Revision as of 16:28, 21 June 2018

Growth of wealth

Indian billionaires’ wealth grows 18% in ’17

Allirajan M, Indian billionaires’ wealth grows 18% in ’17, June 16, 2018: The Times of India

The ultra-rich are getting wealthier at a faster pace in the country. At 18%, persons with a wealth of more than $1 billion saw the highest growth in their fortunes during between 2016 and 2017, according to Boston Consulting Group’s (BCG) ‘Global Wealth Report 2018’.

In all, around 50 persons, who have a fortune of more than $1 billion, had a 16% share in total wealth in India at the end of 2017. This was much higher than the share billionaires have at the global level as well as in the Apac (excluding Japan) region. While billionaires accounted for only 7% of the wealth globally, they controlled 9% of the wealth in Apac.

Persons with a fortune of $100 million-$1 billion saw their wealth increase by 17% during the year. The year 2017 saw one of the strongest growth in total personal wealth around the globe, with India seeing a 15% rise compared to 2016. Total personal wealth in India is expected to register a CAGR of 13% between 2017 and 2022 to reach around $5 trillion in 2022 from about $3 trillion in 2017. Globally, total personal wealth is expected to record a CAGR of 7% to reach $281 trillion.

20% rise in Indian dollar millionaires

June 19, 2018: The Times of India

HIGHLIGHTS

The report said the number of high net worth individuals (HNIs) grew 20.4 per cent to 2.63 lakh people

HNI is defined as one who has investable assets of over $1 million, it said

Despite adverse impact on GST implementation, India saw a 20 per cent increase in both the number of dollar millionaires and their wealth in 2017 to emerge as the fastest growing market for high net population, a report said today.

The report, which comes amid growing concerns over social ramifications of asymmetry in wealth distribution, said the number of high net worth individuals grew 20.4 per cent to 2.63 lakh people, while their collective wealth grew 21 per cent to over $1 trillion.

"India was the fastest-growing market globally," the report by French tech firm Capgemini said.

The country's growth on both the number of HNIs and wealth is faster than the global average of 11.2 per cent and 12 per cent, respectively, the report by French tech firm Capgemini said.

The US, Japan, Germany and China are the biggest HNI markets in the world, it said, adding that the show in 2017 has increased India's ranking to 11th.

A HNI is defined as one who has investable assets of over $1 million, it said.

One of the major reasons for the growth was an over 50 per cent surge in market capitalisation during the year, along with an average 4.8 per cent increase in realty prices and the 6.7 per cent GDP expansion, which is faster than the world.

There was an adverse effect on wealth due to the implementation of Goods and Services Tax in July, but the report called it "transitory".

Other factors, like the monetary policy being steady, impact of demonetisation wearing off and higher savings rate helped in wealth creation, it said.

It can be noted that in January, a study had stated that the top 1 per cent of the over 1.2 billion population had cornered 73 per cent of the overall wealth generated during the year.

Besides, 67 crore Indians comprising the population's poorest half saw their wealth rise by just 1 per cent, as per the survey released by the international rights group Oxfam ahead of the annual World Economic Forum had said.

Literacy

9 tech leaders who made it big without a college degree

Gadgets Now, June 4, 2018: The Times of India

For most of us, good education is a top-most priority. Having a college degree is almost universally accepted as one of the basic requirements for landing a good job and generally, being successful in life.

But that’s not always the case. Especially in the technology industry, there have been many visionaries who created something new and different that took the world by storm. These people have gone on to earn billions of dollars, and have their names etched forever in modern history.

Here are 9 such leaders of the tech industry, who made it big despite not having a college degree.

Steve Jobs

Steve Jobs dropped out of Reed College in 1972 when he was just 19 years old. He then went on to create innovative products and gadgets like iPhone, iPod and Mac. Among the most-loved tech CEOs of all time, Jobs stepped down from his position due to his illness.

Bill Gates

Co-founder of Microsoft and currently the world’s richest man, Bill Gates dropped out of Harvard University in 1975, when he was 20. Along with Paul Allen, he founded Microsoft – which is the largest software company in the world today, and develops everything from computing devices and gaming consoles to productivity software and operating systems.

Mark Zuckerberg

You probably already know about Zuckerberg dropping out of Harvard to create Facebook, but this list can’t be complete without him. He dropped out of college in his sophomore year at 20 years of age to focus solely on Facebook. Since 2004, he has been the CEO of Facebook, which is the largest social media network in the world today.

Travis Kalanick

Travis Kalanick is the man who has changed the way we book cab rides. The co-founder and CEO of Uber, Kalanick dropped out of UCLA at the age of 21. Although that was in 1998, Uber was founded in 2009. Before that, Kalanick helped Dan Rodrigues set up his company Scour Inc., and later started his own venture Red Swoosh with Michael Todd.

Michael Dell

When it comes to PCs, laptops and servers, Dell is a world-renowned brand. But not everyone knows the name that always comes up. not mention Dell. But not everyone knows the name behind the company - Michael Dell. He dropped out of the University of Texas when he was in his freshman year.

Although Dell majored in Biology, he realized that computers were his true calling. In 1984, Dell Computer Corporation was founded. Michael Dell is also the youngest CEO to make it to the Fortune 500 list.

Larry Ellison

Co-founder of Oracle, Larry Ellison shifted his focus from education to work when he was just 20 years old. He first dropped out of University of Illinois Urbana-Champaign when his adoptive mother passed away. The next semester, Ellison enrolled in the University of Chicago but dropped out of there too. He founded Oracle in 1977.

Jan Koum

Jan Koum is the creator of WhatsApp, which is probably the most popular instant messaging app in the world today. He was a math and computer science major at San Jose State University, before dropping out at the age of 21 to work for Yahoo. He continued his stint with Yahoo for 9 years before founding WhatsApp.

Jack Dorsey

The current CEO and among the founding members of microblogging website Twitter, Jack Dorsey went to Missouri University of Science and Technology. From there, he took a transfer to New York University, eventually dropping out to create Twitter.

Evan Williams

Evan Williams is one of the co-founders of Twitter. Prior to Twitter, he co-founded Odeo, a podcasting company. He continues to be on the board of Twitter, and also creating blogging platform called Medium in 2012.

Statistics

The top 13

Komal Mohan, April 23, 2018: The Times of India

Fortune magazine recently came out with its World’s Greatest Leaders 2018 list and ranked the richest Indian Mukesh Ambani 24th. The magazine in the list mentioned that Ambani has "in less than two years, brought mobile data to the masses - and completely upended the country's telecom market", Ambani is no stranger to be on such lists as even on Forbes World Billionaires list he has always been omnipresent. The Forbes World’s Billionaires list also had 13 other Indian billionaires from the list, who owe (some part of it) their wealth to the technology industry.

Here's over to richest Indian 'tech' billionaires in the country ...

Mukesh Ambani

Net worth - $40.1 billion

Global ranking - 19

Reliance Industries chairman Mukesh Ambani is the richest Indian in the Forbes’ 2018 ‘World’s Billionaires’ list. Ambani has topped the list for 11th year in a row. His telecom company Reliance Jio has changed the contours of the Indian telecom segment, triggering a bruising price war.

Azim Premji

Net worth - $18.8 billion

Global ranking - 58

The second Indian on the list is Azim Premji, the founder and chairman of India's third-largest software company Wipro. Premji had to give up his studies at Stanford University to takeover the family's cooking oil business in 1966 after his father's sudden death. He later expanded the company into software business. With an innovation centre in Silicon Valley, Wipro focuses on developing new technologies and collaborating with startups.

Shiv Nadar

Net worth - $14.6 billion

Global ranking - 98

Next on the list is Shiv Nadar, the co-founder of India's fourth-largest information technology company HCL. Nadar is one of India's leading most-prominent philanthropists and has donated $662 million to his Shiv Nadar Foundation.

Sunil Mittal

Net worth - $8.8 billion

Global ranking - 176

Telecom baron Sunil Mittal is the next Indian billionaire on the list. Chairman of one the India's largest telecom company Bharti Airtel, with almost 400 million customers, Mittal also owns Airtel Payments Bank, a joint venture with Kotak Mahindra Bank.

Anil Ambani

Net worth - $2.7 billion

Global ranking - 887

The younger Ambani scion Anil Ambani, has an empire with interests in financial services, media and infrastructure. Anil Ambani recently agreed to sell his debt-laden Reliance Communication's wireless assets to Reliance Jio, owned by his brother Mukesh Ambani, for an estimated $3 billion.

Vinod & Anil Rai Gupta

Net worth - $2.2 billion

Global ranking - 1103

This mother and son duo run one of the India's largest electrical equipment company, Havells India. The company makes everything from electrical and lighting fixtures to fans, refrigerators and washing machines.

NR Narayana Murthy

Net worth - $2.1 billion

Global ranking - 1157

Infosys co-founder NR Narayana Murthy ranks next on the list. Murthy stepped down as chairman of the software giant in the year 2011. He was recently in news after 'bitter spat' with former Infosys CEO Vishal Sikka. The resignation of Sikka led to a management shakeup in the company leading to the return of co-founder Nandan Nilekani as non-executive chairman.

Nandan Nilekani

Net worth - $1.9 billion

Global ranking - 1284

Another Infoscian on the list is Nandan Nilekani. One of the Infosys' co-founders, Nilekani left Infosys in the year 2009. However, he was brought back as non-executive chairman in August 2017 after a boardroom shakeup at the company. He is also credited of being the architect of India's identity card scheme Aadhaar.

Senapathy Gopalakrishnan

Net worth - $1.8 billion

Global ranking - 1339

Next on the list is another co-founder of the IT giant Infosys, Senapathy Kris Gopalakrishnan. Gopalakrishnan retired from the company in the year 2014 and since then has held various positions during his tenure including that of CEO and vice-chairman. Since then, he has invested in almost 63 startups, including 17 companies through his business incubator Axilor Ventures.

Vijay Shekhar Sharma

Net worth - $1.7 billion

Global ranking - 1394

Founder of the digital wallet company Paytm, Vijay Shekhar Sharma owns 16% of Paytm, which according to Forbes is now valued at $9.4 billion. Paytm has been the biggest beneficiary of demonetisation announced by the Union government in November 2016. The company claims to have 250 million registered users and process 7 million transactions daily.

K Dinesh

Net worth - $1.4 billion

Global ranking - 1650

The next on the list too is an Infosys co-founder, K Dinesh. Dinesh stepped down from the company's board in 2011 and has since devoted himself to philanthropy.

Dinesh Nandwana

Net worth - $1.4 billion

Global ranking - 1650

At No. 1650, along with K Dinesh, is Dinesh Nandwana. He is the CEO and managing director of e-governance services company Vakrangee Ltd that has 38,000-plus outlets.

SD Shibulal

Net worth - $1.2 billion

Global ranking - 1867

Last on this list is another Infosys co-founder SD Shibulal who stepped down as the company's CEO in 2014, but still holds a small stake in the company. With his former Infosys colleague Senapathy Gopalakrishnan, Shibulal co-founded business incubator Axilor Ventures.