Question:

How many billionaires has India lost since demonetization on November 8, 2016?

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Economic policy changes can have both intended and unintended impacts on high-net-worth individuals — watch for changes in market capitalization data after such reforms.
Updated On: Aug 14, 2025
  • Two
  • Eighteen
  • Eight
  • Eleven
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The Correct Option is D

Solution and Explanation

Following the demonetization of ₹500 and ₹1,000 currency notes on November 8, 2016, India witnessed significant short-term economic disruption.
According to wealth reports released in early 2017, the number of Indian billionaires fell by eleven compared to the previous year.
This decline was attributed to temporary market instability, reduced cash liquidity, and a slowdown in sectors like real estate, gems and jewellery, and informal trade.
Option (a) “Two” and option (c) “Eight” underestimate the actual number of billionaires lost.
Option (b) “Eighteen” is an overestimation based on exaggerated unofficial claims.
While demonetization aimed to curb black money, counterfeit currency, and promote digital transactions, it also temporarily affected the net worth of several top businessmen due to stock market fluctuations and lower business revenues.
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