Indias billionaires club is shrinking and here's why
Number of billionaires in India has declined by 10.9% to 106 by the end of 2018 impacted by an uncertain economic environment and financial stress, said a report by global financial services company UBS and consulting firm PWC.
According to the latest 'Billionaire Effect' report published this month, total net worth of India's billionaires has also fallen by 8.6% to $405.3 billion.
"India’s economy went through financial stress, and consumer demand was subdued. Levels of trust dropped, and nobody is ready to lend anymore," said the report.
As per the report, 58% of the total billionaires in India are self–made as opposed to inherited.
Total number of billionaires across the globe dropped to 2101, down by 57 from the year-round period. Similarly, wealth dropped by 4.3% to $8.5 trillion.
However, billionaire wealth grew by 34.5% from 2013 to 2018 as compared to the previous five year period.
The number of female billionaires increased by 46% to 233 by the end of last year. Meanwhile, the number of men expanded by 39%, according to the report.