Healthcare, consumer goods minted the most Indian dollar billionaires

• As much as 12.5% of healthcare wealth globally comes from India.
  
  
• India has the second-largest concentration of automobile billionaires after China.
  
  
• The wealth of Indian real estate billionaires increased by 150%.
  
  
• The report also said that 63% of the world’s billionaires make physical products, while 37% sell software and services.
  

The healthcare sector minted the most number of Indian dollar billionaires in the last one year, according to 2023 M3M Hurun Global Rich List. As much as 12.5% of healthcare wealth globally comes from India, and vaccine king Cyrus Poonawalla of Serum Institute is the richest healthcare billionaire in the world.

With Poonawalla and Dilip Shanghvi of Sun Pharmaceutical, the top 10 richest Indians list has two entrants from the healthcare sector.

Ranking at 46 globally, Poonawalla of the unlisted empire, is the only billionaire in the top 10 richest Indians whose wealth went up by 4% to $27 billion. Shanghvi, on the other hand, lost 6% wealth in the last one year to end at $17 billion, and is ranked 98 globally.

After healthcare, the sectors that created the most Indian dollar billionaires are consumer goods and chemicals, said the Hurun report, adding that financial services, healthcare and retail sectors minted the most global billionaires.

“With 13 billionaires from the automobile and auto components sector, India has the second-largest concentration of automobile billionaires after China, which has 39 billionaires. India needs to catch up on sectors such as investments and media and entertainment,” the report said.



Source: 2023 M3M Hurun Global Rich List

IT, aviation and real estate sectors shine

As much as 7.8% of IT sector wealth globally is from India, with Shiv Nadar of HCL as the richest software and services billionaire. His global counterpart is Steve Ballmer, the former CEO of Microsoft.

Real estate sector is the third most important sector with 5% of the sector’s global wealth coming from India.

“We at M3M are even further excited about the value creation potential of the real estate sector. As Andrew Carnegie also said – Ninety percent of all millionaires become so through owning real-estate. For instance, when cumulative wealth of Indian billionaires increased by 80%, the wealth of Indian real estate billionaires increased by 150%,” said Pankaj Bansal, Director, M3M India.

India is also home to the richest aviation billionaires in the world and surprisingly both of them are the founders of the same airline, IndiGo which is the largest airline in India. Rakesh Gangwal and Rahul Bhatia possess wealth of $3.6 billion and $3.3 billion respectively.

Energy vs new-age and tech biz

Globally, billionaires who belonged to sectors like fertilizers and commodity trading, iron and steel, oil and gas, soft drinks and confectionery, casinos and hotels, sports clubs and luxury goods had a good year.

Tech based and new-age businesses, however, had a bad year. “It’s a bad year for semiconductors, cloud solutions, cyber security, payment systems, e-commerce, batteries and new energy,” the report said.

The report also said that two thirds of the world’s billionaires – 63% of them make physical products, while 37% sell software and services. In the last one year, the world has lost five billionaires every week. This is only the second time in the last ten years that the number of global billionaires has reduced. The world which has lost 269 billionaires, now has 3,112 billionaires.

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