Gujarat has often been a topic of discussion due to its wealth and the number of billionaires it produces. Considered to have the highest industrial output in the entire country, it has significant stakes in the pharmaceutical sector as well as other industries such as chemicals, petrochemicals, dairy, gems, and more.
According to data for the fiscal year 2023-24, Gujarat was the third-largest state economy in India, with a gross state domestic product (GSDP) of Rs. 25.68 lakh crore. The question has always been what makes the state and its people so adept at business and capable of generating such enormous profits.
In light of this, it’s no wonder that financial analyst Abhijit Choksi’s post discussing what makes them such an economic powerhouse went viral.
What Did A Financial Consultant Claim?
Abhijit Choksi, a financial consultant and founder of Stockifi, posted a lengthy thread on X/Twitter on March 8, 2025, outlining almost 20 reasons “Why the Gujarati community is so incredibly successful in business and finance.”
In his post, he claimed, “108 out of 191 Indian billionaires are Gujarati. A Gujarati living in America earns three times more than the average American. Gujarat, which has 5% of India’s population, contributes over 8% to the GDP and 18% of the industrial output. Gujarat has a land area of only 6% but accounts for 25% of India’s total exports.”
As the first reason, Chokshi discussed how the Gujarati community places a strong emphasis on creating a business over obtaining a job.
He wrote, “Business Over Jobs: For centuries, Gujaratis have preferred business over jobs. While others seek stability in employment, Gujaratis chase risk and reward in entrepreneurship. In Gujarati households, children grow up hearing, “Naukri toh gareebon ka dhanda che. (Jobs are for the poor.)”
Read More: This Gujarati Village Has Stray Dogs Owning Rs. 5 Crore Worth Of Property
He also mentioned that, due to this mindset, many people from the state already learn about concepts like profit, loss, and investment from childhood, thus having a deeper understanding of the financial sector.
Supporting this, he noted, “At an age when most children are playing video games, Gujarati kids are helping at their family shops, learning about margins, credit, and customer handling. By the time they turn 18, they possess real-world financial knowledge that no MBA can teach.”
Chokshi further pointed out that another reason Gujaratis are successful in the business sector is their ability to take risks and venture into new markets, as well as their awareness of the importance of community building and networking.
Regarding the significance of community support, he wrote, “Gujarati communities actively help each other with loans, mentorship, and market access. Their close-knit business networks create a powerful support system.”
In addition, Chokshi mentioned that the frugal mentality of Gujaratis, where they choose to live simply and reinvest their profits, alongside their “sharp eye for trends,” helps them achieve such high levels of wealth. He provided an example, stating, “Mukesh Ambani saw the future in telecom, Adani in infrastructure, and countless others in FMCG, real estate, and retail.”
Another reason is that they “turn industries into monopolies,” as seen in the case of how Gujaratis own a significant portion of motels in the US or maintain a monopoly over the diamond industry, where “Surat alone processes 90% of the world’s diamonds.”
Chokshi also highlighted Gujarat’s contribution to the Indian economy: “Despite making up only 5% of India’s population, Gujarat contributes over 8% to India’s GDP and 18% of the country’s industrial output. This proves that Gujaratis punch well above their weight when it comes to business.”
This is not the first time Gujarat has been recognised for its wealth. In August last year, reports emerged about it having ‘Asia’s richest village,’ where residents have fixed deposits worth ₹7,000 crores. The village of Madhapar in Kachchh was thus declared the richest village in Asia.
With a population of around 32,000 people, the village primarily consists of individuals from the Patel community, with almost 1,200 families living abroad, mainly in African countries. The reason for this wealth was attributed to NRI (non-resident Indian) families depositing crores of rupees in local banks and post offices.
Image Credits: Google Images
Sources: Business Today, The Economic Times, India Today
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This post is tagged under: Gujarati population, Gujarat billionaires, Indian billionaires, Gujarati entrepreneurs, Gujarat economy, Indian billionaire list, reliance industries, nirma, wipro, Gujarat, Gujarat economy, billionaires, billionaires India, gujarat GDP
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