New Delhi: 'Green shoots' best describes the
nascent revival in the global economy, but 'full bloom' aptly
portrays the rebound in the fortunes of Indian billionaires.
The country's billionaires, whose count has nearly doubled
to 52 from 27 a year ago, owe their fortune to a still-buoyant
economy, and have outpaced the country's GDP growth with a
much faster wealth creation.
The increase of USD 116 billion (over Rs 5 lakh crore) in
their wealth is itself higher than the country's estimated
fiscal deficit of about Rs 4,00,000 crore for the current
financial year ending March 2010.
Their collective wealth rose by over 90 per cent — from
about USD 127 billion to USD 243 billion — over the past year,
a period when the economy is estimated to have clocked a
growth rate of about six per cent.
The economic growth rate has improved from
5.8 per cent a year ago to nearly 6 per cent now, but the revival in the
fortune of billionaires is comparatively spectacular.
A year ago, business magazine Forbes, known for its rich
lists across the world, had reported Indian billionaires
losing over USD 200 billion to global economic downturn and
their count halving to 27 from 54 in November 2007.
In its latest annual ranking, Forbes today said the count
has once again nearly doubled to 52, while their collective
wealth has grown by over USD 100 billion since November 2008.
Bureau Report
First Published: Thursday, November 19, 2009, 18:39