Mumbai has achieved a significant milestone by becoming Asia’s premier billionaire hub, overtaking Beijing, as per the latest Hurun Research Institute report. The financial center of India now houses 92 billionaires, surpassing Beijing and solidifying its reputation as a thriving hub for wealth creation.
The “Hurun Global Rich List 2024” report emphasized Mumbai’s rapid ascent, noting that it was the world’s fastest-growing billionaire hub, adding 26 billionaires in the year. This catapulted Mumbai to third place globally and cemented its position as Asia’s billionaire capital. Additionally, New Delhi entered the Top 10 for the first time.
India’s economic strength was further highlighted by a remarkable surge in its billionaire population. Adding 94 new billionaires, second only to the United States, brought the total to 271 ultra-high-net-worth individuals. This surge, the highest since 2013, reflects growing confidence in the Indian economy, noted Rupert Hoogewerf, the institute’s chairman and chief researcher.
The report underscored the significant role of certain industries in fueling India’s billionaire surge. The pharmaceutical sector led with 39 billionaires, followed by automobile and auto components (27), and chemicals (24). Indian billionaires collectively hold a staggering $1 trillion, representing 7% of global billionaire wealth, highlighting the nation’s considerable economic impact.
At the forefront of India’s billionaire list is Mukesh Ambani, chairman of Reliance Industries, boasting a net worth of $115 billion. Following closely is Gautam Adani, founder of the Adani Group, with assets worth $86 billion, reflecting a $33 billion increase due to a surge in his companies’ shares.
As India’s billionaire count surged, China experienced a decline. The report noted, “China had a tough year, with HK down 20%, Shenzhen down 19%, and Shanghai down 7%.” This downturn was influenced by challenges in real estate and renewable energy sectors, along with sluggish performance in Chinese stock markets.
The report also spotlighted a significant merger between India’s Reliance Industries and Walt Disney, merging their television and streaming assets into a $8.5 billion entity. This strategic consolidation aims to establish a dominant presence in the global entertainment industry.
Top 10 countries ranked by billionaire count
- China
- United States
- India
- United Kingdom
- Germany
- Switzerland
- Russia
- Italy
- France
- Brazil
The top 10 richest individuals globally
- Elon Musk – Tesla – US
- Jeff Bezos – Amazon – US
- Bernard Arnault – LVMH – France
- Mark Zuckerberg – Meta – US
- Larry Ellison –Oracle – US
- Warren Buffet – Berkshire Hathaway – US
- Steve Ballmer – Microsoft – US
- Bill Gates – Microsoft – US
- Larry Page – Alphabet – US
- Mukesh Ambani – Reliance Industries – India
The top 10 cities with the highest number of billionaires
- New York (US)
- London (UK)
- Mumbai (India)
- Beijing (China)
- Shanghai (China)
- Shenzhen (China)
- Hong Kong (China)
- Moscow (Russia)
- New Delhi (India)
- San Francisco (US)
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