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The <keyword id="19956320" type="General" weightage="20" keywordseo="United-Kingdom" source="keywords">United Kingdom</keyword> hosts a diverse group of individuals and families who have accumulated substantial wealth through various sectors, including industry, finance, retail, and technology. Below is a look at the 25 <keyword id="23033805" type="General" weightage="20" keywordseo="richest-people-in-Britain" source="keywords">richest people in Britain</keyword>, each with their own unique journey to wealth, according to The Sunday Times Rich List 2024. <h2> </h2><h2>25. Tom Morris and family</h2>Net Worth: £6.673bn Tom Morris, the founder of Home Bargains, has quietly built a discount retail empire in the UK. Home Bargains has grown to over 500 stores, and Morris’s approach to low-cost, high-volume retailing has earned him and his family a spot among Britain’s wealthiest. <h2>24. Anders Holch Povlsen</h2>Net Worth: £6.73bn Anders Holch Povlsen, a Danish fashion retailer, owns Bestseller, a company with brands such as Vero Moda and Jack &amp; Jones. Povlsen has also become Scotland’s largest landowner. <h2>23. <keyword id="6354819" type="General" weightage="20" keywordseo="Anil-Agarwal" source="Orion">Anil Agarwal</keyword></h2><div type="image" title="Anil Agarwal" agency="BCCL" msid="113051472" hostid="261" sizebytes="1024664"></div>Net Worth: £7bn Anil Agarwal is the founder and chairman of Vedanta Resources, a mining and metals company with operations in India, Africa, and Australia. Agarwal’s rise from a scrap metal trader to a mining tycoon is marked by his aggressive business strategies and expansion into global markets. <h2>22. John Reece</h2><div type="image" title="John Reece" msid="113051663" hostid="261" sizebytes="456630"></div>Net Worth: £7.224bn John Reece is a significant figure in Ineos and is the chief financial officer of the company. Reece's expertise is in finance and management, owing to his Chartered Accountancy background. <h2>21. Andy Currie</h2><div type="image" title="Andy Currie" msid="113051609" hostid="261" sizebytes="455580"></div>Net Worth: £7.257bn Andy Currie is a director of Ineos, the chemicals company founded by Sir Jim Ratcliffe. Currie’s wealth is closely tied to the success of Ineos, where he has played a key role in its strategic direction and expansion into new markets. <h2>20. Denise, John, and Peter Coates</h2>Net Worth: £7.467bn The Coates family founded Bet365, one of the largest online gambling companies in the world. Denise Coates, the driving force behind the company, has built Bet365 into a dominant player in the industry, with significant revenues generated from its online platform. <h2>19. Lord Bamford and family</h2><div type="image" title="Lord Bamford" msid="113051678" hostid="261" sizebytes="1568515"></div>Net Worth: £7.65bn The Bamford family owns <keyword id="107342" type="General" weightage="20" keywordseo="JCB" source="Orion">JCB</keyword>, a leading manufacturer of construction equipment known for its distinctive yellow machines. Under Lord Bamford’s leadership, JCB has grown into a global brand, exporting to over 150 countries and maintaining a strong market presence in the UK. <h2>18. <keyword id="469673" type="General" weightage="20" keywordseo="nicky-oppenheimer" source="Orion">Nicky Oppenheimer</keyword> and family</h2>Net Worth: £7.937bn Nicky Oppenheimer, ex-chairman and once the controlling shareholder of De Beers, sold his family’s stake in the diamond company to Anglo American for $5.1 billion. Since then, Oppenheimer has diversified his investments, focusing on conservation, private equity, and venture capital. <h2>17. Carrie and François Perrodo and family</h2>Net Worth: £9.168bn The Perrodo family’s wealth comes from their privately-held energy company, Perenco, which operates oil and gas fields around the world. François Perrodo, who took over the company after his father’s death, has continued to expand its global footprint, solidifying their position among Britain’s richest. <h2>16. Marit, Lisbet, Sigrid, and Hans Rausing</h2>Net Worth: £9.188bn The Rausing siblings, part of the Tetra Pak dynasty, have expanded their wealth through diverse investments and philanthropy. While their fortune originates from the packaging industry, they have also made significant contributions to charitable causes, particularly in the arts and education. <h2>15. Barnaby and Merlin Swire and family</h2>Net Worth: £9.986bn The Swire family has deep roots in shipping and aviation, with their conglomerate, Swire Group, operating in industries ranging from property to beverages. Barnaby and Merlin Swire oversee a global empire that includes Cathay Pacific Airways and significant property holdings in Hong Kong. <h2>14. The Duke of Westminster and the Grosvenor family</h2>Net Worth: £10.127bn The Duke of Westminster, Hugh Grosvenor, inherited a vast real estate empire that includes prime properties in London's Mayfair and Belgravia. The Grosvenor family’s wealth is tied to their vast land holdings and investments, managed through the Grosvenor Group. <h2>13. Charlene de Carvalho-Heineken and Michel de Carvalho</h2>Net Worth: £11.751bn Charlene de Carvalho-Heineken, the controlling shareholder of Heineken, along with her husband Michel de Carvalho, manages one of the world’s largest brewing companies. Their wealth is underpinned by the global reach of Heineken, which operates in over 70 countries. <h2>12. Michael Platt</h2>Net Worth: £12bn Michael Platt is a hedge fund manager and the co-founder of BlueCrest Capital Management. Once one of the world’s largest hedge funds, BlueCrest now operates as a private investment firm, with Platt’s fortune growing from his successful investment strategies and management fees. <h2>11. Alex Gerko</h2>Net Worth: £12.055bn Alex Gerko, a mathematician turned financier, made his fortune through algorithmic trading. He is the founder of XTX Markets, one of the world’s largest electronic trading firms. Gerko's innovative approach to trading has positioned him as a significant figure in the finance industry, with a rapidly growing net worth. <h2>10. Kirsten and Jorn Rausing</h2>Net Worth: £12.634bn The Rausing family, heirs to the Tetra Pak fortune, continue to benefit from the global success of the packaging company. Kirsten and Jorn Rausing have also ventured into philanthropy and have stakes in various other businesses, maintaining their status among the wealthiest in the UK. <h2>9. John Fredriksen and family</h2>Net Worth: £12.867bn Norwegian-born shipping magnate John Fredriksen has a net worth built on his dominance in oil tanker shipping. He owns the world’s largest oil tanker fleet through his company Frontline and has substantial stakes in offshore drilling, fish farming, and other maritime sectors. <h2>8. Guy, George, Alannah, and Galen Weston Jr and family</h2>Net Worth: £14.493bn The Weston family has long been involved in retail, owning well-known brands such as Selfridges, Primark, and Fortnum &amp; Mason. Their wealth is not only tied to these retail ventures but also to their vast land holdings and investments in the food industry. <h2>7. <keyword id="29201" type="General" weightage="20" keywordseo="Lakshmi-Mittal" source="Orion">Lakshmi Mittal</keyword> and family</h2> <div type="image" title="Lakshmi Mittal" agency="BCCL" msid="113051708" hostid="261" sizebytes="1017200"></div>Net Worth: £14.921bn Lakshmi Mittal, a steel tycoon, transformed a small family steel business into ArcelorMittal, the world’s largest steel producer. Despite facing challenges in the steel industry, Mittal remains one of Britain's wealthiest individuals, with his family holding extensive investments in real estate, including properties in London’s prestigious Kensington Palace Gardens. <h2>6. Idan Ofer</h2>Net Worth: £14.96bn Israeli billionaire Idan Ofer made his wealth through holdings in shipping and energy. His company, Quantum Pacific Group, owns significant stakes in the shipping firm ZIM and the energy company Pacific Drilling. Ofer’s influence extends to football, with ownership stakes in the Spanish club Atlético Madrid. <h2>5. Sir James Dyson and family</h2> Net Worth: £20.8bn Sir James Dyson revolutionized the home appliance market with his innovative vacuum cleaners, hand dryers, and bladeless fans. His company, Dyson Ltd, continues to expand into new areas such as electric vehicles and robotics, reflecting Dyson's relentless pursuit of innovation. <h2>4. Sir Jim Ratcliffe</h2><div type="image" title="Sir Jim Ratcliffe" msid="113051750" hostid="261" sizebytes="459440"></div>Net Worth: £23.519bn Sir Jim Ratcliffe, the founder and chairman of the chemical company Ineos, is one of the most prominent industrialists in Britain. Starting as a chemical engineer, Ratcliffe built Ineos into a global giant with operations in chemicals, oil and gas, and automotive, including the recent acquisition of the British brand, Grenadier. <h2>3. David and Simon Reuben and family</h2>Net Worth: £24.977bn The Reuben brothers, David and Simon, have amassed their wealth through real estate, particularly in London's lucrative property market. Originally making their fortunes in metals and commodities, the Reubens have since transitioned into property, owning prime real estate across London, including iconic locations like Millbank Tower and the Burlington Arcade. <h2>2. Sir Leonard Blavatnik</h2>Net Worth: £29.246bn Sir Leonard Blavatnik, a Ukraine-born American-British billionaire, built his fortune through diversified investments in industries such as oil, gas, and media. A major shareholder in Warner Music Group, Blavatnik's wealth also stems from his private equity firm, Access Industries, which has stakes in a wide array of sectors including chemicals, technology, and real estate. <h2>1. <keyword id="675132" type="General" weightage="20" keywordseo="Gopi-Hinduja" source="Orion">Gopi Hinduja</keyword> &amp; family</h2><div type="image" title="PP Hinduja and Ashok P. Hinduja" agency="BCCL" msid="113051799" hostid="261" sizebytes="944901"></div>Net Worth:£37.196bn Leading the wealth rankings, the Hinduja family, under Gopi Hinduja's leadership, has a vast empire spanning banking, energy, automotive, and more. The Hinduja Group’s origins trace back to India, and today, the family's business interests are spread across 38 countries, with significant assets in the UK.

These are the top 25 richest people in Britain

<ul><li>Mukesh Ambani regained his No. 1 position even as his wealth grew only 2% in the year.</li><li>Nearly 65% of people in the list amassed a combined wealth of close to $1 trillion.</li><li>As many as 55 people dropped out of the rich list, the most notable being Byju Raveendran.</li><li>Startup founders’ wealth saw a collective dip of ₹85,000 crore. </li></ul>A lot has changed in the last one year, but there are few surprises in the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday. The chairman of Reliance Industries Mukesh Ambani surged to the top spot as India’s richest man. India has added 38 <keyword id="6393637" type="General" weightage="20" keywordseo="billionaires" source="Orion">billionaires</keyword> to its rich list, taking the total tally to 259. Even as the developed world is staring at a recession, India is cementing its position as an economic powerhouse. Nearly 65% of people in the rich list amassed a combined wealth of close to $1 trillion. This is akin to the combined GDP of Singapore and the UAE, Hurun said. Mukesh Ambani surpassed Gautam Adani, who dropped to the second spot, in spite of only a 2% growth in his wealth in the last one year. After Adani’s wealth more than halved in the last year, the gap between Ambani and Adani wealth widened by ₹3,30,000 crore. The top 10 has seen a lot of upheaval in the last one year – as only Shiv Nadar and Cyrus Poonawala were able to hold on to the positions they held last year. Gautam Adani’s brother Vinod Shantilal Adani who was the sixth richest Indian last year, exited the top 10 list this year. He is now the twelfth richest Indian after his wealth dropped by 37%. The other notable exit is Uday Kotak, the chairman of Kotak Mahindra Bank who is now the 11th richest man in the county after his wealth dropped 6% last year. Kumar Mangalam Birla &amp; family and Niraj Bajaj &amp; family made a remarkable return to the top 10 this year as wealth went up by 5% and 7% respectively. India <keyword id="8030144" type="General" weightage="20" keywordseo="top-10-richest" source="Orion">Top 10 richest</keyword> Indians <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹808,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹474,800 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-57% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyrus S Poonawalla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹278,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹228,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gopichand Hinduja &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,76,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dilip Shanghvi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,64,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LN Mittal &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,62,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Radhakishan Damani &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,43,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,25,600 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niraj Bajaj &amp; family </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,20,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr></tbody></table>Source: 360 ONE Wealth Hurun India Rich List 2023 ‘India a shining moon as world stares at recession’ The cumulative wealth of 1,319 individuals who possess more than ₹1,000 crore in the rich list went up by 8.5% in the last year. However, their average wealth has decreased by 9.3%. The India Rich List added 273 new entrants and 38 new billionaires over the last year. The number of dollar billionaires also went up to 259, up 38 as compared to last year. “The trends prove that India is a shining moon in a world that is staring at recession. While the China Rich List has dropped 10% for each of this year and last year, both in terms of average wealth and in terms of the number of people that make the list. India is closing the gap,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India. India has 259 billionaires, up 38 compared to last year. While industrial products, metals &amp; mining added the greatest number of new entrants to the list. Pharma still holds the numero uno position and contributed 133 entrants to the list. “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of ₹20,000 crore,” said Anirudha Taparia, co-founder and joint CEO, 360 ONE Wealth. Funding winter &amp; founders’ wealth While 264 in the Indian rich list saw their wealth drop in the last one year, there were as many as 55 dropouts. The most notable of the dropouts is Byju Raveendran. The founder of edtech Byju’s exited the list on the back of investor markdowns. The funding winter and its ripple effects led to startup founders on the list experiencing a collective wealth dip of ₹85,000 crore. Recent policies, like the retrospective GST imposition on gaming companies and the angel tax and so on, could potentially hinder long-term wealth generation by startups, Hurun said. However, a few IPOs that stumbled last year did make a comeback. As new-age internet companies gain in value, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%. Startup wealth creation will persist, albeit within a changing landscape, Junaid said. The IPO stars: Public issues and rich list debuts The stock markets also rewarded many public debuts and made their founders into billionaires. Ramesh Kunhikannan’s Kaynes Technology made a strong stock market debut. And he entered the list with a wealth of ₹8,200 crore. The spectacular listing gains provided by stock market debuts of many companies have pulled their owners into the rich list. Some of them include Jagdish Prasad Chowdhary of Titagarh Wagons, Ranjit Pendurthi of Archean Chemical Industries and Ajay P Thakker &amp; family of Jupiter Life Line Hospitals. Pavan Kumar Bajaj and Karan Bajaj of Electronics Mart India and Harsha Engineers’ Harish Rangwala and Rajendra Shantilal Shah too entered the coveted list of richest Indians after their stocks skyrocketed on debut. But there is money to be made in private markets too. Manish Kejriwal of Kedaara Capital became the first Indian Private Equity fund manager to enter the list.

Hurun India Rich List: Birla and Bajaj back in the top ten with Ambani on top in 2023

Top 10 richest people in Asia in 2024

<ul class="summary-list"><li>Bhutanese workers face the world's longest workweek, averaging 54.4 hours.</li><li>Overwork is widespread in the Himalayan country, affecting 61% of its population.</li></ul>The picturesque <a target="_blank" class="" href="https://www.businessinsider.com/bhutans-king-hikes-across-kingdom-oversee-pandemic-measures-2021-6">Kingdom of Bhutan,</a> nestled between China and India, is widely known for its unique approach to economic development — <a target="_blank" class="" href="https://www.businessinsider.com/bhutan-happiness-technology-2018-8">prioritizing its Gross National Happiness over GDP.</a>In practice, though, many Bhutanese workers have little time left for the pursuit of happiness. The tiny country tops the ranking for the average number of hours worked in a week.According to the <a target="_blank" class="" href="https://ilostat.ilo.org/topics/working-time/#">International Labour Organization</a>, Bhutanese employees work an average of 54.4 hours a week, far exceeding the 38-hour average in the US.<a target="_blank" class="" href="https://www.businessinsider.com/bhutan-running-secret-state-owned-bitcoin-mining-facilities-in-himalayas-2023-11">Bhutan</a> also has the world's largest share of employed people working more than 48 hours a week, the data said — the level the World Bank considers overwork.That covers 61% of Bhutan's workforce, the ILO said, compared to 13% in the US.<h2 id="73a73ebf-59fb-49d9-a4a4-c4467361d8e3">Long hours, little rest</h2>It might come as a surprise — the small Buddhist kingdom is often viewed as a tranquil paradise of mountains and temples.Bhutanese workers challenged that impression, telling Business Insider that they feel compelled to spend most of their waking hours on the job.According to the <a target="_blank" class="" href="https://documents1.worldbank.org/curated/en/099020724131525893/pdf/P1756461b8f00f0571abfe13c21a8e5a6d5.pdf">World Bank's report</a> on Bhutan's <a target="_blank" class="" href="https://www.businessinsider.com/category/labor-market">labor market,</a> published earlier this year, overwork is particularly prevalent in the country's private sector, especially in family businesses, construction, transportation, and hospitality.<div type="image" title="The statue of Buddha Dordenma, Thimphu, Kuenselphodrang, Bhutan" height="3508" width="4961" msid="114501160" hostid="261" sizebytes="1010498"></div>A couple of hours into working overtime, 22-year-old Ten Choezim joined a video call from the kitchen of the hotel where she works in Thimphu, the capital.Choezim and other workers in this article gave their real names but asked that their workplaces not be identified for fear of retaliation.She told Business Insider that working beyond her contracted 12-hour shift is normal for her. She often hits 16-hour days and regularly clocks in a 112-hour week, she said.Once, she said, she worked a 16-hour shift pattern for three weeks without a day off."I had aches, back pain, my legs were sore," she said. "Mentally, I couldn't speak well."Though she often feels exhausted by her work, Choezim saw few alternatives."After some time, I got used to it," she said, noting that she wouldn't be able to <a target="_blank" class="" href="https://www.businessinsider.com/croatia-meet-millennials-living-with-parents-home-highest-rate-europe-2024-5">afford to live there</a> if she worked any less or left her job.<h2 id="f2bde1ed-5ca2-4427-9349-63462deb29fe">Many Bhutanese are leaving the country</h2>Although Choezim said she enjoys living in Bhutan, her <a target="_blank" class="" href="https://www.businessinsider.com/burnout-work-boss-left-office-on-stretcher-2024-4">intense workload</a> has made her consider leaving for better pay and working conditions."Our country is peaceful and all, but when it comes to work, it is heavy," she said.Her sisters have already joined the exodus of young Bhutanese, <a target="_blank" class="" href="https://www.businessinsider.com/moved-australia-after-divorce-abortion-burnout-happier-2024-9">moving to Australia</a>. She said she feels obliged to remain to care for their parents.In his <a target="_blank" class="" href="https://kuenselonline.com/migration-poses-an-existential-threat-pm/">State of the Nation</a> address in July, Bhutan's Prime Minister Tshering Tobgay said that about 64,000 people — around 9% of the country's population — have migrated, mainly to Australia.He described it as an "unprecedented existential crisis" that could hinder the country's development.<div type="image" title="Taktsang Goemba or Tigers nest monastery in Paro valley, Bhutan, Asia." height="4912" width="7360" msid="114501172" hostid="261" sizebytes="6413616"></div>Kalyani Honrao, an Asia analyst for the Economist Intelligence Unit, told Business Insider that Bhutan is caught in a vicious cycle.She said the mass departure of skilled workers created to a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-ukraine-war-worker-shortage-population-brain-drain-2024-8">"brain drain,"</a> leaving employers unable to fill skilled vacancies.As a result, she said, the burden on those who remain increases, leading to them doing the "heavy lifting."Meanwhile, according to Honrao, there is a huge supply of unskilled and semi-skilled jobs, which makes workers easily replaceable. "People try to do their best to stay employed and accept overwork as normal," she said.<h2 id="624b16db-e773-48e9-b0e8-94d1eeeeae23">'It's just enough to sustain me and my family'</h2>According to the World Bank, the main reason given for overwork in Bhutan is that the job requires it. The second biggest reason is that workers need more money.For Namgyal Dorji Wangchuk, 43, both apply.He told BI he works up to 90 hours a week, including <a target="_blank" class="" href="https://www.businessinsider.com/companies-overtime-manager-study-great-resignation-federal-labor-standards-act-2023-2">unpaid overtime</a>, as a sales and marketing professional at a hotel.To supplement his income, he occasionally takes extra hours as a freelance consultant.His hotel job requires him to work six days a week, often with late-night shifts. It brings in about $361 a month.<div type="image" title="Monks carry a wooden box outside a Buddhist monastery in Dratshang, Bhutan, Sunday, April 21, 2013." height="2667" width="4000" msid="114501167" hostid="261" sizebytes="1204544"></div>"It is just enough to sustain me and my family," he said. It covers rent, bills, and some costs associated with raising two teen daughters. He said he has little, if anything, left to save.As a parent, he said, <a target="_blank" class="" href="https://www.businessinsider.com/croatia-millennials-live-parents-30s-multigenerational-living-dubrovnik-housing-childcare-2024-5">balancing his demanding work schedule with family life</a> is a constant challenge.Most days, he's home too late to see his children before they fall asleep. "So, just once a week I get a good time with my family," he said. "Otherwise, mostly, I am mostly working."The long hours often leave him <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/conditions-symptoms/why-am-i-so-tired">feeling exhausted and irritable</a>, but he said they are necessary to provide for his kids.<h2 id="1a18368c-f300-4175-b716-975fbe02aeff">The reality of working in Bhutan</h2>Bhutan's innovative <a target="_blank" class="" href="https://www.businessinsider.in/welcome-to-bhutan-the-tiny-himalayan-kingdom-where-happiness-is-more-valuable-than-money/articleshow/51746194.cms">Gross National Happiness</a> index, introduced in the 1970s and enshrined as a national goal in the constitution, aims to take a holistic view of development.It values the population's well-being and happiness alongside, or even above, traditional economic indicators.In an <a target="_blank" class="" href="https://english.elpais.com/international/2024-10-03/bhutans-prime-minister-we-have-to-ask-ourselves-why-we-want-economic-growth-it-has-to-be-ultimately-for-the-happiness-and-well-being-of-the-people.html">interview with the Spanish newspaper El País this month,</a> Prime Minister Tobgay said the framework takes into account measures like how the population uses their time, which he said is crucial to "find out whether it's balanced, if you're sleeping enough, how you manage work-life balance, etc."<div type="image" title="hutan's Prime Minister Tshering Tobgay speaks to the media during a press conference at Government House." height="3004" width="4500" msid="114501164" hostid="261" sizebytes="733004"></div>Meanwhile, Bhutanese <a target="_blank" class="" href="https://www.businessinsider.com/employment-lawyer-explains-steps-return-to-office-mandate-accommodations-2024-9">employment laws</a> aim to codify these occupational standards by establishing an <a target="_blank" class="" href="https://www.businessinsider.com/8-hour-workday-may-be-5-hours-too-long-research-suggests-2017-9">eight-hour workday</a>, mandating <a target="_blank" class="" href="https://www.businessinsider.com/work-from-home-lunch-experts-broken-not-take-breaks-2024-9">rest breaks</a>, and entitling workers to <a target="_blank" class="" href="https://www.businessinsider.com/lawmakers-bigger-penalties-for-companies-withholding-overtime-tips-from-workers-2023-9">overtime pay</a> at a rate equal to or higher than their regular wages.But Honrao of the Economist Intelligence Unit said these labor laws are rarely enforced, and semi-skilled and unskilled workers tend to put up with violations for fear of losing their jobs.Bhutan's Department of Labour did not respond to repeated requests for comment from Business Insider.<h2 id="9dec697c-129a-4227-b134-8b213d2135a0">'A job is a job'</h2>Bikash Sharma, 46, is a supervisor at a company that exports construction materials near the Bhutan-India border.He told BI he usually works 12-hour days, six days a week, but is only paid for an eight-hour day."It's not fair enough, but what to do?" he said. "A job is a job, and you can't just get another job very easily."He added: "It's very difficult, but we have to feed ourselves and our family."Sharma said that sometimes he is so exhausted from work that he just wants to "run away somewhere and hide."However, despite these <a target="_blank" class="" href="https://www.businessinsider.com/quit-job-at-meta-bali-trip-moved-into-childhood-home-2024-8">fantasies of escaping</a>, he has no intention of leaving Bhutan.He said the kingdom's <a target="_blank" class="" href="https://www.businessinsider.com/asia-travel-warnings-us-state-department-advisories-2019-7">low crime rates,</a> absence of war, tranquility, and the comfort of being with his family surpass other considerations.<div type="image" title="Yaks grazing in a meadow, Wangdue Phodrang, Phobjikha Valley, Bhutan on April 20, 2024" height="3759" width="5315" msid="114501176" hostid="261" sizebytes="1874000"></div>Instead, Sharma is trying to embrace Bhutan's guiding philosophy — finding greater value in sources of joy other than the size of his bank balance."We are not very rich, " he said, but "we are happy."He added, "I do wish my standard of living were just a little bit better."

Bhutan is known for prizing happiness. Its people also work longer than any other country.

<ul class="summary-list"><li>Mark Zuckerberg, Bill Gates and other CEOs and celebs are at a wedding pre-party in India this weekend.</li><li>Billionaire Mukesh Ambani's lavish bash may help them make inroads into the huge Indian market.</li></ul><a target="_blank" href="https://www.businessinsider.com/the-fabulous-life-of-bill-gates-2014-9">Bill Gates</a>, <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg">Mark Zuckerberg</a>, and <a target="_blank" href="https://www.businessinsider.com/sundar-pichai-google-alphabet-ceo-career-life">Sundar Pichai</a> are among the <a target="_blank" href="https://www.businessinsider.com/bill-gates-mark-zuckerberg-among-expected-attendees-at-indian-wedding-2024-2#jay-y-lee-samsung-electronics-executive-chair-4">many US business leaders</a> and other celebrities such as Ivanka Trump invited to a <a target="_blank" href="https://www.businessinsider.com/ambani-wedding-guests-celebrities-performance-dress-code-party-billionaire-2024-3">pre-wedding party</a> in India being thrown by Asia's richest person this weekend.The legion of technology, finance, and media bosses at <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani</a>'s three-day bash underscores not just his global influence, but India's growing importance to foreign companies.Ambani, who owns a 42% stake in Reliance Industries, ranks 11th on the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a> with a $111 billion fortune, just behind Alphabet founders Larry Page and Sergey Brin. He's hosting this weekend's celebration for his youngest son, Anant, and his fiancée, Radhika Merchant.The centibillionaire's grip on domestic commerce makes him a powerful partner for Western companies trying to break into the Indian market.Meta, Alphabet, Qualcomm, and Intel have <a target="_blank" href="https://www.businessinsider.in/business/corporates/news/how-much-stake-of-reliance-meta-google-kkr-and-others-have-in-jio-platforms/slidelist/92539840.cms">all invested</a> in Reliance's telecoms subsidiary, Jio Platforms, in recent years.<h2>Vital growth frontier</h2>US executives are eager to cozy up to Ambani and Reliance because they see dollar signs when they look at India.<div type="image" title="Nita Ambani and Mukesh Ambani attend the Nupur Shikhare and Ira Khan wedding reception on January 13, 2024 in Mumbai, India." height="2480" width="3306" msid="108143798" hostid="261"></div>The Asian nation has long offered a plentiful supply of cheap labor, a deep pool of tech talent, and some level of familiarity as an English-speaking democracy.The prolonged shutdown of Chinese factories during the pandemic, the political and legal challenges of operating in China, and the country's <a target="_blank" href="https://www.businessinsider.com/china-economy-heading-for-lost-decade-needs-reform-growth-japanification-2024-2">economic woes</a> have also spurred many US companies to spread their global footprint and rely more on India.India is also in the midst of a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-india-10-trillion-worlds-third-largest-economy-2024-2">technological and financial revolution</a>. More and more Indians are embracing digital payments, online communications, and e-commerce as their incomes rise."What I do see in India is a lot of people entering the middle class, and I'm hopeful that we can convince some number of them to buy an iPhone," <a target="_blank" href="https://www.businessinsider.com/apple">Apple</a> CEO <a target="_blank" href="https://www.businessinsider.com/tim-cook">Tim Cook</a> said on an earnings call in May last year."I really feel that India is at a tipping point, and it's great to be there."On another earnings call in August, Cook noted that Apple has a "very, very modest" share of the world's second-largest smartphone market, creating a "huge opportunity" for the company in India.His comments help explain why Apple opened its first two stores in India last year, and its revenue from the country hit a new record in the fourth quarter.<div type="image" title="Tim Cook at the opening of Apple's first store in New Delhi in April 2023." height="2369" width="3385" msid="108143800" hostid="261"></div>On an April earnings call, Netflix co-CEO Ted Sarandos hailed India as a "big prize" given its "enormous population of entertainment-loving people."Meanwhile, <a target="_blank" href="https://docs.google.com/document/d/1l3pJlGr4ClCE4kGZZ0hIdunWWgkg9h0cU54Rg3bC3pE/edit">Meta</a> gave a shout-out to India in its recent annual report, revealing it was one of the three biggest sources of growth for active users last year.As for <a target="_blank" href="https://www.businessinsider.com/amazon">Amazon</a>, its India business attracted about 1 billion customer visits to its website during the month-long Great Indian Festival sales event in the fourth quarter, including 4 million who made their very first Amazon purchase.Moreover, Microsoft has touted India as a key driver of growth in LinkedIn members. Memberships jumped 19% year-on-year to 100 million there in the first quarter of 2023.<h2>Profits, partnerships, and parties</h2>India is clearly a key growth driver for some of America's largest companies, so it's no surprise they're keen to make further inroads into that market.The Ambani pre-wedding event offers a chance to break bread with one of India's most powerful men and his family, rub shoulders with a who's who of industry leaders, discuss and strike local deals, and enjoy what's bound to be one of this year's most extravagant parties.It's therefore no surprise that America's business elite are showing up in force.

Why Zuck, Ivanka Trump and the world's rich and famous are flocking to a lavish party in India

<ul class="summary-list"><li>The $100 billion club lost three people last week as tumbling stocks dented their net worths.</li><li>Only 12 members remain after Jensen Huang, Michael Dell, and Gautam Adani shed their elite status.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/wealth-billionaires-musk-bezos-zuckerberg-net-worth-jensen-huang-waltoans-2024-8">$100 billion club</a> has lost three members in four days, shrinking the elite group of the world's superwealthy to just 12 people.Nvidia CEO <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-jensen-huang-chipmaker-cofounder-ceo-wealth-net-worth-ai-2023-5">Jensen Huang</a>, personal-computing pioneer <a target="_blank" class="" href="https://www.businessinsider.com/michael-dell-nepo-baby-billionaire-family-children-brother-wife-tech-2023-1">Michael Dell</a>, and Indian industrialist <a target="_blank" class="" href="https://www.businessinsider.com/who-is-gautam-adani-indian-industrialist-billionaire-wealth-elon-musk-2022-12">Gautam Adani</a> saw their net worths tumble below $100 billion last week, per the Bloomberg Billionaire Index.Huang's <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-jensen-huang-wealth-net-worth-ai-microchips-2024-9">fortune sank</a> from $105 billion to $90.5 billion in the four trading days following Labor Day, dropping him from 14th to 18th place on Bloomberg's list of the world's wealthiest people.His wealth decline was fueled by a 14% plunge in Nvidia's stock last week, as investors <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-technical-analysis-outlook-doj-antitrust-probe-2024-9">pared their bets</a> on the buzzy supplier of AI chips amid regulatory concerns and lackluster economic data.The chipmaker's boss has still added a hefty $46 billion to his net worth this year, but he <a target="_blank" class="" href="https://www.businessinsider.com/meta-zuckerberg-wealth-nvidia-huang-tech-stock-ai-wealth-billionaires-2024-9">now trails</a> Meta's Mark Zuckerberg (up $50 billion) as the biggest wealth gainer of 2024 so far.Adani's net worth dipped from $102 billion on Wednesday to $99.6 billion by Friday's close, as Adani Enterprises shares fell amid a broader downturn in India's Nifty 50 index. The infrastructure magnate's wealth <a target="_blank" class="" href="https://www.businessinsider.com/hindenburg-research-adani-group-explained-stock-crash-short-seller-profits-2024-7">has also been hit</a> by US short-seller Hindenburg Research targeting his company in recent months.As for Dell — the founder and CEO of the eponymous PC maker — his net worth took a roughly $10 billion hit last week, dropping from $107 billion to $96.3 billion, per Bloomberg's rich list.It tanked $5.5 billion on Friday alone as Dell Technologies shares slid 5% as part of a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-worst-week-august-jobs-report-recession-fears-2024-9">wider tech rout</a>. The sell-off slashed the combined wealth of the world's 20 richest people by around $60 billion in a single day.The hardest hit were Elon Musk (down $13.9 billion), Jeff Bezos (down $6.1 billion), Zuckerberg (down $5.8 billion), Dell (down $5.5 billion), and Google cofounder Larry Page (down $5.1 billion).Musk, Bezos, Zuckerberg, and Page are all members of the $100 billion club, along with Bill Gates, Larry Ellison, Warren Buffett, Bernard Arnault, Sergey Brin, Steve Ballmer, Mukesh Ambani, and Amancio Ortega.All but one of the top 18 people on the wealth index have grown richer this year. LVMH's <a target="_blank" class="" href="https://www.businessinsider.com/who-is-bernard-arnault-owner-louis-vuitton-lvmh-net-worth">Arnault</a> has bucked the trend with a nearly $27 billion decline in net worth, but the luxury goods tycoon remains the world's third-richest person with a $181 billion fortune.Just a few days ago, the $100 billion club <a target="_blank" class="" href="https://www.businessinsider.com/walton-family-wealth-walmart-record-stock-billionaires-retail-rich-list-2024-8">appeared set to expand</a> its ranks, with Walmart heir Jim Walton at $99.6 billion and his two siblings, Rob and Alice, not far behind. But the latest market downturn has pared his net worth to $98.8 billion, leaving him a little more ground to cover before he can join the elite group.

$100 billion club shrinks to 12 members as slump in stocks knocks 3 people out

<ul class="summary-list"><li>An Nvidia engineer spoke to BI about salaries at the chipmaker.</li><li>The West Coast-based worker has a $250,000 base and gets half that amount again in stock annually. </li></ul>An Nvidia engineer who makes $250,000 a year said the amount employees make at the chip giant was "not as rosy" as some might think.He told Business Insider that while <a target="_blank" href="https://www.businessinsider.com/nvidia-jensen-huang-stock-boost-employees-special-grant-2024-4">some Nvidians may be lucky</a> enough to be millionaires, "a million doesn't go too far."The software engineer didn't want to be identified as he's not authorized to speak to the media. BI has verified his employment and earnings.The West Coast-based engineer, who joined the company several years ago, gets nearly half of his base salary amount worth of restricted stock units (RSUs) a year."If you're looking from a far distance and you say Nvidians are millionaires, yes absolutely, but that million doesn't go too far," he said."But because the stock has gone sky-high, there's an expectation that everybody has made a lot of money," he said. "In reality, the RSUs you get is where the bulk of your exponential growth in wealth will be and not everybody will get a lot."Even if <a target="_blank" href="https://www.businessinsider.com/nvidia-employees-rich-happy-problem-insiders-say-2023-12">some employees</a> get a lot of RSUs given to them, he said that they might not all have held onto them."You will end up cashing your stocks to meet your annual obligations in terms of personal taxes, property taxes, and any other expenses you will have," he said.Nvidia, which has about 26,000 employees, has greatly benefited from the generative AI boom as its GPUs are key components for applications like ChatGPT.Its stock has soared in the past 12 months, making it the most valuable company after Microsoft and Apple. However, Nvidia shares fell 10% on Friday and are now almost $200 below their March peak, leaving the company worth $1.9 trillion.<h2>Misconception</h2>Nvidia engineers are called "individual contributors" (IC) and are ranked from tier 1 to tier 8.The engineer BI spoke to is an IC level four.He said that he's often asked in social settings how much he's making. However, the worker argues it's a misconception that all Nvidia staff are cash-rich, as much of their wealth is tied up in stock, with taxes also taking a big chunk out of their earnings."It would be incorrect to consider a job at Nvidia as a way to turn a quick million," he said.His base salary places him in one of the second-highest federal income tax brackets, with a rate of 35%.On top of that, he pays property taxes, <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-social-security">Social Security</a>, and Medicare levies.<h2>'Life happens'</h2>He argued that a million was "not a big number" in California, where Nvidia has four offices, as house prices and the cost of living are typically high.He added that "life happens," meaning there are always unexpected bills or costs.The biggest purchase he has made since cashing out some of his Nvidia stock was a $250,000 down payment on his three-bedroom house, which cost almost $1.4 million in 2018.There's also a cap on how many stock units workers can get. Even the most exemplary employees are capped at receiving 50% of their base salary in stock a year.That means that a Nvidia employee earning $1 million a year may not be considered rich in a place like San Francisco. According to the <a target="_blank" href="https://www.businessinsider.com/personal-finance/how-much-to-be-wealthy-new-york-san-francisco-dc-2023-6">2023 Charles Schwab Modern Wealth Survey</a>, you need a net worth of $4.7 million to be "wealthy." There's also big pay disparities between Nvidians in the US and other countries. A software engineer in India, who is an IC level 3, <a target="_blank" href="https://www.businessinsider.com/nvidia-software-engineer-how-landed-job-preparation-culture-interviews-2024-4">earns a base salary of about $19,000</a>."I'm still happy with where I am and I'm glad I've made it, but it's not as rosy as it looks from the outside," the engineer said. "I'm really happy with the price Nvidia stock is trading at."<div type="image" title="Nvidia Jensen Huang" height="2692" width="4000" msid="109476943" hostid="261"></div>The stock surge helped make CEO <a target="_blank" href="https://www.businessinsider.com/nvidias-80-billion-boss-success-only-comes-if-you-suffer-2024-3">Jensen Huang</a> one of the richest people in the world. He's in 21th spot on the Bloomberg Billionaires Index, worth about $67 billion.Nvidia didn't respond to a request for comment from Business Insider.Editor's note: This interview was carried out prior to <a target="_blank" href="https://www.ft.com/content/e7d5852e-a310-470f-a26e-d31fa205e9a0">Nvidia's share price</a> falling on Friday.

Don't think all Nvidians are now rich, says one engineer 

<ul class="summary-list"><li>Cities and states nationwide are testing out guaranteed basic income programs, sending monthly checks to those in need.</li><li>Some experts argue that a guaranteed jobs program would be a better solution, and more bipartisan.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/basic-income-parents-afford-childcare-get-stable-jobs-gbi-ubi-2024-8">Guaranteed basic income</a> is all the rage right now.From <a target="_blank" class="" href="https://www.businessinsider.com/denver-basic-income-reduces-homelessness-food-insecurity-housing-ubi-gbi-2024-6">homelessness in Denver</a> to <a target="_blank" class="" href="https://www.businessinsider.com/baltimore-basic-income-parents-afford-housing-get-jobs-ubi-gbi-2024-7">parenting in Baltimore</a>, over 150 programs across the US are seeking to prove that <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-basic-income-study-results-2024-7">no-strings-attached payments</a> can help families overcome a variety of economic challenges.But a lesser-known policy could be just as good — if not better — at helping recipients support their families, secure stable housing, and pay their bills: <a target="_blank" class="" href="https://www.businessinsider.com/austria-worlds-first-universal-jobs-guarantee-experiment-2020-11">universal basic employment</a>."A job guarantee is really a public option for jobs. It's a basic job that is provided irrespective of what the state of the economy is," <a target="_blank" href="https://pavlina-tcherneva.net/the-case-for-a-job-guarantee/">Pavlina Tcherneva</a>, an economics professor at Bard College who wrote a book on the benefits of UBE, told Business Insider.In fact, right now could be the perfect time to do it. The latest jobs report for July came in well below expectations, with the unemployment rate rising to 4.3%. While that's still low by historic standards, it could be signaling weakness in what's been a very strong job market in recent years. A jobs guarantee would be a cushion, just in case the economy goes downhill from here."You need health insurance even if you're not sick," Tcherneva said. "It's a safety net.""We can implement it now when the economy is in a relatively calm state and then be ready when business conditions slow down and people are laid off," she added.Countries including India, Argentina, and Austria have tested out small-scale guaranteed job programs. It has yet to catch on in the US, despite progressive lawmakers like Sen. Bernie Sanders and Rep. Ayanna Pressley wanting to implement the policy federally. However, the first American pilot program is set to kick off in Cleveland, and its founder, Devin Cotten, believes guaranteeing Americans jobs can win support across party lines."We see UBE as the bipartisan solution that has the ability to walk across the country and reach both sides of the aisle," Cotten, who has made a career leading community development task forces in Cleveland, told BI. In a "work-centric" society, "being able to subsidize people by way of work allows us to talk to both sides of the aisle and really get this collective buy-in."<h2 id="6b4813ea-45db-4730-804a-f5b3660488a1">Cleveland's jobs guarantee</h2>For Cotten, ensuring jobs for any American who needs one is a no-brainer. The government pays for roads and development; "Why don't we subsidize the individual agency and prosperity for the nearly 40 million Americans living in poverty?"With the help of experts and local Cleveland policymakers, Cotten created a UBE pilot set to begin in 2026. How it works: 100 participants chosen from a pool of applicants will be guaranteed a job paying $50,000 a year for three years. According to Federal Reserve calculations, a worker earning that salary in Cleveland wouldn't need additional public assistance.The program will partner with public and private employers in the area and subsidize participants' wages. Cotten said the aim is to ensure the jobs are community-based and help bolster the local economy — think small businesses, nonprofits, and childcare — so that participants are more likely to gain satisfaction from the work."Not only will this stabilize your workforce, but you have less employee turnover, and you have less no-shows due to transportation, childcare, caring for elderly adults," Cotten said, adding that an engaged and well-paid workforce is also a more stable and effective one.It's just a start, Cotten said, and he's hopeful it'll gain more momentum across the country. Legislators have been floating this idea for decades, going back to former President Franklin Delano Roosevelt's 1944 push to establish "the right to a useful and remunerative job in the industries or shops or farms or mines of the Nation."Since then, a chorus of Democrats have pushed for a federal jobs guarantee including Sanders during his 2016 presidential campaign. Pressley <a target="_blank" href="https://pressley.house.gov/2024/02/15/during-black-history-month-pressley-unveils-federal-job-guarantee-resolution/">reintroduced</a> a resolution in February calling for a program that would ensure high-quality positions paying $25 an hour or more. But UBE hasn't yet had an Andrew Yang — a rabid advocate with a single-minded focus on rallying support for the idea.The roadblock to a guaranteed jobs program largely boils down to unanswered questions about how much it would cost — leaving both Democrats and Republicans on the fence. Rep. Gerald Connolly, a Democrat from Virginia, <a target="_blank" href="https://www.washingtonpost.com/news/wonk/wp/2018/04/27/sanders-booker-offer-democrats-a-bold-economic-vision-and-expose-a-potential-rift-in-the-party/">told</a> The Washington Post in 2018 that his party had to be careful when comes to the cost, or Republicans would quickly shoot down the idea. "We have to be the party of fiscal responsibility," he said.Tcherneva said the logistics of UBE are more complicated than simply giving people checks through basic income programs, but the benefits would include fighting inflation by establishing a minimum livable wage without increasing prices elsewhere and preventing labor shortages by supplying a willing and ready workforce.She thinks UBE is on par with <a target="_blank" class="" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">Social Security</a> as a way to shore up economic stability and that pilot programs are unnecessary."We didn't really pilot public education to figure out whether we wanted it," Tcherneva said.<h2 id="13843ba8-d72a-45e3-9de5-449c4e90331c">Universal basic employment across the globe</h2>The world's<a target="_blank" href="https://www.businessinsider.com/austria-worlds-first-universal-jobs-guarantee-experiment-2020-11"> first universal job guarantee experiment</a> kicked off in 2020 in the Austrian town of Marienthal.Throughout the three-year program, any resident who had previously been unemployed for at least nine months could choose to opt into the program and receive guaranteed paid work of at least $1,800 a month. Participating employers received subsidies to help pay the participants.By the end of 2023, the program had successfully created and filled <a target="_blank" href="https://european-social-fund-plus.ec.europa.eu/en/social-innovation-match/case-study/magma">112 new jobs</a>. The majority of participants joined the public service sector, working in areas like gardening, community restoration, and museums.Lukas Lehner, a University of Oxford economist, and coauthor of a <a target="_blank" href="https://maxkasy.github.io/home/Marienthal/">study</a> measuring the program's results, told BI that the program aims to create meaningful jobs for workers and the community."One of the premises of the whole program was not to dig holes and fill them again," Lehner said, adding that researchers observed positive social outcomes in addition to the financial benefits, including an increased sense of inclusion, trust, and stability.The pilot program delivered promising results: unemployment in Marienthal was "reduced massively," Lehner said, with a rise in participants' incomes by about 30%. Along with significant improvements to financial security, participants also reported improvements to their mental health and purpose in their community that come with knowing they have a meaningful and stable job.Other countries have experimented with job guarantees over the years, including India, Argentina, and South Africa, and while they were short-lived — South Africa's program, for example, was in response to the pandemic — Tcherneva said they all show that the policy can help stabilize the local economy. Tcherneva said it's like stopping a chain reaction before it starts."Unemployment seems to sit at the heart of so many other challenging social problems. So if you create employment, you may be able to address them," she said.The programs also provide a blueprint for similar initiatives in the future."Clearly these countries are not as rich as the United States," Tcherneva said. "They're able to offer the jobs, and administrative burdens or other common concerns don't seem to stop them from providing the needed employment."<h2 id="d315c843-cbf8-43e0-ba72-14db7fc1dac6">UBE vs. UBI</h2>When looking at the results of Austria's pilot program and its impact on Marienthal, Maximilian Kasy, a University of Oxford professor and coauthor of the study on that program, told BI that it's clear income alone isn't enough to improve people's lives."All these benefits that people experience in terms of their time structure and social inclusion, their sense of meaning and purpose in life, those are not driven by them just having more income. Those are really driven by them having this meaningful activity in the community that they're engaged in," Kasy said.While many cities are testing out basic income programs, they haven't been universal and instead targeted specific groups in need like artists, new parents, low-income families, or people experiencing homelessness. Tcherneva pointed to the government stimulus checks during the pandemic as "the closest real-world experiment" to UBI, during which the financial relief was necessary, but it wasn't long-lasting.Tcherneva calls UBE an automatic stabilizer, or a program that mitigates a sudden economic hardship — much like going on unemployment when you get laid off.Another key element of UBE is its potential to win bipartisan support over UBI, advocates say. Republican lawmakers have <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-ban-ubi-arizona-texas-houston-homelessness-poverty-2024-2">introduced bills to ban basic income programs</a> in their states, with some arguing that handing out checks with no strings attached would disincentivize work and raise taxes.UBE could counter those criticisms by requiring participants to work for their wages — which are taxed as regular income — rather than simply getting cash each month. The benefits of doing so would be long-term, helping not only the participants but also their families and employers.Globally, UBE is taking an increasingly strong hold in some countries. The European Commission <a target="_blank" href="https://european-social-fund-plus.ec.europa.eu/en/news/new-esf-funding-innovative-ideas-reduce-long-term-unemployment-and-help-people-find-jobs">announced</a> 23 million euros in funding in April for guaranteed job proposals in the European Union, and France has an <a target="_blank" href="https://www.atd-fourthworld.org/path-to-employment/">ongoing experiment,</a> which began in 2011 and Parliament expanded in 2021, to establish indefinite employment for those who need it.While it's picking up steam in other countries, though, it's up to US policymakers to guarantee jobs at a federal level."What we're trying to do is shift government investment from reactionary responses to proactive solutions," Cotten said. "And if we can do that by demonstrating why dignifying historically low wage jobs that are very, very critical to our community can solve that poverty issue, and also dignify people in the process."

Forget free cash, there's an even more American way to help people get ahead

<ul><li><keyword id="111343" type="General" weightage="20" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword>, India’s richest and the world’s third richest person, has been crowned ‘Asia’s busiest dealmaker’ by Bloomberg.</li><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> stands out for being the only person on the Bloomberg billionaires list to have gained wealth this year – he added $44.6 billion to his wealth while the other nine combined lost $259.3 billion.</li><li>Key among Adani’s deals this year were the $10.5 billion ACC and Ambuja Cements acquisition from Swiss construction giant Holcim, and Israel’s Haifa port purchase.</li></ul>Gautam Adani’s rise to the top echelons of the world’s richest people has been meteoric. Adani is also the only person in the top ten in the Bloomberg’s Billionaires Index to have actually added to his wealth this year His group companies – spanning ports and energy – have been firing on all cylinders and making both Adani as well as other investors richer – Adani added $44.6 billion to his wealth in 2022 till date. In contrast, the other nine billionaires on Bloomberg’s Billionaires Index cumulatively lost $259.3 billion in the period. Overall, the seven listed Adani Group companies have added ₹8.55 lakh crore in market capitalisation this year. This stellar growth in his wealth saw him briefly rank as the second-richest person in the world, only behind Elon Musk. Currently ranked third on the Bloomberg Billionaires Index, Adani’s wealth is estimated at $121 billion, down from a peak of $150 billion, scaled in September this year. French business magnate and LVMH founder Bernard Arnault – with $165 billion and Elon Musk – with $138 billion are the only two people richer than Adani. Often pitted against India’s other richest man Mukesh Ambani, Adani has left Reliance Industries’ chief – whose wealth is estimated at $86.9 billion – far behind in the race of the richest. <cmsannotation type="cmsannotation" annotationid="‘Asia’s busiest dealmaker’" comment="subhead" text="‘Asia’s busiest dealmaker’">‘Asia’s busiest dealmaker’</cmsannotation> Success of the Ahmedabad-born Adani’s business empire has helped him top the list of the sixth edition of the ‘Bloomberg 50’ –a list <a href="https://www.bloomberg.com/features/2022-bloomberg-50/">of the most</a> influential people in global business this year. His aggressive acquisitions during the year have also earned him the tag of ‘Asia’s busiest dealmaker,’ with the crown jewel being the acquisition of cement giants ACC and Ambuja Cements from Swiss construction major Holcim for $10.5 billion. So far in 2022, Gautam Adani has struck deals across the ports, construction, media and energy businesses. Adani started the year with the listing of Adani Wilmar, an FMCG company, on the bourses in February. This was just in time to leverage the benefits of the Russia-Ukraine war, which sent edible oil prices boiling and<a href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-revenue-rockets-fuelled-by-boiling-edible-oil-prices/articleshow/91260794.cms"> boosted</a> the company’s revenue and stock price. Later in July, Adani Ports and Special Economic Zone announced it had won a tender to privatise Israel’s Haifa port in a deal valued at $1.18 billion. “In the long run, this is a tremendous port as we anticipate Israel becoming a connection both for Europe and the Middle East, and therefore we stand to benefit from the new possible trade lanes that will be created,” said Karan Adani, CEO, Adani Ports and Special Economic Zone, announcing the purchase. The biggest deal of the year for the Adani Group, was the $10.5 billion acquisition of ACC and Ambuja Cements from Holcim in September. Together, these two companies propelled the Adani Group to become the<a href="https://www.businessinsider.in/business/corporates/news/heres-why-adani-and-jsw-group-are-racing-to-acquire-ambuja-cements-and-acc-from-holcim/articleshow/91465197.cms"> second-largest cement maker</a> in the country in terms of market capitalization, only behind UltraTech Cement. <cmsannotation type="cmsannotation" annotationid="$70-billion green energy ambitions and the ‘over-leveraged’ concerns" comment="subhead" text="$70-billion green energy ambitions and the ‘over-leveraged’ concerns">$70-billion green energy ambitions and the ‘over-leveraged’ concerns</cmsannotation> In September this year, Adani also announced an ambitious $70 billion new energy plan that would see the conglomerate setting up three giga factories – one each to manufacture solar modules, wind turbines and hydrogen electrolysers – by 2030. However, the billionaire faced a bazooka from CreditSights, a Fitch Ratings company, which came out with a<a href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms"> report</a> stating that the Adani Group’s ambitious growth plans could spiral into a debt trap. This spooked investors, resulting in the Adani Group companies<a href="https://www.businessinsider.in/stock-market/news/adani-group-sheds-94000-crore-in-value-after-a-report-says-its-deeply-over-leveraged/articleshow/93728528.cms"> shedding ₹94,000 crore</a> market capitalisation in a single day. A couple of weeks later, though, the research firm<a href="https://www.businessinsider.in/business/corporates/news/creditsights-tones-down-its-comments-on-adani-groups-debt-position-after-a-meeting-with-the-company/articleshow/94071491.cms"> toned down</a> its comments, revising estimates about the cash flow position of two group companies. More recently, the group’s flagship Adani Enterprises <a href="https://www.businessinsider.in/business/news/adani-to-raise-rs-20000-cr-through-fresh-share-issue/articleshow/95764529.cms">received</a> board approval to raise ₹20,000 crore via a follow-on public offer (FPO), pending shareholder approval, according to its stock exchange filing. These funds will be used for the Adani group’s green energy and digital business ambitions. All in all, it has been a busy year for Gautam Adani – from starting the year with a wealth of $77 billion to becoming the third-richest person in the world. It remains to be seen if 2023 will be the year Adani becomes the world’s richest person. SEE ALSO: <a href="https://www.businessinsider.in/india/news/ice-cubes-to-gulab-jamuns-and-50-lakh-kilos-of-organic-fruits-and-veggies-how-india-swiggyd-in-2022/articleshow/96275305.cms">Ice cubes to gulab jamuns and 50 lakh kilos of organic fruits and veggies – how India Swiggy’d in 2022</a> <a href="https://www.businessinsider.in/policy/economy/news/indian-economy-to-outpace-world-average-growth-in-2023-can-it-duck-global-headwinds/articleshow/96256621.cms">Indian economy to outpace world average growth in 2023 – Can it duck global headwinds?</a> <a href="https://www.businessinsider.in/business/corporates/news/tpg-to-acquire-adar-poonawalla-led-groups-housing-finance-arm-at-3900-crore-valuation/articleshow/96256578.cms">TPG to acquire Adar Poonawalla-led group’s housing finance arm at ₹3,900 crore valuation</a>

Gautam Adani: Man of the year

<ul class="summary-list"><li>Criminal gangs are helping students cheat on exams in India, according to The Wall Street Journal.</li><li>Cheating has, in particular, plagued India's highly competitive medical entrance exam.</li></ul>India's massive examination machine is floundering.This year, the country's primary testing body — the National Testing Agency (NTA) — has faced a series of controversies.They range from exam delays and cancellations to more serious allegations of errors in questions and leaked papers.While NTA officials have denied that any exam papers were leaked the federal education minister, Dharmendra Pradhan, told the <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/cv22wl82yldo">BBC</a> in June that "some irregularities" had been found.Now, it seems some are taking advantage of the examination chaos.According to the <a target="_blank" class="" href="https://www.wsj.com/world/india/gangs-are-making-millions-helping-indians-cheat-on-exams-32500cce">Wall Street Journal, some middle-class families are paying criminal gangs thousands </a>to help their children get the upper hand on these exams.<h2 id="5266815a-7004-480f-a5ba-395977759d6c">Cheating in India's medical entrance exam</h2>Cheating has, in particular, plagued India's highly competitive medical entrance exam, also known as the National Eligibility Cum Entrance Test (NEET).This year, around 2.4 million students in India took the exam, competing for medical college seats totaling about 0.02% of that number."Very few people crack it on the first try," one student, who asked not to be named for privacy reasons, told Business Insider.She spent a year preparing for the undergraduate and postgraduate exams, respectively. During this time, she woke up at 4 a.m. and studied for at least 10-12 hours each day.Some prefer to take an easier route.The Journal found that several students had paid $15,000-20,000 to illegally look at the question paper before the exam. BI could not independently verify the figures.The police made multiple arrests related to exam cheating after results showed that 67 people received perfect scores in the NEET exams this year."Question papers are sold at extravagantly high prices," Ashok Rathore, a police officer who investigated cheating linked to India's medical school exam, told the Journal. "It's a nexus of desperate students, parents, tuition centers and printing presses."<h2 id="378edaf6-be36-458e-8847-661e66638c81">Leaked questions</h2>One student told BI that several Telegram channels dedicated to exam prep saw messages encouraging students "struggling with exams and don't have time for studies" to get in touch for "help.""My friend said he was asked to pay around 15,000 rupees ($180) to enter the private channel where they shared the questions," she said.BI reached out to the Telegram account offering "help". The person said they can provide next year's medical entrance exam questions for around 1 lakh rupees ($1,200).High ranks in these exams mean coveted "seats" in medical colleges operated by the state and national governments. Those with money can still legally obtain places in private medical colleges if they pay fees ranging from $115,000 to $145,000.However, some students with the financial capacity prefer cheating and getting a government seat instead."It makes very good economic sense," a senior medical advisor with knowledge of the matter told BI. "The question paper will be given for about 25 lakh rupees (around $29,000). For that much, they get a free seat in a government college where they only have to pay around 16,000 rupees ($190) per annum.""For the entire five-year degree, that still only comes to around one lakh rupees ($1191), so of course rich students would rather do that instead of paying their way into private medical schools."<h2 id="4ff61c3d-756d-47c9-8f47-2f6be9f1f6a0">Earning a 'merit' seat</h2>The advisor — who preferred to remain anonymous but whose identity is known to BI — also said there is a significant amount of respect that comes with having "earned" a merit seat instead of paying their way into a private "management" seat."Unfortunately, there are very few objective metrics that people have as outsiders to judge the competence of their doctors, especially at a time when everybody in India sits with an MBBS board outside their clinic," agreed Asish George, a doctor who cleared the entrance exam in 2014."For those people, the fact that someone cracked a highly competitive entrance exam and got in would inspire more confidence than someone who paid their way through the whole thing."According to the Journal, authorities in India have tried to install video cameras inside exam halls and increased their monitoring of social media to catch cheaters. But many are still finding ways to illegally gain the upper hand, at a high price. The NTA did not immediately respond to a request by BI for comment.

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