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<keyword id="19895063" type="General" weightage="100" keywordseo="India" source="keywords">India</keyword> is well positioned to be a driver of greater wealth, according to a <keyword id="22444977" type="General" weightage="20" keywordseo="global-wealth" source="keywords">global wealth</keyword> report by <keyword id="19896306" type="General" weightage="20" keywordseo="Boston-Consulting-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Boston Consulting Group" meta.hostid="153" meta.entityid="Boston Consulting Group">Boston Consulting Group</keyword> (BCG). In 2023, India generated roughly $590 billion in new <keyword id="22367734" type="General" weightage="20" keywordseo="financial-wealth" source="keywords">financial wealth</keyword>, marking its largest increase in the history. India will add about $730 billion annually to the overall growth of the region through 2028. The report says <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> and India are positioned to drive global <keyword id="20231223" type="General" weightage="20" keywordseo="wealth-creation" source="keywords">wealth creation</keyword>, "Notably, China and India are positioned to drive wealth creation, having collectively generated $588 billion in financial wealth in 2023. India is expected to add about $730 billion annually to the overall growth by 2028," said Yashraj Erande, India Leader Financial Services, BCG. Financial wealth in the Asia-Pacific region grew by only 5.1% in 2023, predominantly due to a slowdown in wealth creation in China. However, the report anticipates a significant increase through 2028, with the Asian region likely to contribute nearly 30% of new financial wealth by 2028. The report also observed that global net wealth registered a growth of 4.3% in 2023, following a decline of 4% in 2022. Much of this growth was due to a rebound in the financial market, as financial wealth, a subset of global net wealth, rose by almost 7% after a 4% decline in 2022. Looking ahead, the report estimates that $92 trillion of financial wealth will be created over the next five years. It also noted that Generative AI (GenAI) will play a crucial role in the digital transformation of <keyword id="21006652" type="General" weightage="20" keywordseo="wealth-managers" source="keywords">wealth managers</keyword>, with use cases along the entire value chain. "The financial wealth market has seen an uptick in the last year since its slump in 2022. The trajectory has been fairly well but not as good as it was between 2014-2021. For the wealth creation market to go back to its previous era the condition should continue to be favourable" added Erande. The report also highlighted that financial wealth in North America and Western Europe bounced back in 2023. Supported by strong equity markets, North America was among the fastest-growing regions, accounting for over 50% of all new financial wealth in 2023. The recovery was not as strong in Western Europe, where financial wealth rose by 4.4%. "Wealth creation resumed in 2023--but even so, wealth managers cannot afford to stand still. To capitalize on growing global wealth, industry players, among others, will need to set a clear digital transformation strategy and leverage GenAI to manage costs and improve client experience," said Michael Kahlich, a managing director and partner at BCG and a co-author of the report. The report stated that the most remarkable growth dynamics emerged in the United Arab Emirates (UAE). The UAE is currently the world's seventh-largest booking centre and is expected to surpass the Channel Islands and the Isle of Man as the sixth-largest by 2028. Hong Kong's anticipated rise to become the top global financial hub was stalled by a temporary but significant slowdown in Chinese inflow. Singapore now appears to be in a position to challenge Hong Kong's rise over the long term. Switzerland remains the largest booking centre worldwide, growing in line with its historical average of 4.8% and gaining the most wealth in absolute dollar terms. However, Switzerland and other European cross-border booking centres, including the UK and Luxembourg, are growing at a slower pace than Singapore, the UAE, and the US. This shift is occurring mostly because of a stronger demand for geographic diversification, reflecting a continued surge in wealth generation in Middle Eastern and Asian markets.

India and China to drive new wealth creation globally, Asia to contribute 30% of new wealth, says BCG report

<ul class="summary-list"><li>The economy is already in a "selective recession," according to JPMorgan's Matthew Boss.</li><li>Low-income consumers are pulling back on spending while top-earners are fueling the economy.</li></ul>The US economy is being split by a "selective recession," as some consumers see "huge" wealth creation while others struggle to get by, according to JPMorgan analyst Matthew Boss.The equity analyst pointed to the divide between low-income and high-income consumers. High-income consumers are thriving, evidenced by the $40 trillion worth of spending they're driving into the economy, which is around half of all consumer spending in the US, Boss estimated.Lower- to middle- income consumers, though, appear to be <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-hard-landing-jpmorgan-forecast-low-income-wealth-2024-5">falling behind as the cost of living rises</a>, Boss said previously. The bottom 20% of consumers are contributing to just 10% of the economy's total spending, he said, citing national retail sales data."The backdrop that we face in our work is a selective recession, and what that means is you are going to have extreme volatility. We think the higher income consumer — a lot of wealth creation," Boss said in an interview with <a target="_blank" href="https://www.youtube.com/watch?v=uYFyBCHTv_k">CNBC</a> on Thursday. "The low-income consumer, that's the melting ice cube," he added.The richest Americans have significantly increased their wealth over the past four years. The top 10% of households have gained a whopping $30.5 trillion since 2022, while the bottom 50% of Americans have gained just $1.8 trillion in wealth, according to <a target="_blank" href="https://muse.insider.com/story/667eade15c62a271edc00c1a">Federal Reserve</a> data.That could be because the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-ownership-wealthiest-americans-one-percent-record-high-economy-2024-1">top 10% of Americans account for the vast majority of household stock ownership</a>, while <a target="_blank" href="https://www.dallasfed.org/research/economics/2023/0110#:~:text=Low%2Dincome%20households%20most%20stressed,few%20ways%20to%20reduce%20spending%20.">low-income households are generally more impacted by inflation</a>. 65% of households earning less than $25,000 a year said they found inflation to be "very stressful" — around 23 percentage points more than households with income of $75,000-$100,000.Middle-income consumers also say they're affected by the accumulated price increases over the past few years. Less than half of middle-income households rated their finances as "excellent" or "good," and 68% rated their ability to save as "not so good" or outright "poor," according to a second-quarter <a target="_blank" href="https://www.primerica.com/public/Fact_Sheet_Primerica_Financial_Security_Monitor_Q2_2024.pdf">survey</a> conducted by Primerica.Other forecasters have warned of a <a target="_blank" href="https://www.businessinsider.com/recession-outlook-us-economy-consumer-spending-hard-landing-inflation-slowdown-2024-6">consumer-led recession</a> as Americans pull back on spending. Overall, real retail sales have dropped 4% year-over-year in the first quarter — a possible sign that a <a target="_blank" href="https://www.businessinsider.com/recession-outlook-us-economy-consumer-spending-hard-landing-inflation-slowdown-2024-6">consumer recession</a> may already be here, according to top economist David Rosenberg.

The US economy is in a 'selective recession' as lower-income consumers struggle and high-income households see huge wealth creation, JPMorgan strategist says

<keyword id="19895142" type="General" weightage="100" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword>, widely known as the "King of <keyword id="19897820" type="General" weightage="20" keywordseo="Bollywood" source="keywords">Bollywood</keyword>," has officially joined the ranks of India’s wealthiest, debuting on the 2024 <keyword id="21075617" type="General" weightage="20" keywordseo="Hurun-India-Rich-List" source="keywords">Hurun India Rich List</keyword> with an impressive wealth of Rs 7,300 crores. But how did a Delhi boy with dreams of making it big in Mumbai become one of India’s richest individuals? Let’s dive into the ventures that propelled King Khan into the billionaires' club. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="20033371" type="General" weightage="20" keywordseo="Red-Chillies-Entertainment" source="keywords" meta.keywordsubtype="org" meta.entityname="Red Chillies Entertainment" meta.hostid="261" meta.entityid="Red Chillies Entertainment">Red Chillies Entertainment</keyword></h3>Shah Rukh Khan’s production company, Red Chillies Entertainment, has been a significant contributor to his wealth. Founded in 2002, Red Chillies has become a key player in Bollywood, producing blockbuster films and investing in high-quality visual effects. From chart-topping films like Chennai Express and Raees to the massive success of Pathaan in 2023, Red Chillies has consistently delivered box office hits. <div type="Article" hostid="261" msid="112412196" title="&amp;#39;Deadpool &amp;amp; Wolverine&amp;#39; screenwriters reveal secrets and spoilers, including the movie&amp;#39;s original villain and who wrote that Hugh Jackman divorce joke" mstype="2" mssubtype="0"></div>With an estimated revenue consistently in the hundreds of crores and a profit of Rs 85 crores last year, the company has not only cemented SRK’s position as a top actor but also as a successful producer. Furthermore, the company’s VFX division, Red Chillies VFX, has set new benchmarks in the <keyword id="20161413" type="General" weightage="20" keywordseo="Indian-film-industry" source="keywords">Indian film industry</keyword>, working on major projects that have earned critical and commercial acclaim, such as Ra.One, Fan, and Laal Singh Chaddha. These ventures have significantly bolstered SRK’s wealth, making Red Chillies Entertainment a cornerstone of his business empire. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="19899758" type="General" weightage="20" keywordseo="Kolkata-Knight-Riders" source="keywords" meta.keywordsubtype="org" meta.entityname="Kolkata Knight Riders" meta.hostid="261" meta.entityid="Kolkata Knight Riders">Kolkata Knight Riders</keyword></h3>Shah Rukh Khan’s entry into the sports business with the IPL franchise Kolkata Knight Riders (KKR) has been a masterstroke. Co-owned by SRK, Juhi Chawla, and Jay Mehta, KKR has become one of the most successful and profitable franchises not just in the Indian Premier League, but also in the sporting world. The team’s consistent performance on the field has been matched by its financial success off it, with KKR’s brand value rising steadily over the years. As per Forbes, the cricket team was valued at over $1 billion in 2022. This surge in valuation played a crucial role in boosting SRK’s wealth, contributing significantly to his fortune. The success of KKR, coupled with its passionate fan base and strong marketing, has made it a jewel in SRK’s business portfolio, further solidifying his status as a businessman. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Brand SRK: The most followed Indian on social media</h3>More than just a business mogul, Shah Rukh Khan is also a brand unto himself. With 44.1 million followers on Twitter, SRK is the most followed individual from the 2024 Hurun India Rich List on Indian social media. His massive <keyword id="20462299" type="General" weightage="20" keywordseo="social-media-presence" source="keywords">social media presence</keyword> has translated into lucrative endorsement deals and collaborations with global brands. <div type="Article" hostid="261" msid="112249289" title="One of Singapore&amp;#39;s flashiest CEOs was planning to throw a Tomorrowland-style party for the books. Then the mirage started to fall apart." mstype="2" mssubtype="0"></div>Consistently being one of the most visible endorsers, SRK earns substantially from <keyword id="20004407" type="General" weightage="20" keywordseo="brand-endorsements" source="keywords">brand endorsements</keyword>, with an estimated fee of Rs 4-5 crores per endorsement. His portfolio includes major brands like Hyundai, Dubai Tourism, and BYJU'S, further adding to his immense wealth. His ability to leverage his celebrity status into profitable business ventures has undoubtedly been a key factor in his <keyword id="21015152" type="General" weightage="20" keywordseo="wealth-accumulation" source="keywords">wealth accumulation</keyword>. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Real estate</h3>Real estate has always been a key component of wealth building, and Shah Rukh Khan is no exception. Shah Rukh Khan’s <keyword id="22962036" type="General" weightage="20" keywordseo="real-estate-ventures" source="keywords">real estate ventures</keyword> extend far beyond his iconic Mumbai residence, Mannat. One of his lesser-known yet highly lucrative ventures is in Dubai, where he and his wife Gauri Khan launched a luxurious beachfront residential project, the "SRK Boulevard," located in the posh Dana Islands. This mega project, worth over Rs 18,000 crore, features 10 residential buildings with high-end facilities, including marine sports and leisure amenities. Designed by Los Angeles architect Tony Ashai, with interiors by Gauri Khan, this project highlights SRK’s foray into international real estate <h3>And of course, films</h3>Shah Rukh Khan’s earnings from films and endorsements are a significant part of his wealth. Known as one of the highest-paid actors in India, SRK reportedly charges over Rs 100 crores per film. This is certainly no small amount, but it is unlikely that filmmakers will find fault with it, considering how his films regularly break box office records. As per IMdB, both 2023 films Jawan and Pathaan grossed over Rs 1000 crores worldwide. All in all, King Khan’s entry into the Hurun India Rich List is significant not just for him, but for the entire entertainment industry. SRK’s success reflects the growing financial clout of Indian film stars and the increasing importance of entertainment in wealth creation. In 2024 alone, Hurun India Rich Listers from the entertainment industry added Rs 40,500 crores to their wealth, with SRK leading the charge. This trend highlights the expanding influence of Bollywood and the entertainment sector in India’s broader economic landscape.

Baadshah of Bollywood Shah Rukh Khan debuts on India's richest list with Rs 7,300 cr — here's how the King made his wealth

Every individual wishes to have <keyword id="6383453" type="General" weightage="20" keywordseo="wealth" source="Orion">wealth</keyword>, which can empower them to lead a financially independent and secure life filled with the luxuries they crave – be it a world tour, a stately abode or simply the freedom to lead their life on their terms. However, in the absence of a fairy godmother or a genie, the effort behind <keyword id="112023" type="General" weightage="100" keywordseo="wealth-creation" source="Orion">wealth creation</keyword> falls on one’s own capable shoulders. Famous author Idowu Koyenikan once said, “When money realises that it is in good hands, it wants to stay and multiply in those hands.” So, how can you create wealth and ensure it stays for good? <cmsannotation type="cmsannotation" annotationid="Understanding the concept of Wealth Creation" comment="subhead" text="Understanding the concept of Wealth Creation">Understanding the <keyword id="19095463" type="General" weightage="20" keywordseo="concept-of-wealth-creation" source="Orion">concept of Wealth Creation</keyword></cmsannotation> If you think the best way to create wealth is to earn more money, your plan has a fatal flaw. This is because, as an individual, you can only earn so much money in the duration of your career. However, if you devise a roadmap to invest your money and make it work for you, wealth creation becomes feasible. Therefore, wealth creation involves the process of investing the money you have at hand in asset classes which are aligned with your investor profile and financial goals, with the aim of growing your wealth sustainably. During this process, you will come across the best friend of the wealthy – the concept of compounding interest, which involves earning returns over both your invested principal and the gains accrued so far. Accordingly, the sooner you begin your wealth creation journey, the longer you allow it to grow, thus leading to better outcomes. <cmsannotation type="cmsannotation" annotationid="Importance of Wealth Creation" comment="subhead" text="Importance of Wealth Creation"><keyword id="19095462" type="General" weightage="20" keywordseo="importance-of-wealth-creation" source="Orion">Importance of Wealth Creation</keyword></cmsannotation> When you earn a good salary every month and find it sufficient to manage your lifestyle, you may belittle the importance of wealth creation. However, if you cannot generate money passively, you will be forced to remain shackled to your job. Further, the lack of a well-strategised wealth creation plan will end up pinching you once you retire. When you focus on wealth creation, you find it easy to achieve your financial goals, be it short or long-term, without eating into your savings. As Henry Thoreau wisely noted, “Wealth is the ability to fully experience life.” And that, in itself, underscores the imperative nature of wealth creation. <cmsannotation type="cmsannotation" annotationid="Investment options to consider" comment="subhead" text="Investment options to consider"><keyword id="381673" type="General" weightage="20" keywordseo="investment-options" source="Orion">Investment options</keyword> to consider</cmsannotation> Now that you know the meaning and importance of wealth creation, how should you go about charting the roadmap? Firstly, you need to assess your investment profile, which includes aspects such as your risk appetite, return requirements, time horizon and financial goals. For instance, someone with a longer time horizon and higher appetite for risk has the ability to invest in equities and earn higher returns. Alternatively, for medium duration goals, a combination of equities and a safer option like bonds may be the right approach. Given below are some of the asset classes you can consider for your investments: <ul><li>Equities: You can consider equity investments by picking the stocks of fundamentally strong companies to realise the potential for high returns, especially over the long term. Remember to diversify your stock portfolio to reduce the underlying risk.</li><li>Debt: Fixed-income securities such as government bonds, corporate bonds, and short-term papers like commercial papers fall under this category. These tend to be less risky than stocks.</li><li>Mutual Funds: These instruments pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other assets based on their strategy, thus ensuring diversification and professional management. Systematic Investment Plan(SIP) is a facility that fund houses offer that allows investors to invest a specific amount of money at pre-determined intervals.</li><li>Real Estate: Investors can consider investing in real estate investment trusts (REITs), in the quest for rental income and potential appreciation.</li><li>Commodities: Investing in commodities like gold or silver can provide diversification and act as a hedge against inflation.</li></ul>By using a combination of these asset classes, an investor can build a diversified portfolio to reduce overall risk while optimising opportunities across different asset classes. In case you are unsure how to go about it, seek the help of a financial advisor and invest through mutual funds such that your investment is in wise hands. Whichever route you may choose, as long as you remain focused on your end goal and start right away, creating sustainable wealth will only be a matter of time. Wealth creation is an attainable goal for anyone willing to invest time and effort into building a solid financial foundation. So, start your journey today, and watch your wealth grow over time. Disclaimer: The article is authored by Amit Rathore of AR Finserv. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India. Do your own research (DYOR) before deciding to invest in any financial asset class:

The power of compounding: Your key to long-term wealth creation

<ul><li>As the equity cult travels deeper into India, many women are becoming advisors and distributors of financial products.</li><li>Many women who started with nothing today manage AUMs of ₹100 crore and earn trail income of ₹5 lakh a month.</li><li>Large financial intermediaries like <keyword id="6160673" type="General" weightage="20" keywordseo="nj-wealth" source="Orion">NJ Wealth</keyword> are onboarding more women as distributors as they don’t quit easily and build up the business diligently. </li></ul>An eight figure salary is almost everyone’s dream, be it newly minted B-school graduates or engineers. But how many Indians – even at senior levels – ever come close to an annual income of ₹50 lakh? That’s what Jigna Alpesh Shah thought before she enrolled as a mutual fund distributor back in 2006. Today she manages assets of more than ₹100 crore in Anand, better known as the milk capital of India. She is a housewife between 6 am and 10 am and a wealth manager after that. Her vocation allows her to wear whichever hat she chooses to wear during the course of the day – which can be that of a mother, housewife or career woman. As the equity cult travels deeper into India, many women like Jigna have found their calling as advisors and distributors of financial products. Like the services industry, <keyword id="155162" type="General" weightage="20" keywordseo="mutual-fund-distributors" source="Orion">mutual fund distributors</keyword> like NJ Wealth have also learned that the failure rate of women is very low compared to men as they are persistent and patient. In addition, they don’t easily indulge in misselling just to meet targets. As distributors of financial products, women can choose their workdays rather than adhere to a 9 am to 6 pm grind. Importantly, distribution is a lucrative vocation as a high performing distributor can easily earn trail income of ₹60 lakh p.a. This is big because merely 3.2 mn Indians are above the ₹5 lakh income bracket and they collectively account for 76% of income tax receipts of the government. In a country where the average annual income of a senior professional in India ranges between ₹18-25 lakh and a senior resident doctor’s annual income is between ₹50 and ₹60 lakh, an eight figure salary is surely a pipe dream for most. But if you are ambitious, as a mutual fund distributor you can easily earn a trail income of ₹50 lakh or more, provided you are willing to work hard for the first five years. It is perhaps for these compelling reasons that many more women are joining the equity cult, not just as investors but as advisors. Explains Misbah Baxamusa,CEO of NJ Wealth, “We at NJ Wealth found that women need flexibility in their careers and it is hard for them to hold regular jobs. Being a mutual fund distributor can give them the flexibility they need to get started and in addition to that there is minimal investment needed. We believe that the concept of saving and commitment comes naturally to them. Compared to their male counterparts, women don’t quit easily, once they enroll with us. They stick through the process and build up the business. We have several women today who are managing AUMs of over ₹100 crore.” Today, women account for 15-20% of NJ Wealth’s total distributors. NJ Wealth is focused on enrolling more women as it is a win win for both sides. Compared to industry ratio, it has a much higher ratio of <keyword id="19662661" type="General" weightage="20" keywordseo="women-distributors" source="Orion">women distributors</keyword> but Baxamusa feels that a lot more can join the gravy train. <div type="image" title="Jigna Shah" msid="105950515" hostid="261"></div> Jigna Shah was a housewife when she moved to Anand in 2002 with her husband. Though she is a BSc graduate, she started dabbling in financial products as an insurance agent. She enrolled with NJ in 2006 and now manages an AUM of ₹103 crore and is the highest AUM holder at NJ Wealth’s Anand branch (Gujarat). She says: “I have seen the journey of mutual fund investments and how it gained momentum after 2008-09. It took me over 10 years to take my AUM to ₹100 crore, but now I am looking forward to doubling my AUM in the next five years.” What has also helped her growth is the better understanding now that Indians have on building wealth through investments in financial assets unlike the past. Goal based investing has really caught on, she says. <div type="image" title="dipti" msid="105607260" hostid="261"></div> Sourcing customers was a little harder ten years ago, but with social media gaining traction that has also become easy. Sixty-nine year old Dipti Pourana has been distributing financial products for years now, but she says her business hit the fast track after she enrolled with NJ Wealth as her customers refused to invert unless she was their distributor. The technology platform of NJ is immensely user-friendly that makes the lives of distributors very easy. Pourana became the breadwinner after her husband died. Today she manages an AUM of over ₹200 crore. She says: “Client acquisition has also changed over the years. Earlier we used to physically meet people and pay visits to them, but now we source customers through social media as well. Thanks to this business, I was able to raise my family after my husband’s demise. At the beginning of your career as a mutual fund distributor, life can be hard but over the years, the magic of trail commission will kick in.” <div type="image" title="aranpreet" msid="105717868" hostid="261"></div> The story of Aranpreet Kaur is no different from Pourana. Kaur lost her husband during Covid and since then she has been in the driving seat of their wealth advisory business in Chandigarh. She along with her husband started their investment and financial services company in 2015. Kaur thinks that women make very good financial planners and advisors as they are adept at managing homes. She says: “The reason why women can be more successful in this business is because they understand the problem and suggest solutions to clients, unlike men who are more focused on selling.” Kaur’s pet project is to provide financial literacy to young students, who she still teaches in college. She has taken her college lecturer’s role to the next level by conducting classes on investments and savings. She says: “I am a lecturer at SD College but I am very passionate about investing. While I still teach, I also conduct seminars and programmes on investing with students because it is important. I even help my staff at home and office to invest in mutual funds so that they can save for their children’s education.” NJ Wealth is not only making their investors rich by deploying their hard earned money into financial instruments but are also making their distributors wealthy. NJ has a plug-and-play platform that mutual fund distributors can onboard and get started with seamlessly. They enroll mutual fund distributors on their own platform and provide them with a plethora of services that helps them scale the business. Distributors are encouraged to carry out both physical and digital activities to take the equity cult deeper into India. Of the total number of ARNs (AMFI registration number) who enroll to distribute funds to consumers, the majority of them are onboarded by NJ Wealth. There are four crore mutual fund investors in the country today but many more distributors to bridge the gap between demand and supply as more Indians take to the equity cult.

Women distributors rake in the moolah as investors across Bharat say Mutual Funds Sahi Hai

<ul class="summary-list"><li>A public offering can lead to sudden wealth creation and leave founders wondering how to manage it.</li><li>A top Goldman Sachs wealth advisor shared key considerations for startup founders.</li></ul>In 1987, Bill Gates became the world's youngest billionaire at 31. His fortune had already ballooned the year prior when his brainchild, Microsoft, went public on the Nasdaq.Like many founders who have taken their companies public, Gates saw a sudden windfall of wealth transform his life and vault him into a new tax bracket. The bank that led Microsoft's initial public offering was Goldman Sachs, the <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-investment-bank-leaders-lay-out-winning-strategy-2024-6">Wall Street behemoth</a> famed for its leading position in terms of both advising on public issuances and <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">handling private merger transactions</a>.Goldman executives <a target="_blank" href="https://www.goldmansachs.com/insights/articles/dealmaking-and-ipos-are-poised-for-a-revival-in-2024">have forecast in recent months</a> an increase in public offerings this year after a <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-bake-offs-back-morgan-stanley-2q-ted-pick-2024-7">slow past two years for IPOs</a>. The <a target="_blank" href="https://www.ey.com/en_us/insights/ipo/ipo-market-trends">accounting and tax giant EY found that IPOs were rebounding</a> this year and has tracked 82 public offerings in the US market throughout the first half of 2024, which have collectively generated $18.6 billion in proceeds. It puts this year ahead of last year's tally, at 63 deals producing slightly more than $10 billion in proceeds.So far in 2024, Goldman Sachs' IPO team has worked on 16 public offerings in the US, which generated more than $1.5 billion in value, according to deal-tracking firm Dealogic; that's up from last year's eight IPOs, which resulted in $930 million in value.Founders who go through successful IPOs may find they have a host of new money-management needs, according to Kerry Blum, the global head of the equity-structuring group within private-wealth management at Goldman Sachs."When someone has invested a significant amount of their life in creating a company and establishing a leadership team, we appreciate that there is a lot of emotion tied to that asset," Blum told Business Insider in an interview. "We understand that the decisions they're making are both economically and emotionally important."The team reporting to Blum — a more than 20-year Goldman veteran who was elevated to the <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-partners-share-investment-banking-oral-histories-2024-7">bank's elite partnership in 2022</a> — supports family offices and high-net-worth clients like the founders of big-ticket companies. Blum's team is separate from the equity-capital-markets group, which advises companies in IPOs and is situated within the investment-banking division.Through the bank's One Goldman Sachs program, which unites various business lines to cross-sell services to clients, Blum and her team share referrals with their colleagues in the firm's investment-banking division. That could mean investment bankers referring clients doing IPOs or mergers to their private-wealth counterparts who work with Blum, or vice versa, for instance.The team is equipped with a tool kit of strategies to help clients with their money-management goals — from trust and estate planning to strategizing when and how founders should sell equity.Blum shared her advice for founders who may be on the cusp of successful IPOs and how they could work with wealth advisors to set themselves and their families up for prosperous financial futures.<h2 id="bbd45c66-0556-42e4-ba5c-85e785043026">Start the conversation early</h2>If you're considering a public offering, it's never too early to broach the topic with an advisor, Blum said.Many pre-IPO founders will have a relationship with a wealth advisor, she said, and it's not unusual for them to have initial discussions several years before an IPO.About three to six months before the IPO listing date, conversations between a founder and their advisor tend to ramp up substantially, according to Blum."We'll be more engaged with clients on a more regular basis to help them understand: What does the landscape look like? What should they be expecting? And what does that final to-do checklist look like as they approach the IPO?" Blum told BI.<h2 id="80043aae-d0fe-44e4-a2f8-8a7b7504176a">Think about messaging and signaling</h2>For many founders who go through an IPO, the milestone may represent the first time they contemplate selling off big stakes of equity in a business they've built from scratch. It's important to be mindful of what such decisions can indicate to other investors and to handle the process accordingly.Indeed, founders' equity sales often come with additional rites like issuing securities filings, "so we want to make sure that we're being mindful of the messaging and signaling considerations," Blum said."You get to take a company public once. You get to make your first sale as a founder once as well," she added, pointing to the importance of being thoughtful and deliberate when making such moves.Her team tracks other companies' regulatory disclosures and information about Goldman's own client portfolio to learn what other founders are doing.With that information, Blum's team can answer clients' questions such as:<ul><li>How do their peers in the founder community think about themselves?</li><li>When are they selling?</li><li>How are they selling?</li><li>How much are they selling?</li><li>Where are they selling?</li></ul><h2 id="a1890d80-961a-40aa-8869-1ddb64c4a409">Know what your priorities are</h2>Managing your money post-IPO is in some ways like managing your portfolio as it's always been, but with more considerations to contend with and more resources at play, Blum said.That means diversification across asset classes becomes even more important, as do other choices, like which philanthropic initiatives a founder may wish to support."We also spend some time helping clients make sure that they've thought through what could their impact and legacy look like," Blum said. "And although it's 10 or 15 years out, it's never too early to think through how to optimize for those events."

A Goldman Sachs financial advisor shares 3 strategies for founders preparing to cash in on IPO wealth

<ul class="summary-list"><li>Some Americans who secured jobs, homes, and stocks a few years ago are thriving financially.</li><li>The job market has tightened, home prices have surged, and stock prices have risen.</li></ul>Think back on your life two to three years ago. Did you have a job, own a home, and have significant investments in the <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/investing/how-to-invest-in-stocks">stock market</a>?If the answer was yes to all three, then there's a decent chance you're feeling OK about the current state of your finances. But if you didn't check all three boxes, you might be among the Americans who <a target="_blank" href="https://markets.businessinsider.com/news/etf/us-consumer-morale-dips-more-than-expected-in-july-sentiment-remains-stubbornly-subdued-1033550939">remain frustrated</a> by the economy.If you had a job a few years ago and haven't quit, there's a good chance you're still employed — layoffs have been <a target="_blank" href="https://fred.stlouisfed.org/series/JTSLDR">low</a> relative to historical levels. There's also a good chance you've benefited from <a target="_blank" href="https://www.businessinsider.com/inflation-cost-of-living-what-is-middle-class-housing-market-2024-4">wage growth</a> that has exceeded inflation over the past year. But if you didn't have a job and are searching for one now — including <a target="_blank" href="https://www.businessinsider.com/college-graduates-cant-find-jobs-earn-less-strong-labor-market-2024-6">recent college graduates</a> — you're facing a considerably <a target="_blank" href="https://www.businessinsider.com/why-hard-to-find-job-us-though-unemployment-low-2024-2">tougher labor market</a>.If you bought a home before 2021, there's a good chance the <a target="_blank" href="https://www.businessinsider.com/us-housing-market-outlook-record-prices-rising-supply-falling-demand-2024-6">value of your home</a> has risen considerably in recent years. It's also likely that you locked in a <a target="_blank" href="https://www.businessinsider.com/housing-market-mortgage-rates-outlook-home-prices-affordability-wealth-gap-2024-3">low mortgage rate</a>. But if you're trying to buy a home today, you're facing a housing market that's <a target="_blank" href="https://www.businessinsider.com/buying-a-home-housing-market-mortgage-rates-prices-fannie-mae-2024-6">much less affordable</a> than it was a few years ago.If you've been investing in the stock market for a while, there's a good chance you've benefited from <a target="_blank" href="https://www.businessinsider.com/millennials-gen-z-stock-market-baby-boomers-wealth-investing-2024-2">rising stock values</a> in recent years. But if you're among the significant number of Americans who don't own stocks directly or through retirement accounts or investment funds — <a target="_blank" href="https://markets.businessinsider.com/news/stocks/record-high-american-households-own-stocks-investing-pandemic-markets-money-2023-10">42% of US households</a> as of 2022 — this hasn't helped your finances. And people who want to start investing today might have a hard time <a target="_blank" href="https://markets.businessinsider.com/news/stocks/warren-buffett-valuation-signal-flashes-warning-market-cap-gdp-ratio-2024-7">buying stocks at a discount</a> because by some indicators, many are <a target="_blank" class="" href="https://www.businessinsider.com/truist-downgrade-tech-sector-overweight-neutral-overvalued-communication-services-utilites-2024-7">overvalued</a> — though perhaps a bit less so after US stocks <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-picks-up-recession-fears-carry-trade-unwind-2024-8">fell</a> in recent weeks.A consistent paycheck, homeownership, and stock holdings are <a target="_blank" class="" href="https://www.cnbc.com/2023/10/13/americans-say-this-is-the-best-way-to-build-wealth.html">arguably</a> the holy trinity of wealth creation for <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-investments-stocks-millennial-wealth-doubled-in-pandemic-economy-2024-5">many Americans</a>, but not everyone is well-positioned to benefit from all three in the years ahead. It's among the reasons, despite <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-june-prices-food-energy-fed-interest-rate-cuts-2024-7">falling inflation</a>, many Americans <a target="_blank" href="https://www.businessinsider.com/americans-losing-faith-economy-inflation-university-michigan-consumer-sentiment-2024-5">aren't happy with the economy</a>. The longer some people are boxed out of these paths to wealth creation, the more difficult it could be for them to pay the bills, become financially secure, and <a target="_blank" class="" href="https://www.businessinsider.com/how-much-millennials-need-for-retirement-savings-strategies-401k-ira-2024-5">retire as early as they desire</a>.But that doesn't mean everyone has given up. Business Insider has interviewed several people who are actively <a target="_blank" href="https://www.businessinsider.com/millennial-cant-get-hired-remote-jobs-tech-sales-layoffs-health-2024-5">looking for jobs,</a> <a target="_blank" href="https://www.businessinsider.com/millennial-cant-afford-home-parenthood-six-figure-salary-student-debt-2024-6">saving for homes</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/financial-independence-retire-early-couple-share-saving-strategies-2024-7">investing more</a> of their money than they used to.Three of these individuals shared how they're trying to build wealth — and what's held them back.<h2 id="21e43981-83aa-470d-946e-854e46f26cb5">Jobs are getting harder to find</h2>In March 2022, the unemployment rate was <a target="_blank" href="https://fred.stlouisfed.org/series/UNRATE">3.6%</a> — near the lowest level in decades — and the US had a record-high <a target="_blank" href="https://fred.stlouisfed.org/series/JTSJOL">12.2 million</a> job openings. But the <a target="_blank" href="https://www.businessinsider.com/job-search-switch-harder-to-get-job-hiring-labor-market-2023-12">job market</a> has slowed over the past year. Last week's jobs report revealed that the <a target="_blank" href="https://www.businessinsider.com/unemployment-rate-job-growth-july-labor-market-economic-data-2024-7">unemployment rate</a> unexpectedly rose from 4.1% in June to 4.3% in July — <a target="_blank" href="https://www.businessinsider.com/sahm-rule-recession-outlook-indicator-triggered-unemployment-rate-jobs-report-2024-8">raising concerns</a> about the health of the labor market. The number of job openings has fallen to 8.2 million as of June.Still, while <a target="_blank" class="" href="https://fred.stlouisfed.org/series/JTSHIR">hiring</a> has slowed across the economy, <a target="_blank" class="" href="https://fred.stlouisfed.org/series/JTSLDR">layoffs</a> remain muted. So as long as you locked in a job a few years ago, there's a good chance you still have one and have been able to keep collecting paychecks.Roland Hesmondhalgh, a Virginia-based millennial has been struggling to find a job over the past four years, he <a target="_blank" href="https://www.businessinsider.com/millennial-looking-job-cant-get-hired-college-degress-entry-level-2024-7">previously told Business Insider</a>. He said he's been looking for roles in the journalism industry but has expanded his job search to restaurant and retail jobs."It hurts to see so many people and news stories saying there's record hiring and I can't get anything even at minimum wage," he said.<h2 id="bed0d3f4-e23c-4a71-9e01-2e31e5648cfc">The housing market is unaffordable for many Americans</h2>Many people who bought homes a few years ago have benefited from rising home prices. Millennials held $3.5 trillion in real estate wealth as of the fourth quarter of 2019, according to Federal Reserve data. In the first quarter of 2024, this <a target="_blank" href="https://www.businessinsider.com/renting-vs-buying-homeownership-wont-make-genz-rich-increase-wealth-2024-7">more than doubled</a> to $8.6 trillion. That's why buying a home a few years ago has been a financial boon for some Americans.For eager home buyers, it's not clear when the <a target="_blank" href="https://www.businessinsider.com/personal-finance/mortgages/housing-market-predictions">housing market</a> will become more affordable — the <a target="_blank" href="https://www.businessinsider.com/fed-rate-cuts-recession-outlook-economy-job-market-interest-rates-2024-8">Federal Reserve's</a> interest rate cuts, the first of which is <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-september-not-july-inflation-federal-reserve-powell-2024-7">expected</a> to come in September, <a target="_blank" href="https://www.businessinsider.com/housing-market-mistake-buyers-sellers-mortgage-rates-time-to-buy-2024-3">might not help much</a>.As of August 1, the 30-year fixed mortgage rate was <a target="_blank" href="https://fred.stlouisfed.org/series/MORTGAGE30US">6.73%</a>. It was around 3% in 2021 and didn't rise above 5% until the middle of 2022. In the first quarter of 2021, the median sale price for a US home was <a target="_blank" href="https://fred.stlouisfed.org/series/MSPUS">$355,000</a> — it was $412,000 as of the second quarter of 2024.To be sure, many Americans are homeowners — roughly <a target="_blank" href="https://fred.stlouisfed.org/series/RHORUSQ156N">two-thirds</a> of US households are owner-occupied. But for aspiring homeowners, it's a much tougher market than it was a few years ago.Madelyn Driver and her husband both have six-figure incomes, but the Pennsylvania-based couple is struggling to find a home in their budget, Driver <a target="_blank" href="https://www.businessinsider.com/millennial-cant-afford-house-six-figure-salary-mortgage-rates-2024-6">previously told BI</a>."We're finding that even in a vast country like the US, housing options that align with our desires for green spaces, a somewhat metropolitan vibe, and cultural vibrancy are surprisingly out of budget," she said.<h2 id="8540e48a-022c-4796-ab25-ed1e7ba5623e">Stock ownership is making some people feel better about the economy</h2>Every month, the University of Michigan publishes a report based on its <a target="_blank" href="https://www.businessinsider.com/economy-outlook-us-consumers-sentiment-2021-markets-financial-spending-rates-2024-1">consumer sentiment survey</a> — an oft-cited gauge of how Americans feel about the economy. The survey has found that consumer sentiment <a target="_blank" href="https://fred.stlouisfed.org/series/UMCSENT">plummeted</a> during the pandemic and remains well below pre-pandemic levels.But one group of Americans has become considerably more optimistic about the economy in recent years: those who own a lot of stocks. A University of Michigan report published on July 26 found that consumer sentiment among the top one-third of Americans with the largest stockholdings had risen 71% since June 2022, compared to an 11% gain for Americans with no stock holdings. The report noted that the sentiment gap between these two groups was higher than the sentiment gap between Democrats and Republicans — the former have a <a target="_blank" href="https://www.businessinsider.com/president-joe-biden-donald-trump-economy-voters-polls-jobs-inflation-2024-2">more favorable view</a> of the economy.It's no surprise why US stockholders might be feeling good: The <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-the-sp-500">S&amp;P 500</a>, a stock market index consisting of the <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/what-is-the-sp-500">500 largest US public companies</a>, has risen considerably in recent years."Rising stock markets benefit consumers with stock portfolios but leave behind consumers who do not own stocks," the University of Michigan report said.To be sure, not everyone has enough extra cash to invest in the stock market. Additionally, buying stocks isn't guaranteed to generate wealth, though experts say some investment principles, like a <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/how-to-buy-stock">diversified stock portfolio</a>, can give investors a better chance at success.With the proper strategy and some luck, investing can be a valuable source of wealth generation. This is among the reasons a <a target="_blank" class="" href="https://www.federalreserve.gov/publications/files/scf23.pdf">growing share</a> of Americans have dipped their toes into the stock market. As of 2022, 58% of US households owned stocks directly or through retirement accounts or investment funds, compared to 52% in 2016, according to the Federal Reserve.Tiffany Bell, a millennial business management professional based in Houston, didn't always take retirement savings seriously, she <a target="_blank" href="https://www.businessinsider.com/how-much-millennials-need-for-retirement-savings-strategies-401k-ira-2024-5">previously told BI</a>.When she was in her early 20s, she said she didn't participate in her company's 401(k) plan. But after about a year of "chastising" from one of her supervisors, she eventually gave in. Over the past decade, Bell said she's grown her savings and investments to roughly $280,000.However, Bell said she's not sure if she'll be able to ever reach her retirement goal of $3 million."Ideally, I'd like to overshoot the target and actually have something to pass down to family," she said. "But it is depressing to think I might not even be able to save enough for myself."Are you struggling to find a job, buy a home, or save for retirement? Reach out to this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

Americans who locked in a job, home, and stocks are thriving. Everyone else missed out on their ticket to wealth.

<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

<ul class="summary-list"><li>Americans need a minimum net worth of $5.8 million to be in the top 1% of US wealth.</li><li>Monaco has the highest net worth cutoff for the top 1% at nearly $12.9 million.</li></ul>Americans <a target="_blank" href="https://www.businessinsider.com/knight-frank-wealth-report-uhnwi-stocks-luxury-assets-real-estate-2024-2">need at least $5.8 million</a> in net worth to be in the top 1% of wealth in their country — less than half of the 1% cutoff for Monaco.The new <a target="_blank" href="https://www.knightfrank.com/wealthreport">2024 Wealth Report</a> by property broker Knight Frank found that the cut-off for the top 1% of wealth in <a target="_blank" href="https://www.businessinsider.com/stock-market-trader-made-million-with-high-win-ratio-strategy-2022-10">Monaco</a> is nearly $12.9 million, followed by <a target="_blank" href="https://www.businessinsider.com/ways-luxembourg-better-than-us-according-to-american-2022-9">Luxembourg</a> at $10.8 million and <a target="_blank" href="https://www.businessinsider.com/switzerland-destination-female-solo-travelers-2023-12">Switzerland</a> at $8.5 million. The US was fourth on the list.Knight Frank reported that the US cutoff increased nearly 15% from $5.1 million compared to a year ago. The nation's robust economy, which powered <a target="_blank" href="https://www.businessinsider.com/gen-z-millennials-wealth-balloon-pandemic-stimulus-savings-investing-2024-2">strong wealth growth</a>, pushed the cutoff higher, the report said. Wealth as measured by Knight Frank includes investments, cash, and assets such as residences.The report noted that it's much easier to break into the top 1% than become an <a target="_blank" href="https://www.businessinsider.com/10-cities-globally-most-high-net-worth-wealthy-people-2023-9">ultra-high net worth</a> individual, or UHNWI, which Knight Frank defines as having a net worth of at least $30 million. There are currently 627,000 people worldwide with UHNWI status, with 4.2% more added in 2023 — and 7.2% in North America. Knight Frank projected a 28% surge in the next five years in the total number of wealthy people globally, driven by India and mainland China."The improving interest rate outlook, the robust performance of the US economy, and a sharp uptick in equity markets helped wealth creation globally," Liam Bailey, the global head of research at Knight Frank, said in a press release.Americans are on the whole <a target="_blank" href="https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10">getting wealthier</a>. The Federal Reserve's <a target="_blank" rel="" href="https://www.federalreserve.gov/publications/files/scf23.pdf">Survey of Consumer Finances</a> found that between 2019 and 2022, median net worth surged to $192,000 when accounting for inflation, growing 37%. This has been fueled by higher home and stock prices, as well as pandemic-era government stimulus.However, Americans in the 80th to 90th income percentiles saw median <a target="_blank" href="https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10">net worth</a> increase by 69% during the time period, while those in the bottom 20th percentile saw a 24% increase. In 2022, the median net worth for the top 10th percentile was $2.56 million, whereas net worth was just $14,000 for those in the bottom 20th percentile.The Knight Frank report noted that millennials are expected to become the richest generation ever, with a $90 trillion asset transfer between the silent generation and boomers to younger generations coming over the next two decades.Inequality is also continuing to rise between rich and poor countries, World Bank data shows. Countries such as Monaco continue to attract wealthy people due to its tax laws, the report notes."Our findings confirm the substantial differences in wealth distribution between countries, with smaller hubs demonstrating a bias towards higher thresholds," Bailey said.

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