India’s financial hub Mumbai has emerged as ‘’Asia’s billionaire epicentre’’ for the first time, surpassing Beijing, as per the Hurun Global Rich List 2024.
According to the list, Mumbai now boasts 92 billionaires, edging past Beijing’s count of 91. While Mumbai added 26 new ultra-rich to the club, 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.
India has ranked third in the list of the world’s richest people, with 271 billionaires, as per a new global list, which said that Mumbai has emerged as Asia’s billionaire capital, with Reliance Industries chairman Mukesh Ambani occupying a key spot in the list. Globally, Mumbai now ranks third in terms of billionaires after New York, which has 119 and London 97, as per Hurun’s list. Industries that the report attributed India’s growth in rank to were Pharmaceuticals (39) and Automobile and Auto Components (27).
As per the list, there are 3,279 billionaires in the world today, with 167 of them added in the previous year. The United States added 109 billionaires, maintaining its lead with a total of 800 billionaires, while China, despite a decline of 155 billionaires, retained its position as the world’s leader with 814 billionaires.
Meanwhile, India witnessed a significant rise in its billionaire population, ranking third globally with 271 billionaires, marking an addition of 84 individuals, the second-highest rise after the United States.
‘’The 2024 Hurun Global Rich List underscores India’s ascension as a future economic titan, poised to secure its place as the world’s third-largest economy. Surpassing all but the United States, India’s unprecedented billionaire boom propels Mumbai past Beijing, crowning it as Asia’s billionaire epicentre. Yet, as we stand on the brink of revolutions in electric vehicles, space technology, and AI, India’s startup ecosystem is just beginning to unveil its potential. The next decade holds a clear message: overlooking the Indian narrative is a risk no visionary can afford,’’ said Anas Rahman Junaid, founder and chief researcher of Hurun India.
The report added that China had a bad year, ‘’HK was down 20 per cent, Shenzhen down 19 per cent, and Shanghai down per cent.’’ Other nations with the maximum number of billionaires are the UK, Germany, Switzerland, Russia, Italy, France and Brazil.
