India has 103 billionaires but their worth is not even half of China's rich

India is ranked sixth in a list of top ten countries with most billionaires but is at a much lower ninth slot in total net worth sweepstakes, a new Wealth report by WealthX and UBS titled “Billionaire Census 2013” has shown.

The country has 103 billionaires, higher than that of Hong Kong , France, Saudi Arabia and Switzerland but their aggregate net worth is just $180 billion only above Switzerland’s $128 billion of 61 billionaires.

The US tops the list with 515 billionaires having an eye popping net worth of $2,064 billion. This is over three times the number of billionaires in China, which has the world’s second largest billionaire population of 157. The total worth of the Chinese billionaires is $384 billion-about one-fifth of corresponding US figure.

More from Business

Hyundai India’s Rs 27,870 crore IPO oversubscribed by 2.28X, largely driven by institutional investors How Indian fintech startups are driving Malaysia’s UPI-like digital payments revolution

Interestingly, the worth of German and UK billionaires is much higher than that of China’s though they have fewer billionaires-148 and 135, respectively. And total net worth of Indian billionaires is not even half of China’s.

Moreover, as much as 66 percent of the world’s billionaires are in these top ten countries, highlighting the concentration of the superrich in a select few “hot spots”, the report said.

[caption id=“attachment_1213809” align=“alignleft” width=“394”]  Data: Wealth-X and UBS Consensus report[/caption]

Top ten billionaire cities: Mumbai fifth best choice for world’s billionaires

What is also interesting is that 30 billionaires prefer Mumbai to be the headquarter of their primary business, making the city the fifth most desired city among billionaires. The report defines the city of choice aspreference to headquarter their primary businesses.

Impact Shorts

More Shorts

Chennai Ranks #1 in Challan Checks: ACKO Insights for Smarter Car and Two Wheeler Insurance Decisions

Tata Harrier EV vs Mahindra XEV 9e: Design and road presence compared

The city beats its Asian counterparts Singapore and Beijing and also cities such as Paris, Riyadh, Dubai and even Los Angeles.

New York with 96 billionaires remains the business city of choice for the world’s billionaires.Interestingly, of the 20 top cities of choice, eight are from Asia, the most for any region in the world.

These 20 cities house 661 super rich, 30 percent of total billionaires in the world.

The report, which also looks at the profiles of the world’s richest individuals, showed that 87 percent of billionaires are males. As much as 86 percent of the billionaires is married.

A look at the the average social calendar of the ultrawealthy showed thatthey move in tight circles.Events on the calendar ranged from the World Economic Forum in Davos, Switzerland, in January to the Cannes Film Festival in May and Melbourne Cup in November.

“Many within this group of global elite congregate year after year at the world’s most exclusive events, usually known for their glamour, extravagance, political significance, or all three,” the report said.

“Time and space are rarely boundaries for the world’s billionaires, many of whom have a private jet or two, a super yacht and other comfortable and speedy modes of transport, not to mention several homes dotted around the globe. As a result, billionaires will travel the circuit during busy times in the social calendar.”

[caption id=“attachment_1213819” align=“aligncenter” width=“241”]  Top ten bIllionaire Cities[/caption]

Total number of billionaires is 60 percent higher than in 2009

After the 2009 global financial crisis, 810 individuals were added to the list. The combined net worth of billionairesmore than doubled from $3.1 trillion in 2009 to $6.5 trillion in 2013 - enough to fund the United States budget deficit until 2024, and greater than the GDP of every country except the United States and China.

The total billionaire population at 2,170in 2013 is also 60 percent higher than in 2009, said the report.

The average wealth of billionaires is $3 billion, according to the report.

Moreover, 54percent of billionaireshave a net worth between $1billion and $2 billion. However, thisaccounts for less than a quarter of the total wealth of billionaires.

Asia driving tectonic shifts in wealth

Despite slowing growth in Asia, the region churned out the highest number of billionaires globally in 2013. This is in stark contrast to Europe, the only region to witness a decline in its ultrawealthy population.

Asia’s billionaire population grew by 18 individuals to 508 in 2013; their total wealth rose 13 percent to $1.19 trillion, according to the Wealth-X and UBS Billionaire Census 2013. Meanwhile, the number of European billionaires declined by 29 to 766; their collective wealth, however, rose 3.7 percent to $2.12 trillion.

Below are other key findings from the report:

1. The global billionaire population rose by 0.5 percent and their total wealth increased by 5.3 percent in the past year.

2. Europe is home to the most billionaires (766 individuals). However, North America has the most billionaire wealth (US$2,158 billion).

3. Asia contributed the largest number of new billionaires, 18, this year, followed by North America, 11.

4. Latin America is the slowest growing region in terms of billionaire wealth, increasing by just 2.3 percent in the past year.

5. As of 2013, the average net worth of the world’s billionaires is $3 billion.

6. Globally, there are 111 individuals who each have a net worth that exceeds $10 billion. Their combined net worth is over S$1.9 trillion, greater than the GDP of Canada.

7. Despite popular notions of billionaires being jet-setting, cosmopolitan individuals, most billionaires are still based in the same locations where they were raised.

8. As many as 60 percent of billionaires are self-made, while 40 percent inherited their wealth or grew their fortunes from inheritance.

9. Only 17 percent of female billionaires are self-made, while 71 percent gained their fortunes through inheritance.