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<ul><li>Of the total income generated in the economy, only a third went to labour. The balance went to capital and the owners of the capital </li><li>The divide is worse with those engaged in farming as its labour received 15.3% of the total income from it </li><li>Household maids and other hands are amongst the worst affected as they recorded the slowest wage growth. </li><li>Private sector corporations are also keeping the wealth amidst the owners, as only 31.2% of its income went in wages. </li></ul> Karl Marx has famously said, Man himself is mutually of no value. In India, the fruits of people’s labour is also proving to be of less value. Of the total income generated in the economy, only a third went to labour. The balance went to capital and the owners of the capital, according to a study between 2011 to 2017 conducted by India Ratings and Research. This confirms the rising inequality in India, as the fortune of <keyword id="390386" type="PERSON" weightage="20" keywordseo="Indian-billionaires">Indian billionaires</keyword> went up by ₹22 billion a day in 2018. As a result, the top 1% got richer by 39%, according to <a href="https://timesofindia.indiatimes.com/business/india-business/indias-richest-1-get-richer-by-39-in-2018-just-3-rise-for-bottom-half-oxfam/articleshow/67618069.cms">an Oxfam study</a>. 
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 This could be a contentious issue that Finance Minister Nirmala Sitharaman may keep in her mind ahead of her first Union Budget presentation on July 5, 2019. World over, billionaires like<a href="https://www.businessinsider.in/billionaires-from-george-soros-to-abigail-disney-are-begging-to-be-taxed-more/articleshow/69931447.cms"> George Soros and Abigail Disney</a> are asking governments to tax them, to bridge the chasm between rich and poor. While no such distress call has come from 119 Indian billionaires, the Prime Minister Narendra Modi who has spoken of ‘removing poverty’ during the election campaign might have a chance to proceed this month. Farm hands work towards poverty The worst affected of this income gulf are the over 144 million people working on farms. As per the report, the divide is even worse in agriculture as its labour received 15.3% of the total income, while a staggering 84.7% went to owners! Agriculture is one of the largest employers in the country. The annual average wage of an agricultural worker is ₹21,060 per annum “This is even lower than the official poverty line. Cultivators are relatively better-off than agricultural labourers, with an average annual income of ₹141,500,” India Ratings said. Not helping The Help Also, it isn’t just landowners and corporations who are taking income away from workers. Households too are contributing to this. Household maids and other help are amongst the worst affected as they recorded the slowest wage growth. And, their salaries are low to start with. Homes and other unorganised workers are worse paid, and due to their large numbers affect the widening income gap. “The plight of wage earners in unorganized and unregistered enterprises, who account for 44.5% of the income in the economy but receive only 26.4% of the total wages, is quite similar to that of agricultural wage earners,” the report said. Private sector wage growth was the fastest as it grew 16% in the five financial years ending March 2017. But private sector corporations are also keeping the wealth amidst the owners, as only 31.2% of its income went in wages. Interestingly, this exact percentage at 32% is what public sector kept for owners, while giving 68% to its employees ---proving to be better distributors of their wealth!

In India, money is making money while the worker is left with a third-- explaining the gaping income inequality in the world’s fastest growing economy

<ul class="summary-list"><li>Gautam Adani — Asia's richest person — saw his wealth plunge over $20 billion on Friday alone, per Bloomberg.</li><li>The wealth wipeout followed a crash in the shares of his listed businesses, after a bombshell short-seller report.</li></ul>It's just one month into 2023, but Gautam Adani, Asia's richest person, has already seen his wealth plunge by nearly a quarter following a short seller's bombshell report against the Adani conglomerate.In a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> last Tuesday titled "how the world's 3rd richest man is pulling the largest con in corporate history," Hindenburg Research leveled allegations of "brazen stock manipulation and accounting fraud scheme" at the Adani Group.Shares of the company's listed businesses crashed in response, losing <a href="https://markets.businessinsider.com/news/stocks/adani-group-loses-50-billion-market-value-hindenburg-2023-1">over $50 billion</a> in market value Wednesday through Friday, according to <a href="https://www.bloomberg.com/news/articles/2023-01-27/adani-group-stocks-plunge-extend-rout-from-short-seller-report" target="_blank" rel="noopener nofollow">Bloomberg</a>. Since much of Adani's wealth is derived from his stakes in the companies, the Indian billionaire's wealth also took a massive hit, plunging $20.8 billion on Friday, according to the <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a>Adani, who's wealth clocks in at around $92.7 billion as of January 30, is still the world's richest Asian, but his ranking on <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg's Billionaires Index</a> has dropped to the seventh place — down from the fourth position <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1">earlier last week.</a> His fortune has fallen almost $28 billion or about 23% so far this year.This is the largest ever hit to the Indian billionaire's wealth and the steepest ever market-driven decline for anyone in Asia, according to <a href="https://www.bloomberg.com/news/articles/2023-01-27/gautam-adani-fortune-collapses-20-billion-with-empire-under-short-seller-siege" target="_blank" rel="noopener">Bloomberg.</a><h2>Adani Group has strongly rebutted Hindenburg's report</h2>Hindenburg's report also comes at an inopportune time for the Adani Group, which is offering a <a href="https://www.adanienterprises.com/-/media/Project/Enterprises/Investors/Corporate-Announcement/492-AELBM1801.pdf?la=en" target="_blank" rel="noopener nofollow">secondary share sale</a> of Adani Enterprises — the flagship business of the Adani business empire. The sale closes Tuesday.But the Adani Group had not taken the attack lightly — in fact, it has put up strong rebuttals against Hindenburg's allegations and <a href="https://www.adani.com/Newsroom/Media-Release/Media-statement-II-on-a-report-published-by-Hindenburg-Research" target="_blank" rel="noopener">said on Thursday</a> it was <a href="https://markets.businessinsider.com/news/stocks/adani-group-legal-action-hindenburg-short-seller-2023-1">exploring legal action.</a>On Sunday, the conglomerate also issued a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener">413-page report</a> against Hindenburg, saying its report is "nothing but a lie." "This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Adani Group said in its Sunday report.<a href="https://hindenburgresearch.com/?p=2500">Hindenburg responded</a> on Sunday the Adani Group failed to answer most of the questions it had asked and had "predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative" and tried to conflate Adani's rise with the success of India itself. "To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future," Hindenburg said in its strongly worded statement. "We also believe India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation."Hindenburg further said "fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world."Adani did not immediately respond to Insider's request for comment sent via the Adani Group.

Gautam Adani is tumbling down the ranking of the world's richest people, and he's already lost $28 billion in the first month of 2023

<ul><li>India ranks fifth in the list of countries with the highest number of billionaires. </li><li>Mukesh Ambani, the richest man in Asia, is featured in the list of top 10 richest billionaires around the globe. </li><li>This year, there were 28 fewer billionaires compared to last year in India. </li></ul>India slipped to the fifth spot on the Hurun Global Rich List with 104 billionaires, 28 less than last year. The total billionaire wealth In India is estimated at US$347 billion, <a href="http://www.hurun.net/EN/Article/Details?num=24DD41EE3B19">according to</a> Hurun Global Rich List 2019. Reliance Group chairman Mukesh Ambani became the first Indian to be featured on the annual list. With 42 billionaires residing in Mumbai and 25 in Delhi, Mumbai has become the billionaire capital of India. The decline in number of billionaires in India is primarily because they collectively lost one fourth of their wealth because of 10% depreciation of the rupee and below average performance of the capital market, said the hurun research report. On the other hand, India’s widening wealth gap is only <a href="https://www.businessinsider.in/oxfam-finds-that-indias-1-own-more-than-50-of-the-countrys-wealth/articleshow/67620424.cms">increasing</a>. According to <a href="https://oxfamilibrary.openrepository.com/bitstream/handle/10546/620599/bp-public-good-or-private-wealth-210119-en.pdf">a report by Oxfam</a>, the richest 1% in India have together increased their wealth by 39%. Consequently, the richest in India hold 51.5% of the country’s wealth while the rest own less than 5%. 
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Meet the top billionaires from India on the Hurun Global Rich List

<ul><li>India’s private <keyword id="6383453" type="UNKNOWN" weightage="20" keywordseo="wealth">wealth</keyword> grew by 25% in FY17.</li><li>India is home to 131 billionaires and more than 20,700 millionaires. </li><li>India’s private wealth predicted to grow by of 200%.</li></ul>Won’t it be hard to believe if we tell you that Indians are getting richer and richer? It is true. India was the best performer in the global wealth market in 2017. A report by the New World Health, Indian private wealth grew by <a href="https://www.livemint.com/Money/0k6mJNHvCEZLvXSo7vg5TK/India-6th-wealthiest-country-in-the-world-with-total-wealth.html">25%</a> from $6,584 billion in 2016 to $8,230 billion in 2017. Total wealth of a country refers to the private wealth -- assets, cash, equities -- less any liabilities, held by citizens. As of 18 May 2018, India is home to 131 billionaires, third in the world after USA and China, and to 20,700 millionaires, making the country rank seventh in the world millionaire count. Over the past decade, the Indian wealth has increased by more than $5,000 billion. Indians are making money and assets like never before. 
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 If the 2018 Global Wealth Migration Review by the AfrAsia Bank is to be believed, total wealth of India will triple by 2027. India’s total wealth is <a href="https://qz.com/1280353/indias-private-wealth-could-triple-by-2027-says-afrasia-banks-global-wealth-migration-review/">projected to grow by 200%</a> from $ 8.23 trillion in FY17 to $24.7 trillion in 2027 if the current trend continues, said the review. The estimated growth rate in India is far superior to any other country in the world. A report in Quartz India said that the global wealth is expected to rise by 50% over the next decade, amounting to $321 trillion by 2027. The steady rise in entrepreneurship, the presence of a very large English-speaking population, and the substantial growth in the traditional industries like IT, real estate, healthcare will be the driving factors to India's massive growth in terms of wealth, pushing the country into the league of the world’s fastest-growing wealth markets. According to AfrAsia, six out of 10 global <keyword id="6538837" type="UNKNOWN" weightage="20" keywordseo="WEALTH-GROWTH">wealth growth</keyword> driving cities are in India. The cities are Pune, Hyderabad, Bangalore, Mumbai, Delhi and Kolkata. <div type="image" title="Capture1" tempid="164752" msid="64220382" hostid="261"></div>

 The predictions are in agreement with the countries performance in the last decade, as the Indian wealth grew by 25% in FY17.

By 2027, India’s total wealth is projected to grow by 200% to $24.7 trillion

Did you know Kolkata has the highest number of millionaires? If this surprises you, let's tell you that Kolkata even houses the most posh localities in India- Alipore and Ballygunge. 
 
India's financial capital Mumbai, which is home to 46,000 millionaires and 28 billionaires, is the richest Indian city with a total wealth of $ 820 billion, says a report. 
 
According to New World Wealth, Mumbai is the richest city in the country followed by Delhi and Bengaluru in the second and third place, respectively, as per a news report by PTI. 
 
Delhi is home to 23,000 millionaires and 18 billionaires with a total wealth of $ 450 billion, while Bengaluru with a total wealth of $ 320 billion houses 7,700 millionaires and 8 billionaires. 
 
The list also includes Hyderabad with a total wealth of $ 310 billion. Hyderabad is home to 9,000 millionaires and 6 billionaires. 
 
Kolkata home to 9,600 millionaires and 4 billionaires has a total wealth of $ 290 billion, Pune (total wealth of $ 180 billion, has 4,500 millionaires and 5 billionaires), Chennai ($ 150 billion, 6,600 millionaires, 4 billionaires) and Gurgaon ($ 110 billion with 4,000 millionaires and 2 billionaires). 
 
Some of the other emerging cities in terms of total wealth include, Surat, Ahmedabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara. 
 
The total wealth held in the country amounts to $ 6.2 trillion (as of December 2016) and the country is home to 264,000 millionaires and 95 billionaires in total. 
 
"Over the next decade, India is expected to benefit from strong growth in the local financial services, IT, real estate, healthcare and media sectors. In particular, the local hospital services and health insurance sectors are expected to grow strongly. Hyderabad, Pune and Bangalore are expected to lead the pack in terms of wealth growth," the report said. 
 
Millionaires or High NWorth Individuals (HNWIs) refer to individuals with net assets of $ 1 million or more. 
 
The report also jotted down some of the affluent suburbs in the country. In Mumbai localities like Bandra, Juhu, Goregaon, Parel, Worli, Palm Beach Road were named as the richest, in Delhi it was (Westend Greens, Dera Mandi, Greater Kailash, Lutyens), in Kolkata (Ballygunge, Alipore) and in Chennai (Boat Club Road, Poes Garden).

Guess which is the richest city in India

Meet the richest women in India who have a combined net worth of $18 billion

<ul><li>Indian IT industry’s czar, <keyword id="6419840" type="UNKNOWN" weightage="20" keywordseo="Azim-Premji">Azim Premji</keyword>, is the <keyword id="8148312" type="UNKNOWN" weightage="20" keywordseo="richest-tech-billionaire">richest tech billionaire</keyword> in the country worth $16.5 billion. </li><li>In the past, Premji has stated that being rich does not ‘thrill him.’</li><li>Currently, his donations to charity are greater than his net worth at $21 billion.</li></ul>Wipro’s Azim Premji — the czar of the Indian IT industry — didn’t top the IIFL Wealth Hurun India Rich list for this year but he’s still the richest tech billionaire. The only two people richer than him are Mukesh Ambani and the Hinduja family. He’s also the only tech billionaire in the top ten of the list. But, that’s not what sets him apart. Premji’s <a href="https://www.businessinsider.in/wipro-chairman-azim-premji-has-now-increased-his-charity-contribution-to-a-total-of-21-billion/articleshow/68395458.cms">total contribution to philanthropy</a> currently stands at ₹148,925 crore ($21 billion). That’s greater 30% greater than his current net worth of ₹117,100 crore ($16.5 billion), according to the report by Hurun Report India and IIFL Wealth Management. There’s no ‘thrill’ to being rich Premji has appeared among the ‘100 Most Influential People’ by TIME Magazine twice — in 2004 and again in 2011. In 2013, he agreed to give away half of his wealth when he signed the The Giving Pledge — an initiative led by two of the richest men in the world, Warren Buffet and Bill Gates. He was the first Indian to sign up for the campaign stating that being rich ‘did not thrill him’. Earlier this year, Premji set aside 34% of Wipro’s shares for his charity — the Azim Premji Foundation. Adding up earlier donations, 67% of Premji’s shares are now earmarked for the charity. The Azim Premji Foundation is a not-for-profit organisation that has been working towards improving the elementary education system in rural government schools since 2000. See also: <a href="https://www.businessinsider.in/gautam-adanis-wealth-multiplied-nearly-3-times-in-the-last-four-years/articleshow/71304596.cms">Gautam Adani's wealth multiplied nearly 3 times in the last four years</a> <a href="https://www.businessinsider.in/mukesh-ambani-is-richer-than-the-hindujas-and-azim-premji-put-together/articleshow/71295970.cms">Mukesh Ambani is richer than the Hindujas and Azim Premji put together</a> <a href="https://www.businessinsider.in/wipro-chairman-azim-premji-has-now-increased-his-charity-contribution-to-a-total-of-21-billion/articleshow/68395458.cms">Azim Premji has now set aside $21 billion to charity, 67% of economic ownership of Wipro</a>

India’s richest tech billionaire has given away more money than what he has right now

Mumbai, Apr 6 () The net worth of India's richest man Mukesh Ambani dropped 28 per cent or USD 300 million a day for two months to USD 48 billion as on March 31 due to the massive correction in stock markets, a report said on Monday. The chairman and managing director of the diversified Reliance Industries saw his wealth decline to USD 19 billion, taking his global ranking down eight places to 17th, the Hurun Global Rich List said. Other Indian businessmen who have seen a major drop in wealth include Gautam Adani whose wealth eroded by USD 6 billion or 37 per cent, HCL Technologies' Shiv Nadar (USD 5 billion or 26 per cent) and banker Uday Kotak (USD 4 billion or 28 per cent), it said. All the three have dropped off the top 100 list, leaving Ambani as the only Indian in the league. The Indian market has corrected by 25 per cent in the last two months as the economic costs and impact of the COVID-19 pandemic on companies led to a sell off across the world. "India's top entrepreneurs have been hit by a 26 per cent drop in the stock markets and a 5.2 per cent drop in the value of the rupee compared with the US Dollar. For Mukesh Ambani, it has been a perfect storm, with his wealth down 28 per cent," Hurun Report India Managing Director Anas Rahman said. Ambani is the second biggest wealth loser globally, after French fashion giant LVMH's chief executive Bernard Arnault, whose wealth dropped by 28 per cent or USD 30 billion to USD 77 billion. Berkshire Hathway's Warren Buffet also lost USD 19 billion of wealth in the last two months, to USD 83 billion, making it a smaller fall in percentage terms at 19 per cent, the report said. With hospitality coming under intense pressure due to the pandemic, shared economy platform Oyo Rooms' Ritesh Agarwal is "no more a billionaire", the rich list said. Others in the top-10 list of wealth losers also include Carlos Slim and family, Bill Gates, Mark Zuckerberg, Larry Page, Sergey Brin and Michael Bloomberg, it said. Amazon's Jeff Bezos continues to be the richest man in the world with a networth of USD 131 billion, which has slid only by 9 per cent during the last two months and is followed by Bill Gates with a fortune of USD 91 billion (down 14 per cent), Buffet and Arnault. Chinese billionaires were among the few gainers in the last two months, and included promoters of video conferencing and pork meat producing companies, it said. While India lost three rankings in the top-100 rankings, China added six billionaires in the league, it said. AA ANSANS

You Searched For "indian billionaires wealth" and got 8 results

In India, money is making money while the worker is left with a third-- explaining the gaping income inequality in the world’s fastest growing economy

Katya Naidu

Gautam Adani is tumbling down the ranking of the world's richest people, and he's already lost $28 billion in the first month of 2023

Huileng Tan

Meet the top billionaires from India on the Hurun Global Rich List

BI India Bureau

By 2027, India’s total wealth is projected to grow by 200% to $24.7 trillion

BI India Bureau

Guess which is the richest city in India

BI India Bureau

Meet the richest women in India who have a combined net worth of $18 billion

Katie Warren

India’s richest tech billionaire has given away more money than what he has right now

Prabhjote Gill

Pandemic impact: Mukesh Ambani's net worth drops 28 pc to USD 48 billion in 2 months

PTI

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