Mumbai: 2020 was the ‘worst year’ for the billionaires and super rich in the country. Although the assets of the super rich like Mukesh Ambani, Gautam Adani and Adar Poonawalla increased, the overall assets of the Indian billionaires slipped down drastically. This was revealed by a study published by Credit Suisse Research Institute.
As per the study, the overall wealth of the super rich in the country slipped down by 4.4% or 594 billion US dollars to 12.833 trillion US dollars. The decline of the Indian rupee and Covid-19 pandemic-induced restrictions are the main reason for this.
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Also, the number of millionaires in India decreased to 6,98,000. In 2019, there were 7,64,000 millionaires in the country. At present, 1% of the super rich in the world are Indians. By 2025, the number of millionaires in India will surge by 81.8%, claims the study.