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Mumbai Is Now Asia’s Billionaire Capital

| Updated: March 26, 2024 17:04

Mumbai has overtaken Beijing in making it to top spot

India’s financial capital Mumbai has overtaken Beijing to become Asia’s billionaire capital for the first time, according to a list published on Monday by Hurun Research Institute, based in Shanghai.

Moreover, India has overtaken Germany to become the third-ranked country globally with 271 billionaires, according to the report. The cumulative wealth of Indian billionaires reached US$1 trillion, crossing China’s average wealth per billionaire (US$3.2 billion vs US$3.8 billion), the 2024 Hurun Global Rich List report stated.

“Mumbai was the fastest-growing billionaire capital in the world, adding 26 in the year taking it to third in the world and Asia’s top spot. New Delhi broke into the Top 10 for the first time,” the report added.

India added 94 new billionaires, the highest of any nation except the US, bringing the total to 271 ultra-high-net-worth individuals. This surge, the highest since 2013, is a testament to the soaring confidence in the Indian economy.

Pharma sector leads

As per the report, the pharmaceutical sector leads with 39 billionaires, followed by the automobile and auto components industry (27), and the chemicals sector (24).

Collectively, the wealth of Indian billionaires amounts to a phenomenal $1 trillion, accounting for 7 per cent of the global billionaire wealth. The rise of startups, particularly in the Artificial Intelligence (AI) space, is a significant contributor as well.

India’s tech-savvy population and growing focus on innovation makes it suitable to capitalise on the AI revolution, potentially fuelling the creation of even more billionaires in the coming years, the report added.

Leading the Indian billionaire list is Mukesh Ambani, the chairman of Reliance Industries, with a staggering net worth of $115 billion. Closely following is Gautam Adani, the founder of the Adani Group energy conglomerate, with assets valued at $86 billion, marking a $33 billion surge in wealth attributed to a rally in his companies’ shares.

While India’s billionaire population soared, China witnessed a decline, with the report stating, “China had a bad year.” This downturn can be attributed to the crisis in the country’s real estate, and volatile stock market problems in the renewable energy sectors.

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