India has emerged among the four fastest wealth creator countries in the world and its growth momentum is expected to gather further steam going forward, a global study has said.
India witnessed a 12 per cent year-on-year (YoY) jump in total household wealth last year, at $14,225 billion, according to the Global Wealth Report 2022 by Credit Suisse. The report also forecasts the number of millionaires in the country to more than double from 796,000 in 2021 to 1.6 million in 2026. According to the report, which is based on data for the wealth holdings of 5.3 billion adults across nearly 200 countries, global household wealth rose 9.8 per cent in 2021 to $463.6 trillion, driven by widespread gains in share prices and a favourable environment created by central bank policies in 2020 to lower interest rates but at the cost of inflationary pressure.
While other backward classes had a share of 9 per cent, there were no scheduled tribe billionaires.
Through history, the Mela has held different meanings for ascetics, the colonised, colonisers, and tourists, but all have been moved by its grandeur points out Atanu Biswas.
Taxing capital less may not lead to more investments but taxing more will drive capital away, Chief Economic Advisor V Anantha Nageswaran on Friday said during a discussion on Inequality, Economic Growth and Inclusion. While it is easy to drive capital out, bringing it back is a lot harder, said Nageswaran.
'When you start distributing wealth, you end up distributing poverty.'
No great achievement or discovery or invention has been achieved without hard work. While the inspiration may have been an insight, it needs work to flesh the insight which requires hard work, asserts Mudit Jain.
Eyeing a return to winning ways in their home IPL clash with the Punjab Kings (PBKS), Lucknow Super Giants (LSG) head coach Justin Langer on Saturday said the team was working hard to avoid lapses on the field and come up with a sharper display.
Among the Gulf countries, only the UAE saw a slump in its millionaires' club, a decline attributed to the collapse of Dubai's real estate market, which eroded house prices by more than 60 per cent.
'Does 99 percent guarantee character and capacity for an independent awareness of life or does it make you -- barring exceptions -- a compliant careerist beholden to governments and corporations?' 'What kind of political and social choices would such minds make?' asks Shyam G Menon.
India's Anil Ambani has emerged as the biggest wealth creator while Warren Buffet is labelled as the richest man. With wealth soaring by $23.8 billion since the last list, Anil has come out as the biggest gainer.
Dalal Street had a roller coaster ride in 2024 from shattering record after record to facing heavy correction off-late but equity markets still rewarded investors with positive returns, driven by a surge in domestic fund flows and a resilient macro landscape. The first half of the year saw robust corporate earnings, a surge in domestic flows, and a resilient macro landscape, driving the Nifty to an all-time high of 26,277.35 in September 2024, according to Motilal Oswal Wealth Management.
Noting that the number of unicorns in India has reached the 100-mark this month, Prime Minister Narendra Modi on Sunday said that even in the phase of the Covid pandemic, Indian startups have been creating wealth and value with entrepreneurs emerging from smaller cities and towns as well. In his monthly 'Mann ki Baat' radio broadcast, the prime minister said that on the fifth of this month the number of unicorns in India reached the 100-mark. "The total valuation of these unicorns is more than USD 330 billion, that is, more than 25 lakh crore rupees. "Certainly, this is a matter of pride for every Indian," he said.
In a remarkable comeback to power, Donald J Trump Monday took oath as the 47th president of the United States and immediately promised a blitz of executive orders as he announced the beginning of a 'golden age' of America.
Apart from the emotional value attached to buying gold, the yellow metal offers protection against inflation, interest rate spikes, currency and geopolitical risks, says Anamika Pareek.
Let reason, not emotion, guide your decisions.
'Suddenly we had a new comprehension of affairs, which reminded that the luxury of politics floated atop a foundation by economics.' 'Along with this, finance ministers became crucial in molding the perception and reputation of Union Cabinets.' 'Governments couldn't afford a wrong person in that portfolio,' asserts Shyam G Menon.
Industry leaders including Google's India-born chief executive Sundar Pichai on Wednesday mourned the death of Ratan Tata, saying the veteran industrialist cared about making India better. "He leaves an extraordinary business and philanthropic legacy and was instrumental in mentoring and developing the modern business leadership in India. He deeply cared about making India better," Pichai said in a post on X. Pichai recalled that his last meeting with Tata was at Google's office where they spoke about the progress of self-driving car Waymo.
Wealth, which can broadly be a measure of assets held as opposed to income earned, is unequally distributed.
'My two life mantras are prioritisation and compartmentalisation.' 'Prioritisation allows you to put one thing over the other and compartmentalisation to focus on one priority at a time.'
While Delhi, home to 22,000 millionaires and 18 billionaires, has a total wealth of USD 450 billion (Rs 30,15,000 crores), Bengaluru boasts of a total wealth of USD 320 billion (Rs 21,44,000 crores). The city is home to 7,500 millionaires and eight billionaires.
'In my time, I didn't have that kind of guidance. 'I asked to speak to the international pageant winners before I went and nobody spoke with me. 'It doesn't take away from your title when you help others. It just brings more accolades back to our country.'
He was a formidable musician but seemed utterly human, a Peter Pan who wore his genius with deceptive lightness. Sandip Roy remembers Ustad Zakir Hussain.
For India to succeed in this data driven revolution, we will have to migrate the control and ownership of Indian data back to India: Mukesh Ambani.
Thanks to a booming market, India now has more than 300 family offices, up from 45 in 2018, according to a PwC report. The number is expected to grow rapidly, with promoters establishing more businesses in Tier-II and Tier-III cities. Family businesses play a crucial role in India's booming economy, spanning manufacturing, retail, real estate, healthcare, and finance.
Among the frontrunners for the coveted position is former Indian opener Gautam Gambhir.
The report by worldwide development organisation Oxfam details the impact that widening inequality is having on the world economy.
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
The global billionaires list witnessed as many as 94 new entrants from India, stated a report by Hurun India on Tuesday. Following a net addition of 84, the country's billionaire tally touched 271 with their combined wealth at $1 trillion, noted the report. Mukesh Ambani, chairman & managing director of Reliance Industries, is the only Indian to make it into the top 10 of the Hurun Global Rich List 2024, a ranking of billionaires in US dollar terms.
Tom Latham's first challenge as captain will be the three Tests in Bengaluru, Pune, and Mumbai over the next three weeks, followed by hosting England for three matches at home.
'The customer is fast changing, and she demands newer experiences that wealth can buy.'
Oram, 46, represented New Zealand as a player for 11 years
'My fans in Chennai and to all the CSK fans around the world, I call on you to give me your blessings and support as you always do. I know this is a sad moment for you guys, but it is one that I encourage you to continue to support me in everything that I do.'
Wealth of the richest 62 people has risen 44% in the five years since 2010, while that of the bottom half fell by 41%
India's cricket team boasts a wealth of talent, with numerous players capable of taking on leadership roles. The Indian team doesn't have a designated vice-captain and assistant coach Abhishek Nayar said it does not need one.
'Being financially independent is crucial.' 'This spares women a lot of grief if the marriage, especially in large business families, breaks down.'
'Alongside economic growth and the Asian century, stress has become an Asian caravan.' 'But stress doesn't arrive in one's country as invitation to taste exhaustion. It comes dressed as a challenge.' 'Its evangelists ask: Are you man enough to shoulder stress?' points out Shyam G Menon.
'As we enter 2025, it must be acknowledged that there is a convergence of capital, influential people (from business and politics) and technology deciding the destiny of others in the name of pride, patriotism, nationalism, nation building, all of it thinly veiled disguises for personal profit and glory,' asserts Shyam G Menon.
Take this fun poll. Let us know how you will spend the money you would have spent on buying the Coldplay tickets if you decided not to go for the concert.
Projecting India as the land of biggest opportunities globally, Prime Minister Narendra Modi on Saturday promised the business sector facilitation, reforms, a stable policy regime and high growth. Addressing the ET World Leaders Forum, Modi, in turn, asked investors to commit to innovation, performance, positive disruption and high-quality products, as he stressed that the country respects wealth creators.
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