The article reports a significant increase in the number of Indian billionaires, reaching 205 in 2025 according to Forbes, up from just one in 1988. This growth, particularly rapid between 2010 and 2020, is analyzed in context of the nation's economic development and reforms.
Mukesh Ambani, the richest Indian, and Gautam Adani, the second richest, are highlighted, along with controversies surrounding them. Ambani's Reliance Industries' processing of Russian oil is scrutinized, while Adani faces corruption allegations.
The article provides historical perspective, mentioning the immense wealth of historical rulers and the last Nizam of Hyderabad, potentially richer than John D. Rockefeller before World War II. Today's billionaires are mainly industrialists, IT professionals, and entrepreneurs, often connected to post-1990s economic liberalization.
Concerns about the concentration of wealth and alleged connections between businessmen and politics are raised. The article mentions accusations of government protection for certain businessmen, leading to monopolies in key sectors. The opposition accuses Prime Minister Narendra Modi of favoritism towards specific business leaders.
The emergence of a new generation of self-made billionaires, such as Bhavis Aggarwal, founder of Ola, is presented as a contrasting point. He represents a different path to wealth, unlike those connected to established family fortunes or political ties.
Data from the World Inequality Lab shows the stark wealth inequality in India. The richest 0.001% possess a significantly larger portion of the nation's wealth compared to the lower 50%, who have minimal savings and incomes.