In a recent report released by Hurun India on Tuesday, it was revealed that a significant influx of 94 new Indian individuals has made their mark on the global billionaires list. This surge in new entrants, coupled with a net addition of 84 billionaires, has propelled India’s billionaire count to a remarkable 271, collectively amassing an astounding wealth of $1 trillion, as outlined in the report.
Standing out prominently among these affluent individuals is Mukesh Ambani, the esteemed chairman and managing director of Reliance Industries. Despite a notable 40% surge in his wealth, soaring to an impressive $115 billion, Ambani, aged 66, experienced a slight decline in his ranking, now securing the 10th position on the esteemed Hurun Global Rich List 2024. This list, which ranks billionaires in terms of US dollars, showcases Ambani as the sole Indian representative within the coveted top 10, signifying his enduring prominence on the global stage of wealth accumulation.
The Hurun Global Rich List, now in its 13th edition, provides a snapshot of wealth calculations for the year ending January 15, 2024. Among the notable Indian figures on this list is Gautam Adani, chairman of the Adani group, who secures the 15th position. With a net worth of $86 billion, Adani’s wealth witnessed a staggering $33 billion increase, attributed to a sharp recovery in his companies’ shares throughout 2023.
India, buoyed by a booming stock market, experienced what experts describe as a “super strong year.” Second only to the United States, India saw the highest influx of new billionaires, totaling 132, while witnessing 10 dropouts from the list. Confidence in the Indian economy soared to unprecedented levels, with Mumbai surpassing Beijing to claim the title of Asia’s billionaire capital and ranking among the top three globally.
According to Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report, Mumbai’s status as the fastest-growing billionaire capital was solidified with the addition of 26 new billionaires, bringing its total count to 92. New Delhi also made its mark by breaking into the top 10 for the first time, boasting 57 billionaires. Other cities making significant strides include Palm Beach, Istanbul, Mexico City, and Melbourne. New York retains its position with the highest concentration of billionaires (119), followed closely by London (97).
Anas Rahman Junaid, founder and chief researcher of Hurun India, emphasized the monumental implications of India’s billionaire boom. Junaid highlighted India’s growing significance in global narratives surrounding electric vehicles, space technology, and artificial intelligence. He emphasized that overlooking India’s burgeoning startup ecosystem is a risk no visionary can afford, underscoring the pivotal shift in the global power structure indicated by the Hurun Global Rich List.
The Hurun Global Rich List 2024 highlights India’s trajectory towards becoming a formidable economic powerhouse, positioning itself to claim the mantle of the world’s third-largest economy, as per the statement.
Leading the pack on the global billionaire list is Tesla’s Chief Executive, Elon Musk, aged 52, with an impressive total wealth of $231 billion, closely trailed by Amazon founder Jeff Bezos, aged 60, boasting a net worth of $185 billion.
In a noteworthy addition to the billionaire club, pop sensation Taylor Swift, aged 34, joins the elite ranks with a staggering wealth valued at $1.2 billion, predominantly amassed through her music career rather than conventional celebrity ventures.
Despite experiencing a decline of 155 billionaires, China maintains its status as the world’s capital for billionaires, boasting a remarkable 814 individuals on the list. Meanwhile, the United States closely follows with 800 billionaires, adding 109 new entrants. Together, these economic powerhouses, known as the ‘Big Two’, account for 49% of the known billionaires globally, albeit experiencing a 4% decrease.
Sources: Business Standard
(Image Credit: Bloomberg)