Healthcare, consumer goods have beaten most Indian dollar billionaires


  • No less than 12.5% ​​of the wealth in healthcare worldwide comes from India.
  • India has the second largest concentration of car billionaires after China.
  • The wealth of Indian real estate billionaires increased by 150%.
  • The report also said that 63% of the world’s billionaires make physical products, while 37% sell software and services.

According to the 2023 M3M Hurun Global Rich List, the healthcare sector has hit the highest number of Indian dollar billionaires. A whopping 12.5% ​​of global healthcare wealth comes from India, and vaccine king Cyrus Poonawalla of Serum Institute is the richest healthcare billionaire in the world.

With Poonawalla and Dilip Shanghvi of Sun Pharmaceutical, the top 10 richest Indians have two newcomers from the healthcare sector.

Poonawalla of the privately held empire, ranked 46th globally, is the only billionaire in the top 10 richest Indians whose wealth has increased by 4% to $27 billion. Shanghvi, on the other hand, lost 6% wealth in the past year to finish at $17 billion, ranking 98th globally.

After healthcare, the sectors that created the most Indian dollar billionaires are consumer goods and chemicals, the Hurun report said, adding that financial services, healthcare and retail have beaten the most global billionaires.

“With 13 billionaires from the auto and auto parts industry, India has the second largest concentration of auto billionaires after China, which has 39 billionaires. India needs to catch up in sectors such as investment and media and entertainment,” the report said.

Industry % of Indian Wealth in Industry Richest in the world and in India Main company
Consumer Goods 4.40% Worldwide: Bernard Arnault India: Harsh Mariwala LVMH Marico
Financial services 3.70% Worldwide: Michael Bloomberg India: Uday Kotak BloombergKotak
healthcare 12.50% Worldwide and India: Cyrus Poonawalla Serum Institute of India
Eat Drink 2.30% Worldwide: Zhong Shanshan India: Nusli Wadia YSTBritannia
Property 5.00% Global: Lee Shau Kee India: Rajiv Singh & family Henderson Land DLF
Retail 2.50% Global: Jeff Bezos India: Radhakishan Damani AmazonAvenue SuperMarts
Media & Entertainment 0.30% Global: Steve Ballmer India: Shiv Nadar MicrosoftHCL
Software & Services 7.80% Global: Steve Ballmer India: Shiv Nadar MicrosoftHCL
Industrial products 3.40% Global: Chen Jianhua & Fan Hongwei India: Anu Aga HengliThermax
Investments 0.70% Global: Bill Gates India: Rekha Rakesh Jhunjhunwala Microsoft Rare Enterprises

Source: 2023 M3M Hurun Global Rich List

IT, aviation and real estate excel

A whopping 7.8% of the global IT sector’s wealth comes from India, with HCL’s Shiv Nadar as the richest software and services billionaire. His global counterpart is Steve Ballmer, the former CEO of Microsoft.

Real estate sector is the third most important sector with 5% of the sector’s global wealth coming from India.

“We at M3M are even more excited about the value creation potential of the real estate industry. As Andrew Carnegie also said, 90 percent of all millionaires become this by owning real estate. For example, when the cumulative wealth of Indian billionaires increased by 80%, the wealth of Indian real estate billionaires increased by 150%,” said Pankaj Bansal, director of M3M India.

India is also home to the richest aviation billionaires in the world and surprisingly, they are both founders of the same airline, IndiGo, India’s largest airline. Rakesh Gangwal and Rahul Bhatia own net worth of $3.6 billion and $3.3 billion respectively.

Energy versus new-age and tech biz

Worldwide, billionaires from industries such as fertilizer and commodity trading, iron and steel, oil and gas, soft drinks and confectionery, casinos and hotels, sports clubs and luxury goods had a good year.

However, tech-based and new-age companies had a bad year. “It’s been a bad year for semiconductors, cloud solutions, cybersecurity, payment systems, e-commerce, batteries and new energy,” the report said.

The report also said that two thirds of the world’s billionaires – 63% of them make physical products, while 37% sell software and services. In the past year, the world lost five billionaires every week. This is only the second time in the past decade that the number of billionaires worldwide has declined. The world that lost 269 billionaires now has 3,112 billionaires.

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