Indian billionairesretained 99% of their wealth in 2022 while billionaires around the world saw their wealth decline by up to 83%.
- Gautam Adani added the most to his wealth in the world, while Mukesh Ambani was a close third.
- Overall, billionaires around the world have lost over $1 trillion in wealth in 2022 so far.
- Switzerland was the only country on the list with a net gain of $12 billion.
The Indian economy is going through the same difficulties as the rest of the world: high inflation, rising interest rates and a questionable recovery. Yet the country’s billionaires don’t seem to have been affected. In fact, they got away with minimal wealth loss in 2022 – while the rest of the world lost over $1 trillion.
According to figures analyzed by Business Insider and data from the Bloomberg Billionaires Index, Indian billionaires have retained 99% of their wealth so far in 2022 – and lost just $5 billion. In fact, they come second only to Switzerland in terms of preserving their wealth.
India is home to 166 billionaires while only 18 of them are on the top 500 billionaires list. Mukesh Ambani and Gautam Adani – rank first and are part of the august company of the richest men in the world.
US and Chinese billionaires lost $6 billion out of $10 billion
The United States and China contributed 60% of the erosion of wealth in those months, losing $426 billion and $185 billion respectively.
Russian billionaires, hit by sanctions due to the Russian-Ukrainian war, also lost a significant amount of wealth, totaling almost $50 billion.
Among countries with at least 10 billionaires, India was second only to Switzerland, whose billionaires actually added to their wealth. According to the data, while Indian billionaires kept $410 billion out of $415 billion at the start of 2022, Swiss billionaires added $12 billion to their kitty.
India would have been the top performer were it not for Gautam Adani, whose wealth has fallen from nearly $129 billion to just over $100 billion.
Gautam Adani added the most wealth in the world
Among the world’s top 500 billionaires, Gautam Adani added the most wealth, followed by Swiss Guillaume Pousaz. Mukesh Ambani was a close third.
Canadian billionaire Changpeng Zhao lost $80 billion in 2022, more than the total wealth of billionaires in most other countries. Zhao is the co-founder of Binance, the world’s largest cryptocurrency exchange.
The collapse of US stocks has caused Mark Zuckerberg, Elon Musk and Jeff Bezos to lose $138 billion between them.
India trails US and China in billionaire wealth
In terms of total billionaire wealth, India climbed the ladder to third place, leaving France behind by a comfortable margin. The only two countries ahead of India are the United States and China, which maintained their first and second positions despite a massive decline in wealth.
The lead of the United States is so massive that its billionaires represent $43 billion out of $100 billion in wealth. By contrast, Chinese and Indian billionaires are only $12 billion and $6 billion, respectively.
India has the fifth highest number of billionaires in the world
Despite having the third highest billionaire wealth in the world, India only has the fifth highest number of billionaires in the world.
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