It’s a jaw-dropping statistic that recently caught the attention of millions online: 108 out of the 191 billionaires in India hail from one single state. This claim, shared in a viral post by Abhijit Choksi, the founder of Stockifi, sparked a wave of discussions on social media about the secrets behind this remarkable dominance in business and finance. So, what’s the story behind this? How does one state manage to produce such an overwhelming number of billionaires? Let’s delve in deeper.
The impact of this state on India's economy
The state in question is Gujarat, and its economic footprint is massive. As Choksi pointed out in his post on X (formerly Twitter), Gujarat may only make up about 5% of India's population, but it contributes over 8% to the nation's GDP and nearly 18% of its industrial output. But that’s just the beginning. Gujarat also accounts for 25% of India’s total exports despite covering just 6% of the country’s land area. These numbers speak volumes about the state’s importance to India’s economy and global trade.
A culture of business over jobs

As per the viral X post by Choksi, Gujaratis are known for their strong business mindset. Their culture values entrepreneurship over traditional jobs, reflected in the saying “naukri toh gareebon ka dhanda che”-- meaning “jobs are for the poor.” From a young age, children in Gujarati families are involved in business, learning how to manage money, take risks, and solve challenges.
For Gujaratis, business isn’t just a way to earn a living– it’s a way of life. This entrepreneurial spirit has been passed down for generations, creating a community where running a business is the norm and a key driver of their success.
Risk-taking and networking: Key traits of Gujaratis

As per Choksi, risk-taking is another characteristic that defines the Gujarati approach to business. Whether it’s trading in diamonds or venturing into the unpredictable world of stock markets, Gujaratis are known for their ability to take calculated risks. But it's not about being reckless. These entrepreneurs are prepared, informed, and willing to adapt when necessary.
As per the viral post, their success is also fueled by strong networks. Family and community play a significant role in helping businesses thrive. Gujaratis understand the value of collaboration, mutual support, and shared resources, which makes it easier for their ventures to grow and sustain. They are also known for being frugal, prioritizing reinvestment over excessive spending. This mindset has helped build wealth over time, ensuring long-term prosperity.
Dominance across industries
As per Choksi’s post, the reach of Gujaratis extends far beyond India. In Surat, for example, the diamond industry is largely controlled by Gujarati entrepreneurs, processing 90% of the world’s diamonds. In the United States, members of this community own over 60% of motels, which speaks to their global economic influence.
Their presence is felt across a wide range of industries, including finance, textiles, and even tech. Gujaratis have not just dominated local markets; they’ve taken their business savvy to the international stage, proving that their entrepreneurial acumen transcends borders.

The billionaire impact: Who are the top Gujaratis?
Gujarat is home to some of the richest businessmen in the world, and their success stories are nothing short of inspiring. As per a latest DNA report, the billionaires who hail from Gujarat include:
Gautam Adani, the chairman of Adani Group, with a net worth of ₹1.4 lakh crore.
Mukesh Ambani, the chairman of Reliance Industries, whose net worth stands at ₹8.13 lakh crore.
Karsanbhai Patel, the founder of Nirma, valued at ₹31,500 crore.
Ajim Premji, the chairman of Wipro, with a net worth of ₹96,500 crore.
Uday Kotak, the founder of Kotak Mahindra Bank, with a net worth of ₹1.11 lakh crore.
These names are just the tip of the iceberg. The wealth and influence they wield come from years of hard work, strategic thinking, and a deep understanding of business dynamics. Their success has helped place Gujarat firmly on the map as a hub of entrepreneurship and innovation.
What drives Gujarati success?
Abhijit Choksi, in his analysis, attributes this dominance to two key factors: generational wisdom and an entrepreneurial mindset. Gujaratis, he explains, are not just participants in the economy– they define it. They have an innate ability to adapt to changing markets, learn the complex parts of different industries, and take calculated risks that pay off in the long run.
Interestingly, Choksi also highlights an intriguing statistic: a Gujarati living in America earns three times more than the average American. This underlines the global business aptitude of Gujaratis, as they successfully navigate markets far beyond India’s borders.