India has a record number of 200 billionaires in 2024, ranking third globally for the highest concentration of the ultra-rich, who continue to build on their wealth on the back of the country's buoyant stock market, according to the Forbes 2024 World Billionaires List.
In contrast, Asia’s third-largest economy had 169 billionaires last year.
The combined wealth of India's richest people is approaching $1 trillion dollars, with a record total of $954 billion, up 41 per cent from $675 billion last year, Forbes said.
Watch: Who is Bernard Arnault, the man who replaced Elon Musk as world’s richest?
“With shares of his Reliance Industries conglomerate booming, the net worth of Mukesh Ambani shot up to $116 billion, from $83 billion, making him the first Asian to break into the exclusive $100 billion club on the list,” Forbes said in its annual report, which used stock prices and exchange rates from March 8 to calculate the net worth of the world’s wealthiest.
Mr Ambani retained his position as the ninth-richest person globally and remained both India’s and Asia’s richest person.
Infrastructure and commodities tycoon Gautam Adani added $36.8 billion to his net worth to cement his position as India’s second-wealthiest person.
Although shares of Adani Group were battered last year after allegations of fraud by US-based short-seller Hindenburg Research, they rebounded strongly after it reduced debt and secured investors.
Mr Adani clawed his way back to become the 17th-richest person globally with a fortune of $84 billion – still well off the peak of his wealth of nearly $150 billion in September 2022, when he briefly overtook Amazon founder Jeff Bezos as the world's second-richest person.
The US continues to have the most billionaires in the world, with a record 813 billionaires worth a combined $5.7 trillion, Forbes said.
China, including Hong Kong, remains second on the list, with 473 billionaires worth $1.7 trillion, it added.
Weak consumer spending and a real estate bust helped wipe out about $300 billion in billionaire wealth in China, the report said.
The world has more billionaires than ever before. Currently, there are 2,781 billionaires worldwide – 141 more than last year and 26 more than the record set in 2021, according to Forbes.
Their combined net worth hit a record $14.2 trillion in aggregate, up by $2 trillion from 2023 and $1.1 trillion above the previous record, also set in 2021.
Much of the gains come from the world's top 20 richest people, who have added a combined $700 billion in wealth since 2023, Forbes said.
Top 10 richest people globally
Bernard Arnault, chairman of French luxury group LVMH, is the world’s richest person with a net worth of $233 billion, Forbes said.
In contrast to the Forbes list, the Bloomberg Billionaires Index estimates Mr Arnault’s current net worth to be $228 billion.
Elon Musk, co-founder of Tesla and the owner of social media platform X, is ranked second on the Forbes list with a net worth of $195 billion.
Amazon founder Jeff Bezos remains in third place with a personal fortune of $194 billion, followed by Mark Zuckerberg, founder of Meta Platforms, in fourth place with $177 billion.
Larry Ellison, co-founder of computer technology company Oracle, is in fifth place with $141 billion.
Renowned investor Warren Buffett is the sixth-richest person in the world with a net worth of $133 billion, while Microsoft founder Bill Gates was in seventh place with $128 billion.
Steve Ballmer, former chief executive of Microsoft and owner of the Los Angeles Clippers basketball team, is the eighth-richest person in the world with a net worth of $121 billion, and Mr Ambani ranked ninth.
Rounding up the top 10 is Alphabet co-founder Larry Page with a personal fortune worth $114 billion, Forbes said.
Richest women
Women occupy a small but growing slice of the world’s exclusive billionaire club, with only 369, or 13.3 per cent, included on the list, up from 337 in 2023.
Combined, the world's wealthiest women are worth about $1.8 trillion, about $240 billion more than last year, according to Forbes.
Francoise Bettencourt Meyers, the granddaughter of French pharmacist and L’Oreal founder Eugene Schueller, is once again the world’s richest woman with a net worth of $99.5 billion.
Her fortune has jumped $19 billion in the past 12 months, the biggest gain of any woman on the list, but falling just short of her entering the $100 billion club.
Ms Meyers has topped the Forbes list for women for the fourth year running.
Nine of the 10 richest women inherited their fortunes, either from their fathers, husbands or, in one case, mother. MacKenzie Scott, the ex-wife of Mr Bezos, is the only one in the top 10 to receive her fortune through divorce.
Walmart heir Alice Walton, the only daughter of the company's founder, Sam Walton, ranked second on the Forbes list with a personal fortune of $72.3 billion.
Julia Koch, who inherited a 42 per cent stake in Koch Industries along with her three children when her husband, David, died in 2019, dropped one spot to be the world’s third-richest woman with a net worth of $64.3 billion.
Jacqueline Mars – who inherited an estimated one third of Mars Incorporated, the sweets and pet food conglomerate behind brands such as M&M’s – ranked fourth on the list and is the world’s fourth-wealthiest woman at $38.5 billion.
Ms Scott ranked fifth on the list with a net worth of $35.6 billion.
Richest celebrities
The man behind the Star Wars and Indiana Jones movie franchises, George Lucas, ranked as the world’s richest celebrity with a net worth of $5.5 billion.
The director's wealth is derived largely from his production company Lucasfilm, which he sold to Disney in 2012 for more than $4 billion in cash and stock.
Forbes ranked Oscar-winning director Steven Spielberg as the second-richest celebrity with a net worth of $4.8 billion.
Former basketball star Michael Jordan is ranked third with a personal fortune of $3.2 billion.
The richest woman and the fourth-wealthiest entertainer on the celebrity list this year is Oprah Winfrey with a net worth of $2.8 billion.
Rounding out the top five is music mogul Jay-Z, real name Shawn Corey Carter, with a personal fortune worth $2.5 billion, according to Forbes.
World's top 10 richest people in 2024
- Bernard Arnault: $233 billion
- Elon Musk: $195 billion
- Jeff Bezos: $194 billion
- Mark Zuckerberg: $177 billion
- Larry Ellison: $141 billion
- Warren Buffett: $133 billion
- Bill Gates: $128 billion
- Steve Ballmer: $121 billion
- Mukesh Ambani: $116 billion
- Larry Page: $114 billion
Source: Forbes
BMW M5 specs
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
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The specs: 2017 Porsche 718 Cayman
Price, base / as tested Dh222,500 / Dh296,870
Engine 2.0L, flat four-cylinder
Transmission Seven-speed PDK
Power 300hp @ 6,500rpm
Torque 380hp @ 1,950rpm
Fuel economy, combined 6.9L / 100km
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
Brief scores:
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Sindhis 94-6 (10 ov)
Watson 42; Munaf 3-20
Rajputs 96-0 (4 ov)
Shahzad 74 not out
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
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Paltan
Producer: JP Films, Zee Studios
Director: JP Dutta
Cast: Jackie Shroff, Sonu Sood, Arjun Rampal, Siddhanth Kapoor, Luv Sinha and Harshvardhan Rane
Rating: 2/5
Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
UAE Team Emirates
Valerio Conti (ITA)
Alessandro Covi (ITA)
Joe Dombrowski (USA)
Davide Formolo (ITA)
Fernando Gaviria (COL)
Sebastian Molano (COL)
Maximiliano Richeze (ARG)
Diego Ulissi (ITAS)
Ferrari
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The years Ramadan fell in May
The specs
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Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
Killing of Qassem Suleimani
Fighter profiles
Gabrieli Pessanha (Brazil)
Reigning Abu Dhabi World Pro champion in the 95kg division, virtually unbeatable in her weight class. Known for her pressure game but also dangerous with her back on the mat.
Nathiely de Jesus, 23, (Brazil)
Two-time World Pro champion renowned for her aggressive game. She is tall and most feared by her opponents for both her triangles and arm-bar attacks.
Thamara Ferreira, 24, (Brazil)
Since her brown belt days, Ferreira has been dominating the 70kg, in both the World Pro and the Grand Slams. With a very aggressive game.
Samantha Cook, 32, (Britain)
One of the biggest talents coming out of Europe in recent times. She is known for a highly technical game and bringing her A game to the table as always.
Kendall Reusing, 22, (USA)
Another young gun ready to explode in the big leagues. The Californian resident is a powerhouse in the -95kg division. Her duels with Pessanha have been highlights in the Grand Slams.
Martina Gramenius, 32, (Sweden)
Already a two-time Grand Slam champion in the current season. Gramenius won golds in the 70kg, in both in Moscow and Tokyo, to earn a spot in the inaugural Queen of Mats.
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
