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The Silicon Review Asia

India could get over 44 billionaires in the next few years

India could get over 44 billionaires in the next few years

Riding the wave of economic growth, India could have as many as 44 new billionaires in the next five years. This number has beaten the expectations of experts. In spite of various uncertainties in multiple markets, the country has experienced considerable economic growth. Additionally, the number of ultrahigh net worth individuals (UHNWIs), or people with assets valued at $30 million (210 cores) is also set to increase to over 2600 in the coming years. What’s interesting is that the city with the highest number of new billionaires would be none other than Bangalore, India’s tech capital.

Bangalore is rightly called as India’s Silicon Valley since it is home to over 1000 startups and various technology unicorns (firms valued at $1 billion). Many experts attribute this growth to recent economic policies implemented by the current government of Prime Minister Narendra Modi. Under Modi, India has jumped several places in the global rankings for ease of starting a business. India will be followed by the Philippines and China in the number of billionaires and multi-millionaires. Economies of South Asian countries such as India, Vietnam, Sri Lanka, and the Philippines are touted to grow, whereas that of China is expected to slow down, most likely because of its ongoing trade war and a diplomatic spat with the United States.

While investing in tangible assets have always been popular in India, many businessmen have recently taken to pouring money into bonds and equities. This is a good sign, as it shows that it is easier to do business in India, resulting in greater job creation. 

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