Mumbai, known as the financial capital of India, has now surpassed Beijing in the number of billionaires, boasting 92 individuals with a net worth exceeding $1 billion.
Mumbai Surpasses Beijing: Asia’s New Billionaire Capital
According to the 2024 Hurun Global Rich List, Indian billionaires collectively reached a staggering wealth of US$1 trillion, outpacing China’s average wealth per billionaire of US$3.2 billion versus US$3.8 billion.
The rise in billionaire residents has propelled Mumbai to third place globally in terms of billionaire population. New York leads the pack with 119 billionaires, followed closely by London with 97.
This surge in billionaire numbers reflects Mumbai’s growing economic prominence and highlights the city’s status as a key hub for wealth accumulation.
Mumbai’s ascent as a global hub of wealth is credited to the addition of 26 new billionaires in the past year, propelling the city’s total billionaire wealth to $445 billion. This marks a substantial 47 percent surge from the previous year. In contrast, Beijing’s total billionaire wealth stands at $265 billion, witnessing a 28 percent decrease.
India’s Billionaire Landscape: A Meteoric Rise to Global Prominence
India has ascended to the 3rd position globally in terms of billionaires, boasting a remarkable count of 271 billionaires, surpassing Germany in the rankings. Despite a modest 5% increase in the global billionaire population, India’s performance stands out significantly.
The country experienced a meteoric rise, adding the second-highest number of new billionaires, with 94 individuals joining the elite club, second only to the United States which saw 109 new billionaires.
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This surge , exceeds China’s 55, and cementing India’s status as the second-largest contributor to the global billionaire cohort.
India stands out with a staggering 247 individuals witnessing an increase in their wealth, outnumbering China’s 241 in this regard.
The country experienced a substantial cumulative wealth surge of 51%, highlighting the buoyancy of India’s billionaire landscape.
Mumbai’s Economic Ascendancy: Key Billionaires
Key sectors driving Mumbai’s wealth surge include energy and pharmaceuticals, with prominent business figures like Mukesh Ambani leading the charge.
Among Mumbai’s billionaire elite, real estate mogul Mangal Prabhat Lodha and his family saw the most significant percentage increase in wealth, experiencing a remarkable 116% rise.
While Mukesh Ambani retains his position as Asia’s wealthiest individual, the real narrative unfolds in the influx of new billionaires.
Gautam Adani has surged 8 spots to claim the 15th position, driven by a remarkable increase in wealth.
Contributions from figures like Sun Pharmaceuticals’ Dilip Shanghvi and Kumar Mangalam Birla have further enriched India’s dynamic billionaire landscape.
HCL’s Shiv Nadar and his family have experienced a significant increase in wealth and global ranking, climbing 16 places to secure the 34th position. However, Cyrus S Poonawalla of Serum Institute faced a decline, slipping down nine places to the 55th position, with a total wealth of $82 billion.
On the other hand, Radhakishan Damani’s consistent wealth growth, driven by the success of DMart, has propelled him up eight places to rank 100 globally. This highlights India’s evolving presence in the billionaire landscape.
Startups and AI: Catalysts the Billionaire Boom
The success story of Indian billionaires extends beyond traditional sectors like telecom and energy, with startups playing a pivotal role, particularly in the burgeoning Artificial Intelligence (AI) domain.
This aligns with the global trend, where AI emerged as the primary catalyst for wealth creation, contributing to over half of all new wealth generation this year.
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India’s burgeoning AI ecosystem, buoyed by a youthful and tech-savvy population along with a growing emphasis on innovation, positions the country favorably to leverage the AI revolution.
This could potentially lead to the emergence of even more billionaires in the years to come, according to the report.
The driving force behind India’s billionaire boom stems from its resilient economic performance. Buoyed by robust stock markets and bolstered investor confidence, India has provided an ideal environment for wealth generation.
According to the report, Mumbai emerged as the world’s fastest-growing billionaire hub, with the addition of 26 new billionaires over the year, propelling it to third place globally and establishing it as Asia’s billionaire capital. Meanwhile, New Delhi made its debut in the Top 10 rankings for the first time.
