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Mumbai pips Beijing as Asia's billionaire hub
Mumbai has 92 billionaires residing within the city, underscoring its increasing significance as a hub for wealth generation.
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India ranks No.1 amongst Asian Countries in terms of wealth / (Image - X, Hurun report)
The Hurun Global Rich List for 2024, showcased notable shifts in the wealth landscape. Notably, India has been ranked No.3 globally for the number of billionaires that reside in the country.
After China and the United States, India ranked third globally with 271 billionaires, witnessing a significant rise of 84 individuals. Its financial capital, Mumbai, is currently home to 92 billionaires, edging past Beijing's count of 91 to become Asia’s billionaire capital for the very first time.
Globally, Mumbai now ranks third in terms of billionaires after New York, which has 119 and London 97. Moreover, 26 new billionaires came from Mumbai while Beijing lost 18. “Mumbai was the fastest-growing billionaire capital in the world, adding 26 in the year and taking it to third in the world and Asia’s billionaire capital. New Delhi broke into the Top 10 for the first time," the report read.
The Hurun Global Rich List 2024 highlighted the remarkable gains of Indian tycoons Mukesh Ambani and Gautam Adani. The report found that industries which contributed to India’s growth in rank to were Pharmaceuticals (39) and Automobile and Auto Components (27).
Mukesh Ambani, chairman of Reliance Industries, maintained his position as Asia’s richest person, with a net worth of $115 billion, solidifying his status as India’s wealthiest individual at 10th place globally, despite a 40 percent increase in wealth.
Gautam Adani, founder of the Adani Group, saw a significant surge in wealth, reaching $86 billion and securing the 15th spot globally. This rise is attributed to a rally in his companies’ shares following a Supreme Court verdict related to issues raised in the Hindenburg report.
China retained its position as the world’s leader with 814 billionaires, despite a decline of 155 individuals from the list. The United States with 800 billionaires was also home to Elon Musk, the world’s richest person with a net worth of $231 billion, driven by a surge in Tesla shares.
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