India’s cash ban final year put a massive dent in the wealth of some of its richest citizens.
the fast growing us of a now has 100 billionaires, 11 fewer than a yr ago, consistent with an annual ranking of the sector’s richest individuals through the Hurun file.
consequently it has fallen one spot to fourth in the global billionaires league, in the back of the U.S., China and Germany.
The Hurun document mentioned high Minister Narendra Modi’s “demonetisation” was mostly to blame.
Modi surprised India on Nov. 8 when he announced the scrapping of all 500 and 1,000 rupee notes.
related: First money, now India could ditch card payments via 2020
that call, aimed toward cracking down on tax evasion, took 86% of the usa’s cash out of the machine and led to many sectors of the economy to slow sharply.
India claims to have weathered the storm, with up to date executive information showing the economic system grew at 7% — higher than expected — in the quarter ended Dec. 31.
but the us of a’s super wealthy don’t appear to have fared so smartly. The Hurun report says the blended wealth of Indian billionaires fell via 1% remaining yr.
India’s richest man, Mukesh Ambani, has the 29th biggest fortune on the planet with an estimated web value of $ 26 billion.
CNNMoney (New Delhi) First printed March 7, 2017: 10:40 AM ET
financial information – CNNMoney.com