India is getting richer and its wealthiest families are keen on guarding their wealth but without the usual help of accountants and bankers. Instead, according to CNBC, they are turning to family offices. A family office serves as a one-stop shop where India’s elite can get not only investment advice. It also provides insights into succession, taxation, and even charitable donations.
Today, family offices reportedly manage some 20 percent of India’s wealth. Credit Suisse estimates that to be worth $3 trillion, based on a 2016 report. There are simply more rich people in India nowadays, and this means those worth $30 dollars and up. That would include top entrepreneurs, celebrities, and senior executives.
New Indian Express reported Forbes’ 2017 list of top Indian billionaires. This includes those like Mukesh Ambani, the chairman of Reliance Industries, which is engaged in retail, telecoms, and petroleum. Ambani is reportedly worth $23.2 billion, making him India’s richest man.
Next on the list is Lakshmi Mittal, CEO of multinational steel company Arcelor Mittal. He has a net worth of $16.4 billion. After Mittal is Azim Premji who is reportedly worth $14.9 billion. Premji is chairman of Wipro, a global IT consulting and outsourcing firm.
India’s richest include not only businessmen but celebrities as well. Shahrukh Khan, who is an actor, producer, and TV personality, is reportedly worth $600 million. That’s coming from his salaries as an actor as well as his various business ventures. Another high net worth celebrity is another Khan: Salman Khan is an actor and TV personality who is reportedly worth $210 million.
The increasing number of wealthy people in India is also a reflection of the country’s economic development. In a touch of irony, India has overtaken its former colonizer, Britain, in the world’s economic ranking. According to Forbes, India became the world’s sixth largest economy in 2016. Britain not only slipped below India but below France as well.
By 2024, the World Economic League Table projects that India will become the world’s third-largest economy. India’s population is also growing and by 2028, it would be the most populous country on Earth. This century is certainly the time for Asia’s economies to shine, and India, along with China, is likely to be the ones on top.
The 4 percent 10-year note yield will be a floor not a ceiling
Tips for expats to set up businesses in foreign countries
The landscape for rental cars is changing — here’s why
Is the recession upon us? Think global synchronized bond collapse
What is hardware inventory software?
Cannabis acceptance grows as hemp industry leader PotNetwork Holding breaks CBD sales records
This fast-growing organic products stock already has space on Whole Foods’ shelves
Why Vapor Group Inc. might be the breakout penny stock you’ve been looking for in 2018
The CBD industry is enjoying a boost from the lifestyle sector
When you should consult your financial advisor
Promoting women’s football in Malta by UEFA projects
Euro NCAP marks its 20th anniversary with two crash tests
European Parliament’s International Trade Committee backs CETA
The American Heart Association has released four new PSAs
PwC presents 20th global CEO survey results in Switzerland
Crypto3 days ago
Could Global Blockchain Technologies change the way we invest in cryptocurrency?
Featured3 days ago
This hemp market player’s growth is about to go into overdrive
Crypto4 days ago
One of America’s oldest gold mines enters the crypto-century
Featured5 days ago
CBD stocks emerge strong in the growing cannabis industry, marijuana legalization
Featured4 days ago
The gig economy has matured — when will the business world catch up?
Business3 days ago
Why is it becoming harder for millennials to be homeowners?
Agriculture3 days ago
The benefits of supporting sustainable palm oil
Entrepreneurship1 day ago
Why being a silver entrepreneur makes a good decision post-retirement