Over 61% of the combined net worth of India’s billionaires in 2000 was concentrated in the hands of the three richest individuals. A 2016 PIIE research paper by Caroline Freund and Sarah Oliver had shown that self-made billionaires had been increasing in number across the world. It’s created many self-made billionaires globally in recent years: they accounted for 12% of all billionaires in the US in 2015, Freund and Oliver found. The churn in India’s rich list, and the rise of self-made billionaires over time shows that the club of wealth-creators in the country is considerably diverse and dynamic. In the post-covid era, the global, as well as the Indian, list of billionaires may undergo several changes.

Source: Mint September 12, 2020 00:45 UTC