New Delhi: Mumbai now has 92 billionaires, enough to overtake Beijing, as the billionaire capital of Asia, shows a Hurun research. Globally, the Indian city now ranks number 3 in terms of billionaires after New York, which is home to 117 billionaires, followed by London with 97.
According to Hurun Research’s 2024 Global Rich List, China has 814 billionaires compared to India 271, but Mumbai has 92 billionaires as against Beijing’s 91.
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.
This phenomenal increase in wealth is due to India’s addition of 94 new billionaires in a single year, surpassing China’s 55, making it the second largest contributor to world’s billionaire population.
HOW MUMBAI SCRIPTED THE SUCCESS STORY
The 603-sq km Mumbai added 27 new billionaires compared to 6 in Beijing’s 16,000 sq km.
The fact that the billionaires not only invested in traditional sectors such as telecom and energy but also took interest in burgeoning Artificial Intelligence (AI) domain and start-ups is a huge contributing factor behind the rise in their wealth.
With a young, tech-savvy population and a growing focus on innovation, India is well-positioned to capitalise on this AI revolution, potentially fuelling the creation of even more billionaires in the coming years, the report indicated.
Mumbai’s billionaire wealth stands at $445 billion, with an increase of 47% from previous year, as against Beijing’s $265 billion, a 28% decrease.
“India’s and particularly Mumbai’s meteoric rise in the global wealth creation arena heralds a new chapter in economic history, showcasing unparalleled growth and prosperity,” said the Hurun report.
BEHIND INDIA’S BILLIONAIRE BOOM
Some of the factors behind India’s robust economic performance lies in strong stock markets, investor confidence and immense opportunities for business creation.
“The 2024 Hurun Global Rich List underscores India’s ascension as a future economic titan, poised to secure its place as the world’s third-largest economy. Surpassing all but the United States, India’s unprecedented billionaire boom propels Mumbai past Beijing, crowning it as Asia’s billionaire epicentre. Yet, as we stand on the brink of revolutions in electric vehicles, space technology, and AI, India’s start-up ecosystem is just beginning to unveil its potential. The next decade holds a clear message: overlooking the Indian narrative is a risk no visionary can afford. The Hurun Global Rich List doesn’t just track wealth; it signals a pivotal shift in the global power structure,” said Anas Rahman Junaid – Founder and Chief Researcher, Hurun India, as quoted by The Business Standard.
The Hurun report also highlighted specific sectors contributing to India’s billionaire boom, with the pharmaceutical industry leading the pack with 39 billionaires, followed by the automobile and auto components industry (27), and the chemicals sector (24).
WHO IS THE RICHEST?
Asia’s richest man, Mukesh Ambani, is the only one to enter the top 10 in the 2024 Hurun Global Rich List.
Kalyan Jewellers, TS Kalyanaraman and family, saw their wealth skyrocket by 200% during the year by $3 billion. They are the biggest wealth gainer by percentage.
Another, luxury real estate developer’s family, Mangal Prabhat Lodha, saw their rise 116% or by $11 billion during the year.
The Hurun report said world added 167 billionaires — taking the total number to 3,279. Most of the new wealth came from artificial intelligence.
The US added 109 billionaires taking its total to 800. Elon Musk is the richest person in the world for the third time in four years, with a wealth of $231 billion, the report added.
Amazon’s Jeff Bezos is up two places to second, adding $67 billion or 57% to his total worth of $185 billion. Billionaire Bernard Arnault is down to third position with $175 billion.
Taylor Swift debuted on the rich list with a wealth of $1.2 billion.
(Source: NEWS18)
