Mumbai overtakes Beijing in THIS for the very first time

Finance    26-Mar-2024
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New Delhi, Mar 26: In a major development, Mumbai has surpassed Beijing to become Asia's billionaire capital for the first time. Indian billionaires' cumulative wealth reached US$1 trillion, surpassing China's average wealth per billionaire (US$3.2 billion vs US$3.8 billion), according to the 2024 Hurun Global Rich List.
Mumbai overtakes Beijing Asia's billionaire capital

This development after the country added a staggering 94 new billionaires, bringing the total to 271 ultra-high-net-worth individuals and surpassing China's 55 and solidifying India's position as the second-largest contributor to the global billionaire population. With 271 billionaires, India is now the third-ranked country globally, surpassing Germany. While the number of billionaires globally increased by a modest 5 per cent, India's performance stands out.

With only 24 billionaires experiencing a wealth decline, India boasts a remarkable 247 individuals who saw their wealth increase, far exceeding China's 241. This robust growth translates to a cumulative wealth surge of 51% in India.

Mumbai, a billionaires hub

Mumbai itself is a microcosm of India's success. The city added 27 new billionaires, a stark contrast to Beijing's mere 6. Mumbai's overall wealth has skyrocketed by a staggering 47%, dwarfing Beijing's 28% decline.
The success story of Indian billionaires isn't limited to established sectors like telecom and energy. The rise of startups, particularly in the booming Artificial Intelligence (AI) space, is a significant contributor.

The release of the Hurun Global Rich List 2024 underscores the dynamic nature of global wealth distribution, with Indian business magnates Mukesh Ambani and Gautam Adani emerging as key players on the international stage. Gautam Adani, the creator of the Adani Group experienced an astonishing increase in his wealth, elevating him to the 15th position in the global rankings.