nearly one-third of its GDP.
Mukesh Ambani retains his title as Asia's richest man, with a fortune of Rs 8.6 trillion, despite a Rs 1 trillion dip from last year. His home city, Mumbai, leads India's wealth map with 451 billionaires. Other cities like Ahmedabad and Kolkata each have 68 billionaires, while Hyderabad has 102, Chennai 94, and Pune 66. Bengaluru, with 116 entrants, is powered by Azim Premji & family. New Delhi follows with 223 billionaires, led by Roshni Nadar Malhotra & family. Notably, Gautam Adani's fortune rose 13% to Rs 8.4 trillion.
India's wealth story is one of growth and decentralisation. While Mumbai remains the wealth capital, other cities like Bengaluru, Hyderabad, and Chennai are emerging as significant wealth hubs. The rise of biotech and other sectors has contributed to this growth, with India's billionaires now accounting for nearly one-third of its GDP.
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