Where are India’s missing millionaires? Big numbers of rich don’t tally with income in 2022
In such a period of ever-increasing billionaire wealth and ever-increasing numbers of dollar-millionaires, the debate of how dependable the yearly data released by data gatherers such as Credit Suisse, the Hurun Rich List, and Forbes regarding the number of wealthy people and the extent of their wealth is unavoidable.
India’s total number of billionaires is estimated to be 140 dollar billionaires. According to Credit Suisse, India has 764,000 millionaires in 2019, defined as people with a net worth of 7.5 crores or more. India is today a considerably larger economy with a much longer history of private entrepreneurship.
But since the country has no tax on wealth or inheritance, there are no official data to seek confirmation.
Catherine Belton claims in her extraordinary book Putin’s People that seven or eight oligarchs once owned around half of Russia’s gross domestic product (GDP). It’s unusual for a small circle of people to have such power surrounding the country’s ruler. However, in India, the two ‘A’s, as they’ve been termed, are becoming increasingly popular. Their fortunes, estimated at $90 billion each, dwarf those of any Russian oligarch in history. Before he was imprisoned, Mikhail Khodorkovsky was only about $15 billion, while the richest Russian now is estimated to be over $30 billion.
However, because there is no wealth or inheritance tax in the country, there is no official evidence to back this up. For example, based on current asset prices, a significant portion of the 4,800 people elected to Parliament and state legislatures appear to be millionaires. However, the issue posed by Pete Seeger, “But where are all the riches gone?” arises.
Where have all the Millionaires gone?
Many states, notably Maryland and New Jersey, have seen a drop in their millionaire population in recent years, prompting tax-cut supporters to claim that this indicates high-income residents are moving to jurisdictions with lower taxes.
You don’t have to keep your fortune just because you’ve amassed it. The number of millionaire families in the United States fell by roughly 2.5 percent in 2011.
No one is claiming that such a decrease indicates that millionaires are fleeing the US because their taxes are too high. Instead, a combination of the stock market crash and the wider economic slowdown is the most logical explanation.
Indeed the wealthiest of the wealthy are susceptible to unexpected — and complete — drops in net worth. The celebrities we’ve gathered here, from Olympic gold medalist Dorothy Hamill to financial businessman Bill Bartmann, have all declared bankruptcy at one point, succumbing to the same money-sucking traps that we can all fall into poor budgeting, and even overextending financial support to friends and family.
India’s current millionaire-
Forbes magazine compiles and publishes an annual assessment of wealth and assets to determine the richest Indians by net worth. India has 140 billionaires as of May 2021, Mukesh Ambani has been India’s richest man for the past 13 years.
According to Forbes, he is the world’s 12th richest person. Savitri Jindal, India’s richest woman, is now ranked 9th on the list.
In a challenging year for the global economy, India’s wealthiest managed to hold on to their fortunes. For the 13th year in a row, Mukesh Ambani has remained the wealthiest Indian, vaccine maker Cyrus Poonawalla has entered the top 10 at number 6, Biocon’s Kiran Mazumdar Shaw has become the highest wealth gainer in percentage terms, and all the pharmaceutical billionaires on the list have seen their wealth rise, and all the pharmaceutical billionaires on the list have seen their wealth rise.
Some of the millionaires are listed here-
Gautam Adani- Net worth(USD) 88.5 billion
Mukesh Ambani-Net worth(USD)87.9 billion
Shiv Nadar- Net worth (USD) 22.5 billion
India’s Missing Millionaires-
Mukesh Ambani, CMD of Reliance Industries, tops the list of richest Indians.
Azim Premji, the Chairman of Wipro, who has already given away 39% of his fortune, appears to be missing a few billion dollars. In currency terms, that’s Rs 14,944 crore, which appears to have been overlooked in the calculations.
Shiv Nadar, the Founder and Chairman of HCL Technologies, might easily blame his notional wealth loss on a rounding-off error.
Lakshmi Mittal, Chairman, and CEO of Arcelor-Mittal would probably prefer Bloomberg to Forbes because it not only boosts his rating by 13 places, putting him ahead of Azim Premji but also makes him Rs 2,600 crore richer.
There will be wealthy people outside these nets, as well as millionaires who live modestly.
Why do the big numbers of rich did not tally with income-
The wealth of India’s richest 1% is more than four times that of 953 million people who make up the poorest 70% of the population, and the entire wealth of all Indian billionaires is more than the country’s full-year budget.
Global inequality is alarmingly entrenched and huge, according to the report, with the number of billionaires doubling in the last decade despite their aggregate wealth declining in the previous year. As generally, real estate accounts for around half of overall wealth; in the poorest echelons of society, it may account for up to 75%. The value of primary dwellings must be excluded from a fair estimate of deployable wealth. Because real estate accounts for such a large portion of total wealth, eliminating primary residences would significantly lower the number of millionaires and make them appear less remarkable.