There were 26 new billionaires on the list last year, up from just seven in 2019. The combined wealth of Indian billionaires also ranks third in the world, behind those of the US ($5.7 trillion) and China ($1.3 trillion).

The report also stated that the high net worth individuals (HNWIs, those with assets of more than $10 million) in India were 85,698 last year and are expected to reach over 93,700 by 2028. The majority of HNWIs in India chose luxury cars as their top desired asset, followed by real estate and private jets.