In a groundbreaking revelation, Mumbai, India’s bustling financial hub, has ascended to the esteemed position of Asia’s foremost billionaire haven, outpacing Beijing, as unveiled by the Hurun Research Institute in its latest Hurun Global Rich List 2024.
According to the comprehensive report, New York and London maintain their supremacy as the leading global cities for billionaires, boasting 119 and 97 billionaires, respectively. However, the meteoric rise of Mumbai, now home to 93 billionaire residents, solidifies its standing as a powerhouse of wealth accumulation on the Asian continent.
Furthermore, marking a momentous occasion, New Delhi secures its inaugural entry into this prestigious list, signaling India’s burgeoning influence on the global wealth stage.
The Hurun Global Rich List 2024 underscores Mumbai’s exceptional growth trajectory, catapulting the city to the pinnacle as the fastest-expanding billionaire capital worldwide. Additionally, New Delhi’s inclusion in the top 10 for the first time amplifies India’s emergence as a formidable player in the global wealth landscape.
Driving India’s unprecedented surge in billionaire ranks are illustrious personalities such as Mukesh Ambani, the visionary chairman of Reliance Industries, boasting an astounding wealth of $115 billion, and Gautam Adani, the dynamic chairman of the Adani Group, whose wealth soared by an impressive 33% to reach $86 billion.
Overall, India celebrates the addition of 94 new members to its exclusive billionaire fraternity, elevating the total count to 271 ultra-high-net-worth individuals (UHNWIs), marking the highest influx since 2013. Notably, Mumbai alone has contributed 26 new billionaires to this illustrious cohort, further cementing its status as a global epicenter of wealth creation and prosperity.
The latest additions to the billionaire elite showcase the evolving landscape of wealth, with figures like Rohiqa Cyrus Mistry, at the helm of Sterling Investments, and Ina Ashwin Dani from the esteemed paint manufacturer Asian Paints, making significant strides in India’s financial echelons. Notably, Rohiqa Cyrus Mistry’s prominence in the billionaire realm stems from her association with the late Cyrus Mistry, the former chairman of the Tata Group, adding a poignant narrative to her ascent.
This noteworthy surge in billionaire ranks coincides with a period of robust economic growth in India, with the gross domestic product (GDP) registering an impressive 7.5% surge in 2023. Key sectors such as pharmaceuticals, automobile, automobile components, and chemicals have emerged as the backbone of this growth trajectory, solidifying their presence on the ultra-high-net-worth individuals (UHNWIs) list.
While India celebrates its rising billionaire class, its neighbor China maintains its position at the pinnacle of the global billionaire hierarchy, boasting a formidable 814 billionaires. However, China’s billionaire count witnessed a notable decline of 155 individuals from the previous year, attributed to economic upheavals in the real estate and renewable energy sectors. The stock market’s underperformance further exacerbated this trend, resulting in the dropout of 40 billionaires over the past two years, leading to a significant 15% decline in the country’s overall wealth.
In contrast, the United States closely trails China with a commendable count of 800 billionaires, marking an addition of 109 new members to its exclusive billionaire club. The burgeoning artificial intelligence (AI) sector has played a pivotal role in this growth, with industry stalwarts like Nvidia’s CEO, Jensen Huang, making a notable entry into the top 30 billionaires list with assets totaling a staggering $48 billion.
Among the illustrious newcomers to the billionaire league is none other than global megastar Taylor Swift, honored as Time’s Person of the Year. Swift’s meteoric rise to billionaire status, with a wealth estimated at $1.2 billion, underscores the unparalleled success of her ventures, including lucrative royalties and the highly acclaimed Eras Tour.
In a broader context, the United States asserts its dominance on the global rich list, commanding a substantial 37% share of the total billionaires. The list, encompassing 3,279 individuals from 73 countries, reflects a 5% increase in the number of billionaires and a noteworthy 9% rise in total wealth, underscoring the enduring allure and resilience of global wealth creation.