The Hurun Global Rich list – an annual report by Chinese research, media and investment firm which showcases the wealthiest individuals around the world and country wise, has released its 2019 rankings of the richest people around the world and in India, among other countries.
Worldwide, in the general scheme of things, it has been a difficult year for the world’s billionaires, with their total wealth decreasing by 950 billion $ to 9.6 trillion $, which translates into a 9% loss. This can be attributed to a poor stock market performance and an appreciating US Dollar, which does not bode well for non-US individuals and makes it harder for them to make the cut. The number of billionaires across the globe featured in the 2019 edition has decreased by 224; from 2,694 last year to 2,470 in the current year. The cumulative wealth of these 2,470 individuals account for 12% of global GDP.
Splitting it up city wise, Beijing takes home the honours as the hub for the most billionaires with 103 names, while New York and Hong Kong accounted for 92 and 69 names respectively; thereby depicting the rapid shift in wealth from west to east. India’s financial hub, Mumbai, has 42 billionaire residents.
Jeff Bezos of Amazon retained the top spot for a second year running with his personal wealth touching a staggering 147 billion $. However, with a messy divorce looming on the horizon, the tech tycoon could see his personal wealth cut in half if things don’t go his way. Our very own Mukesh Ambani of Reliance Industries fame broke into the top 10 in the world for the first time, and is the only Asian in the top 10 thanks to a rally in his flagship Reliance Industries, which bucked the stock market trend and topped the ₹ 8 lakh crore market cap figure recently.
Getting to the Indian scenario, while it is a matter of pride that an Indian has broken into the top 10 for the first time; India has roughly 20% of world population, yet makes up only 4% of the world’s known billionaires. While India may have gained 32 billionaires last year; poor stock market performance and election uncertainty has led to depletion of wealth at the top, and India has lost 28 billionaires this year.
Further, while Mukesh Ambani is leaps and bounds ahead of anyone in India, with a fortune of 54 billion $ to his name; his younger brother Anil Ambani has vanished into oblivion, having lost more than 65% of his net worth or 5 billion $.
According to the list, Smita Crishna, the third generation heir of the Godrej family, tops the female billionaire list with a net worth of 6.1 billion $, while Kiran Mazumdar-Shaw of Biocon is the richest self made female entrepreneur and is ranked 671 in the world, with a wealth of 3.5 billion $.
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