India's billionaire population grew to 87 in 2019 registering an annual uptick of six percent, according to data firm Wealth-X’s Billionaire Census 2020.
Data shows that the country had the eighth biggest billionaire population around the world and second biggest in Asia, the region which minted the most billionaires in 2019.
The continent's wealthy surfed through the market waves of 2018 to record an uptick in billionaire population and overall wealth in 2019.
“This reflects robust equity gains despite softening economic growth, amid disruption to regional trade from US-China tensions; currency depreciation against the U.S. dollar and a downturn in the global consumer electronics cycle,” Maya Imberg, senior director of thought leadership and analytics at Wealth-X, told CNBC Make It.
China which has the highest number of billionaires in Asia saw their number rise by 20 percent in 2019 to 342. It also ranks as the country with the second most billionaires in the world, after the US.
Despite the biggest growth in billionaire population globally, China's top cities saw modest increases with the number of billionaires in Beijing rising by only one and Shenzhen’s by two.
“This reflects the broad distribution of the expanding stock of billionaire wealth across a large number of highly populated and economically dynamic cities in China, which contrasts with more highly concentrated pockets of wealth in most other leading billionaire countries,” said Imberg.