PM Modi’s demonetisation policy has put a dent in the list of Indian billionaires, according to the Hurun Report.
Demonetisation took 86% of India’s cash out of the system and though the country claims to have thrived in the aftermath despite some bumps on the road, the one percenters have taken a hit. The Hurun Report stated that the combined wealth of the Indian billionaires declined by 1% to US$304 billion. Mukesh Ambani stays put as the richest Indian with an estimated net worth of US$26 billion and is 29th on the global list.
The country now has 100 billionaires, 11 fewer than a year ago, according to an annual ranking of the world's richest people. It has fallen to fourth in the global billionaires’ league, behind the US, China and Germany.
Demographically, the average age of the 100 billionaires is 64. 42 of them live in Mumbai, which also made the list of top 10 cities to live in, followed by New Delhi. 32 Indian billionaires have migrated abroad, with UAE, UK and USA the preferred destinations.
While demonetisation was a blow to most of the country’s richest, the rise in proportion of digital payments gave a timely boost to mobile led to Paytm Chief Executive Vijay Shekhar Sharma joining the billionaires club. There are only nine women on the list, and only one, Kiran Mazumdar-Shaw, MD of Biocon, is a self-made billionaire.
Established as a research unit in 1999 by British accountant Rupert Hoogewerf, Hurun Report Inc is a publishing group based in Shanghai, China.