On Billionaires in India
July 12, 2024
Mukesh Ambani is India’s richest man. And, on Friday, he eagerly proved just that by throwing the most expensive wedding for his youngest son, Anant Ambani, and his bride, Radhika Merchant. In the months leading up to this day, the Ambani family has held the audience in awe, buying mountains worth of diamonds and painting their wedding invitations in the shimmers of gold. Public figures that appeared at the wedding venue included Bill Gates, and Rihanna, along with many other celebrities, politicians, and businessmen. Just two months before, Anant and Radhika threw a huge and luxurious, 4-day party on a Mediterranean cruise ship.
Mukesh Amabani’s family is just one of many Indian billionaires that have grown in wealth in recent years. The almost 200 billionaires that exist in India hold around $1 trillion in wealth, which makes one hard to believe that many people in the same country live way below the poverty line. Recent studies show that the total wealth of billionaires jumped from holding only 5% of national income to more than four times that amount, causing many experts to blame the inequality on rapid growth and entrepreneurialism.
A big reason why these billionaires are rising ever so rapidly is because of how India has developed since the 1990s. In the 1990s, companies operated under the careful watch of the government and had to follow designated protocols. In the 2000s, India’s surge in technological developments opened the door to a new surge in billionaires, as many experimented with free markets to diversify their businesses.
Mukesh Ambani is not only India’s richest man but is Asia’s richest man. The source of his fortune comes from Reliance Industries, earning him 115 billion dollars and growing. This business, which was founded by his father, includes the largest oil refineries, a mobile phone network, and a popular grocery store chain. Surprisingly, Indians look up to the success of this prosperous family because they want the world to view India from the perspective of this billionaire. In fact, the attention that Anant Ambani’s wedding stirred up was well-embraced by the Indian people, as the wedding did not reflect the impoverished majority of the country.
Although these wealthy families are welcomed by many, some critics argue a relationship between wealth and royalty. Some experts point out that today’s billionaires protect their wealth through age-old succession and marriage. This is evident as the three children of the Ambani family are taking their places in the Reliance business, and one of their daughters is married to another billionaire, Anand Piramal.