Mumbai has solidified its status as Asia's new billionaire capital, overtaking Beijing in a display of unprecedented wealth creation. According to the latest Hurun Research Institute report titled "Hurun Global Rich List 2024," Mumbai now boasts an impressive tally of 92 billionaires, marking a significant milestone for the financial hub of India. This meteoric rise has propelled Mumbai to the forefront of Asia's billionaire landscape, dethroning Beijing and establishing itself as a thriving center for economic prosperity.
The report sheds light on the dominant industries fueling India's billionaire boom. The pharmaceutical sector leads the charge with 39 billionaires, followed closely by the automobile and auto components industry with 27 billionaires, and the chemicals sector with 24 billionaires. Collectively, the wealth amassed by Indian billionaires amounts to a staggering $1 trillion, representing a substantial 7% of global billionaire wealth and underscoring the nation's significant economic influence on the world stage.
At the helm of India's billionaire cohort is Mukesh Ambani, the illustrious chairman of Reliance Industries, whose soaring net worth of $115 billion cements his position as Asia's richest individual. Following closely behind is Gautam Adani, founder of the Adani Group energy conglomerate, whose assets valued at $86 billion have undergone a remarkable $33 billion surge attributed to his companies' rising stock prices.
The contrast between Mumbai's burgeoning wealth and Beijing's diminishing fortunes is stark, with Mumbai's total billionaire wealth now standing at an astounding $445 billion- a substantial 47% increase from the previous year. In contrast, Beijing's total billionaire wealth amounting to $265 billion reflects a notable 28% overall decrease, painting a vivid picture of Mumbai's ascendance as Asia's preeminent billionaire capital.
The true testament to India's economic prowess lies in the sheer number of new billionaire entrants, with 247 individuals witnessing a surge in their wealth compared to a mere 24 billionaires experiencing a decline. This robust growth has translated into a cumulative wealth surge of 51% in India, highlighting the nation's remarkable economic trajectory.
Mumbai, in particular, stands out as a microcosm of India's success story, with the city adding 27 new billionaires in stark contrast to Beijing's modest six additions. The city's overall wealth surge of 47% further emphasizes its meteoric rise, dwarfing Beijing's 28% decline and solidifying Mumbai's position as a beacon of economic prosperity in Asia.
