India has a record number of 200 billionaires in 2024, ranking third globally for the highest concentration of the ultra-rich, who continue to build on their wealth on the back of the country's buoyant stock market, according to the Forbes 2024 World Billionaires List.
In contrast, Asia’s third-largest economy had 169 billionaires last year.
The combined wealth of India's richest people is approaching $1 trillion dollars, with a record total of $954 billion, up 41 per cent from $675 billion last year, Forbes said.
Watch: Who is Bernard Arnault, the man who replaced Elon Musk as world’s richest?
“With shares of his Reliance Industries conglomerate booming, the net worth of Mukesh Ambani shot up to $116 billion, from $83 billion, making him the first Asian to break into the exclusive $100 billion club on the list,” Forbes said in its annual report, which used stock prices and exchange rates from March 8 to calculate the net worth of the world’s wealthiest.
Mr Ambani retained his position as the ninth-richest person globally and remained both India’s and Asia’s richest person.
Infrastructure and commodities tycoon Gautam Adani added $36.8 billion to his net worth to cement his position as India’s second-wealthiest person.
Although shares of Adani Group were battered last year after allegations of fraud by US-based short-seller Hindenburg Research, they rebounded strongly after it reduced debt and secured investors.
Mr Adani clawed his way back to become the 17th-richest person globally with a fortune of $84 billion – still well off the peak of his wealth of nearly $150 billion in September 2022, when he briefly overtook Amazon founder Jeff Bezos as the world's second-richest person.
The US continues to have the most billionaires in the world, with a record 813 billionaires worth a combined $5.7 trillion, Forbes said.
China, including Hong Kong, remains second on the list, with 473 billionaires worth $1.7 trillion, it added.
Weak consumer spending and a real estate bust helped wipe out about $300 billion in billionaire wealth in China, the report said.
The world has more billionaires than ever before. Currently, there are 2,781 billionaires worldwide – 141 more than last year and 26 more than the record set in 2021, according to Forbes.
Their combined net worth hit a record $14.2 trillion in aggregate, up by $2 trillion from 2023 and $1.1 trillion above the previous record, also set in 2021.
Much of the gains come from the world's top 20 richest people, who have added a combined $700 billion in wealth since 2023, Forbes said.
Top 10 richest people globally
Bernard Arnault, chairman of French luxury group LVMH, is the world’s richest person with a net worth of $233 billion, Forbes said.
In contrast to the Forbes list, the Bloomberg Billionaires Index estimates Mr Arnault’s current net worth to be $228 billion.
Elon Musk, co-founder of Tesla and the owner of social media platform X, is ranked second on the Forbes list with a net worth of $195 billion.
Amazon founder Jeff Bezos remains in third place with a personal fortune of $194 billion, followed by Mark Zuckerberg, founder of Meta Platforms, in fourth place with $177 billion.
Larry Ellison, co-founder of computer technology company Oracle, is in fifth place with $141 billion.
Renowned investor Warren Buffett is the sixth-richest person in the world with a net worth of $133 billion, while Microsoft founder Bill Gates was in seventh place with $128 billion.
Steve Ballmer, former chief executive of Microsoft and owner of the Los Angeles Clippers basketball team, is the eighth-richest person in the world with a net worth of $121 billion, and Mr Ambani ranked ninth.
Rounding up the top 10 is Alphabet co-founder Larry Page with a personal fortune worth $114 billion, Forbes said.
Richest women
Women occupy a small but growing slice of the world’s exclusive billionaire club, with only 369, or 13.3 per cent, included on the list, up from 337 in 2023.
Combined, the world's wealthiest women are worth about $1.8 trillion, about $240 billion more than last year, according to Forbes.
Francoise Bettencourt Meyers, the granddaughter of French pharmacist and L’Oreal founder Eugene Schueller, is once again the world’s richest woman with a net worth of $99.5 billion.
Her fortune has jumped $19 billion in the past 12 months, the biggest gain of any woman on the list, but falling just short of her entering the $100 billion club.
Ms Meyers has topped the Forbes list for women for the fourth year running.
Nine of the 10 richest women inherited their fortunes, either from their fathers, husbands or, in one case, mother. MacKenzie Scott, the ex-wife of Mr Bezos, is the only one in the top 10 to receive her fortune through divorce.
Walmart heir Alice Walton, the only daughter of the company's founder, Sam Walton, ranked second on the Forbes list with a personal fortune of $72.3 billion.
Julia Koch, who inherited a 42 per cent stake in Koch Industries along with her three children when her husband, David, died in 2019, dropped one spot to be the world’s third-richest woman with a net worth of $64.3 billion.
Jacqueline Mars – who inherited an estimated one third of Mars Incorporated, the sweets and pet food conglomerate behind brands such as M&M’s – ranked fourth on the list and is the world’s fourth-wealthiest woman at $38.5 billion.
Ms Scott ranked fifth on the list with a net worth of $35.6 billion.
Richest celebrities
The man behind the Star Wars and Indiana Jones movie franchises, George Lucas, ranked as the world’s richest celebrity with a net worth of $5.5 billion.
The director's wealth is derived largely from his production company Lucasfilm, which he sold to Disney in 2012 for more than $4 billion in cash and stock.
Forbes ranked Oscar-winning director Steven Spielberg as the second-richest celebrity with a net worth of $4.8 billion.
Former basketball star Michael Jordan is ranked third with a personal fortune of $3.2 billion.
The richest woman and the fourth-wealthiest entertainer on the celebrity list this year is Oprah Winfrey with a net worth of $2.8 billion.
Rounding out the top five is music mogul Jay-Z, real name Shawn Corey Carter, with a personal fortune worth $2.5 billion, according to Forbes.
World's top 10 richest people in 2024
- Bernard Arnault: $233 billion
- Elon Musk: $195 billion
- Jeff Bezos: $194 billion
- Mark Zuckerberg: $177 billion
- Larry Ellison: $141 billion
- Warren Buffett: $133 billion
- Bill Gates: $128 billion
- Steve Ballmer: $121 billion
- Mukesh Ambani: $116 billion
- Larry Page: $114 billion
Source: Forbes
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Killing of Qassem Suleimani
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
UAE currency: the story behind the money in your pockets
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
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Balance is essential to happiness, health and wealth
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What is a portfolio stress test?
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What are NFTs and why are auction houses interested?
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How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
How do Sim card scams work?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards by claiming to be the victim, often pretending their phone has been lost or stolen in order to secure a new Sim.
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
More from Neighbourhood Watch:
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
NINE WINLESS GAMES
Arsenal 2-2 Crystal Palace (Oct 27, PL)
Liverpool 5-5 Arsenal (Oct 30, EFL)
Arsenal 1-1 Wolves (Nov 02, PL)
Vitoria Guimaraes 1-1 Arsenal (Nov 6, Europa)
Leicester 2-0 Arsenal (Nov 9, PL)
Arsenal 2-2 Southampton (Nov 23, PL)
Arsenal 1-2 Eintracht Frankfurt (Nov 28, Europa)
Norwich 2-2 Arsenal (Dec 01, PL)
Arsenal 1-2 Brighton (Dec 05, PL)
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
Profile of Foodics
Founders: Ahmad AlZaini and Mosab AlOthmani
Based: Riyadh
Sector: Software
Employees: 150
Amount raised: $8m through seed and Series A - Series B raise ongoing
Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.
