Hurun Global Rich List, 2024

• 04 Apr 2024

Source: IE

Why in News?

Recently, the Hurun Global Rich List, 2024 is released by the Hurun Research Institute. This is the 13^th year of the ranking.

What are the Key findings of Hurun Global Rich List, 2024?

• According to the List, Mumbai became the fastest-growing billionaire capital in the world with 92 billionaires, adding 26 since the previous year, taking it third in the world.
  • Mumbai has now surpassed Beijing as Asia's billionaire capital.
• India witnessed the addition of 94 new billionaires in 2023, second only to the US, bringing the total to 271 individuals with a net worth of at least USD 1 billion.
  • The report indicates India's growing economic prominence in the recent past.
• Collectively, these Indian billionaires possess wealth amounting to USD 1 trillion, constituting 7% of the total global billionaire wealth, underscoring India's significant economic impact.
• The prominent industries among India's billionaires are pharmaceuticals with 39 individuals, followed by automobile & auto components with 27, and chemicals with 24 individuals.

World Inequality Lab Report 2022-23

• A recent working paper released by the World Inequality Lab, a research organisation based in Paris, provides estimates indicating that economic inequality in India has surged significantly since the early 2000s.
• Report titled "Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj" states that the current inequality in the country surpasses that of the British Raj era.
• The shares of income and wealth of India’s top 1% at 22.6% and 40.1% respectively, at their highest historical levels in 2022-23.
• The richest 1% in India have more income than those in South Africa, Brazil, and the US. The average wealth of India's richest 1% is Rs 5.4 crore, which is 40 times higher than the country’s average income level.

Read More: Inclusive Growth

UPSC Civil Services Examination, Previous Year Question (PYQ)

Prelims:

Q.Inclusive growth as enunciated in the Eleventh Five Year Plan does not include one of the following: (2010)

(a) Reduction of poverty
(b) Extension of employment opportunities
(c) Strengthening of capital market
(d) Reduction of gender inequality

Ans: C

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Mains:

Q. COVID-19 pandemic accelerated class inequalities and poverty in India. Comment. (2020)