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
Brief scores
Toss India, chose to bat
India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)
India won by 26 runs on Duckworth-Lewis Method
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- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
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4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Global state-owned investor ranking by size
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
Mohammed bin Zayed Majlis
Europe wide
Some of French groups are threatening Friday to continue their journey to Brussels, the capital of Belgium and the European Union, and to meet up with drivers from other countries on Monday.
Belgian authorities joined French police in banning the threatened blockade. A similar lorry cavalcade was planned for Friday in Vienna but cancelled after authorities prohibited it.
The Greatest Royal Rumble card as it stands
50-man Royal Rumble
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Mohammed bin Zayed Majlis
Navdeep Suri, India's Ambassador to the UAE
There has been a longstanding need from the Indian community to have a religious premises where they can practise their beliefs. Currently there is a very, very small temple in Bur Dubai and the community has outgrown this. So this will be a major temple and open to all denominations and a place should reflect India’s diversity.
It fits so well into the UAE’s own commitment to tolerance and pluralism and coming in the year of tolerance gives it that extra dimension.
What we will see on April 20 is the foundation ceremony and we expect a pretty broad cross section of the Indian community to be present, both from the UAE and abroad. The Hindu group that is building the temple will have their holiest leader attending – and we expect very senior representation from the leadership of the UAE.
When the designs were taken to the leadership, there were two clear options. There was a New Jersey model with a rectangular structure with the temple recessed inside so it was not too visible from the outside and another was the Neasden temple in London with the spires in its classical shape. And they said: look we said we wanted a temple so it should look like a temple. So this should be a classical style temple in all its glory.
It is beautifully located - 30 minutes outside of Abu Dhabi and barely 45 minutes to Dubai so it serves the needs of both communities.
This is going to be the big temple where I expect people to come from across the country at major festivals and occasions.
It is hugely important – it will take a couple of years to complete given the scale. It is going to be remarkable and will contribute something not just to the landscape in terms of visual architecture but also to the ethos. Here will be a real representation of UAE’s pluralism.
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
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The EU imports 90 per cent of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 per cent of EU gas and a quarter of its oil.
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How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
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The biog
Born November 11, 1948
Education: BA, English Language and Literature, Cairo University
Family: Four brothers, seven sisters, two daughters, 42 and 39, two sons, 43 and 35, and 15 grandchildren
Hobbies: Reading and traveling
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
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Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
