India is home to a number of billionaires and millionaires, many of whom are young entrepreneurs who have achieved great success in their business ventures. While some of these names may be familiar, one name stands out – Divyank Turakhia, the youngest billionaire in India.
Turakhia began his journey as an entrepreneur when he was still in school and has since built a multi-million dollar empire through technology and software companies. In this blog post, we’ll take a look at Divyank’s life, his achievements and his current status as the youngest billionaire in India.
Who is the youngest billionaire in India?
There are currently four billionaires in India under the age of 40, according to Forbes. The youngest billionaire in India is 33-year-old Byju Raveendran, founder of online education startup Byju’s. Raveendran is worth an estimated $1.3 billion, making him the 437th richest person in the world.
The other three billionaires under 40 in India are:
- Divyank Turakhia, 34 – Founder of Media.net, an advertising technology company (worth an estimated $1 billion)
- Ritesh Agarwal, 27 – Founder and CEO of OYO Rooms, a hotel booking platform (worth an estimated $1 billion)
- Sachin Bansal, 35 – Co-founder of Flipkart, an ecommerce platform (worth an estimated $1.2 billion)
How did they become a billionaire?
The young billionaire in question is none other than 22-year-old Lakshmi Mittal, who has been ranked as the 66th richest person in the world by Forbes. So, how did thisIndian-born steel magnate become a billionaire?
For starters, Mr. Mittal comes from a wealthy family. His father, Krishan Lal Mittal, was a successful steel entrepreneur who founded Ispat Industries, a leading steel company in India. Lakshmi Mittal inherited his father’s business acumen and took over Ispat Industries after his death in 2002.
Under Lakshmi Mittal’s leadership, Ispat Industries grew rapidly and became one of the largest steel producers in the world. In 2005, he orchestrated a hostile takeover of ArcelorMittal, one of the largest steel companies in Europe. This acquisition made him the richest man in India and turned him into a billionaire.
So there you have it – that’s how Lakshmi Mittal became one of the youngest billionaires in the world!
What are they doing with their money?
In India, the richest 1% control 58% of the country’s wealth, while the bottom 60% own just 5%. The situation is even more stark when it comes to billionaires. In 2018, there were 137 billionaires in India, and their combined wealth was $504 billion. That’s more than the entire GDP of Pakistan.
So what are these billionaires doing with their money? Some are reinvesting it in their businesses, while others are using it to buy luxury homes and cars. But a large chunk of it is being stashed away in offshore bank accounts.
According to a recent study, Indian billionaires have $779 billion hidden in tax havens. That’s more than the GDP of all but four countries in the world. And it’s enough money to lift every single person in India out of poverty.
So why aren’t they doing that? Because they don’t have to. In India, there’s no estate tax or capital gains tax on inherited wealth. So if you’re born into a wealthy family, you can keep all of your money and pass it down to your children. As a result, inequality is only getting worse in India.
How did they become so successful at such a young age?
At just 25 years old, Ritesh Agarwal is the youngest billionaire in India. How did he become so successful at such a young age?
Agarwal dropped out of college to start his first company, OYO Rooms. The company was a success and soon expanded to other countries. Agarwal’s hard work and dedication paid off, and he was rewarded with a billion-dollar valuation for his company.
What sets Agarwal apart from other young entrepreneurs is his willingness to take risks. He has always been an ambitious person, and this has led him to achieve great things at a young age.
What can we learn from them?
There are a few things that we can learn from India’s youngest billionaire:
- Stay humble and grounded – no matter how much success you achieve, it’s important to stay humble and remember where you came from.
- Give back to society – despite his young age, he has already given back significantly to society through his philanthropic work.
- Hard work pays off – his story is a great example of how hard work and dedication can lead to incredible success.