Mumbai ahead of Beijing in becoming the new billionaire capital of Asia

New Delhi (Uttam Hindu News) – Mumbai has emerged as the new billionaire capital of Asia, overtaking Beijing, while India ranks third globally with 271 billionaires, surpassing Germany. This has been said in the latest report of Hurun Research Institute. The report said, “Mumbai is the fastest growing billionaire capital in the world, with 26 billionaires added this year, making it the third largest billionaire capital in the world and Asia. New Delhi enters the top 10 for the first time.” India’s economic strength is further underlined by the significant increase in its billionaire population. The country added an astonishing 94 new billionaires, the most in any country except the United States. Overall there were 271 billionaires here. This surge is the highest since 2013 and is evidence of growing confidence in the Indian economy.

The 2024 Hurun Global Rich List report said the cumulative wealth of Indian billionaires reached US$1 trillion, surpassing China’s average wealth per billionaire (US$3.2 billion vs US$3.8 billion).

The report states that in terms of industry, the pharmaceutical sector leads with 39 billionaires, followed by the automobile and auto component industry (27) and the chemical sector (24). Collectively, the wealth of Indian billionaires is worth $1 trillion, which is 7 percent of the wealth of global billionaires, indicating the country’s substantial economic influence. The report said India is well-positioned to capitalize on this AI revolution, with a young, tech-savvy population and a growing focus on innovation, which will lead to the creation of even more billionaires in the coming years. Leading the list of Indian billionaires is Reliance Industries Chairman Mukesh Ambani, whose net worth is $115 billion. Gautam Adani, founder of Adani Energy Group, is closest to him. The value of his wealth is 86 billion dollars, due to the rise in the shares of his companies his wealth has increased by 33 billion dollars.

On one hand the number of billionaires increased in India, while on the other hand a decline was seen in China. The report said, “This year was bad for China. “Hong Kong was down 20 percent, Shenzhen was down 19 percent and Shanghai was down 7 percent.” This slowdown can be attributed to the country’s real estate crisis and volatile stock market problems in the renewable energy sectors.