Indian billionaires held on to 99% of their wealth while rest of the world lost over $1 trillion

The Indian economy has been going through the same pains as the rest of the world — high inflation, rising interest rates and a doubtful recovery. Yet, the country’s billionaires do not seem to have been affected by it. In fact, they got away with a minimum loss of wealth in 2022 – while the rest of the world lost over a trillion dollars.
According to numbers crunched by Business Insider and data from Bloomberg Billionaires Index, Indian billionaires held on to 99% of their wealth in 2022 so far — and lost a mere $5 billion. In fact, they come next only to Switzerland in terms of retaining their wealth.
India is home to 166 billionaires while only 18 of them are in the top 500 billionaires list. Mukesh Ambani and Gautam Adani – rank the highest and are in the august company of the world’s richest men.