Forbes World’s Billionaires list for 2024 is out, announcing a staggering 2,781 individuals boasting a collective net worth of $14.2 trillion.

Despite this immense wealth, a quarter of those listed experienced a downturn in their fortunes compared to the previous year. Additionally, 189 individuals slipped below the billion-dollar mark, forfeiting their billionaire status.

The Big Zero
Byju Raveendran (not surprisingly) suffered a startling reversal of fortune. His net worth, which once stood at ₹17,545 crore ($2.1 billion), now registers at zero, as reported by the latest Forbes Billionaire Index 2024.

Once celebrated among the elite on global wealth rankings, Raveendran’s downfall mirrors the upheaval within his once-thriving startup.

Founded in 2011, Byju’s swiftly ascended to become India’s most prized startup, boasting a pinnacle valuation of $22 billion in 2022. However, recent financial disclosures and controversies have tarnished its image and diminished its value.

Byju’s financial woes surfaced when it belatedly released its fiscal year ending March 2022 results, revealing a staggering net loss surpassing $1 billion.

The dismal performance prompted major investor BlackRock to devalue Byju’s to a mere $1 billion, a fraction of its peak valuation.

In the midst of Byju’s tumult, shareholders such as Prosus NV and Peak XV Partners expressed apprehension about the leadership and voted to remove Raveendran from his CEO position, citing mounting concerns about the company’s trajectory.

Additionally, Byju’s faced scrutiny from the Enforcement Directorate for alleged Foreign Exchange Management Act violations worth over ₹9,362 crore, compounding its challenges.

To combat its financial hardships, Byju’s launched a business restructuring initiative in October 2023 aimed at streamlining operations, cutting costs, and enhancing cash flow management.

The restructuring resulted in the termination of thousands of employees, with additional departures anticipated due to delayed salary payments spanning three months.

The Ugly’ Phone calls’
Byju’s, has reportedly initiated yet another round of layoffs but with a twist – this time through phone calls, opting to release employees without putting them on a performance improvement plan (PIP).

Additionally, the company is purportedly skipping the requirement for employees to serve a notice period.

Reports suggest that Byju’s latest round of layoffs could affect anywhere from 100 to 500 employees, particularly impacting the sales function within the company.

Over the past two years, Byju’s has reportedly terminated over 10,000 employees as it struggles with financial constraints and legal disputes with investors and stakeholders. Presently, around 14,000 employees are employed by Byju’s India entity.

In the current wave of layoffs, Byju’s is said to be following up phone calls with emails formally notifying employees of their termination.

These emails state, “This is to confirm that your last working day with Think and Learn Pvt Ltd will be March 31, 2024. Your full and final settlement will be done as per the exit policy. Please hand over all the assets and proprietary information of the Company that are in your possession to enable processing your full and final settlement. In case of any queries on exit formalities, please contact [email protected].”

 

Which countries experienced the highest number of billionaires losing their status?

The majority of these departures originated from China, where challenges such as slower economic growth, a glut in the property market, decreasing foreign investment, and escalating geopolitical tensions prevailed.

China witnessed 133 billionaires, including those from Hong Kong and Macau, dropping off the list.

Among them were Tang Binsen, founder of Chi Forest sparkling water company; Hui Ka Yan, chair of Evergrande Group; and Wang Wenyin, whose assets in Amer International Group were frozen by a Chinese court, resulting in a substantial decline in his net worth from $19 billion to less than $800 million.

In contrast, the United States, housing the largest number of billionaires, only witnessed eight individuals falling off the list, followed by Japan with six and Russia with five.

The manufacturing sector suffered the most significant blow, with 49 individuals losing their billionaire status.

This included machinery suppliers like Yang Jianliang of Shangji Automation and Pyotr Kondrashev, a Russian fertilizer producer-turned-investor.

Healthcare also experienced 21 departures from the list, primarily among Chinese pharmaceutical magnates and medical device manufacturers.

Despite the AI boom, twenty tech billionaires disappeared from the list, including Laurent Junique of TDCX and Jiang Long of Goertek Inc.

India’s Growing List Of Billionaires
As per the latest ‘Forbes World’s Billionaires List 2024’, India saw an addition of 25 new billionaires this year, bringing the total count to 200, compared to 169 in the previous year.

The collective wealth of these Indian billionaires amounts to $954 billion, marking a significant 41% increase from $675 billion recorded last year.

Leading the pack among Indians is Mukesh Ambani, Chairman and Managing Director of Reliance Industries Ltd (RIL), with a total net worth of $116 billion.

Following him closely are Gautam Adani with $84 billion, Shiv Nadar with $36.9 billion, Savitri Jindal & Family with $33.5 billion, and Dilip Shanghvi with $26.7 billion.

Mukesh Ambani stands out as the sole Indian representative in the global top-10 list, securing the 9th rank internationally.

The global billionaire community has witnessed a remarkable surge, now totaling 2,781 individuals, marking an increase of 141 from the previous year and surpassing the record set in 2021 by 26.

According to the ‘Forbes World’s Billionaires List 2024 – The Top 200,’ their combined wealth has reached an unprecedented $14.2 trillion, up by $2 trillion from 2023 and $1.1 trillion more than the previous record, also established in 2021.

The report stated that “India, with its 200 billionaires (another record), holds the third position.”

Indians in Forbes World’s Billionaires List 2024: The Top 200

Mukesh Ambani — networth $116 billion — 9th rank in the world

Gautam Adani — networth $84 billion — 17th rank in the world

Shiv Nadar — networth $36.9 billion — 39th rank in the world

Savitri Jindal & family — networth $33.5 billion — 46th rank in the world

Dilip Shanghvi — networth $26.7 billion — 69th rank in the world

Cyrus Poonawalla — networth $21.3 billion — 90th rank in the world

Kushal Pal Singh — networth $20.9 billion — 92nd rank in the world

Kumar Mangalam Birla — networth $19.7 billion — 98th rank in the world

Radhakishan Damani — networth $17.6 billion — 107th rank in the world

Lakshmi Mittal — networth $16.4 billion — 113rd rank in the world

Ravi Jaipuria — networth $16.2 billion — 115th rank in the world

Uday Kotak — networth $13.3 billion — 148th rank in the wor

Azim Premji — networth $12 billion — 165th rank in the world.