Mumbai pips Beijing to become Asia’s billionaire capital: Hurun’s

Mumbai has surpassed Beijing to become Asia’s billionaire capital, Hurun’s latest rankings of the world’s rich show.

Home to 92 billionaires, the metropolitan city broke into the world’s top 3, overtaking the Chinese capital, which has 91. Mumbai added 27 new billionaires last year against just 6 by Beijing, the ranking showed.

New York claimed the status of the billionaire capital of the world for the first time in seven years, with 119 billionaires choosing to live there, followed by London with 97, while Beijing dropped from first place to fourth spot.

“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 US, India’s unprecedented billionaire boom propels Mumbai past Beijing, crowning it as Asia’s billionaire epicenter,” Anas Rahman Junaid, founder and chief researcher at Hurun India, said.

The 47% surge in Mumbai’s wealth over the past year outshines Beijing’s 28% decline, further cementing its status as a burgeoning wealth hub, Hurun said.

Mukesh Ambani, who is also Asia’s richest person, was the only Indian in the top 10 of the 2024 Hurun Global Rich List, with a wealth of $115 billion.

Adani group’s Gautam Adani saw a $33 billion surge in wealth this year after the conglomerate’s shares rallied following a Supreme Court ruling that was favorable to the group.

Adani’s wealth rose 62% last year to claim the 15th place on the global list with a wealth of $86 billion.

India minted 94 new billionaires last year, ranking second in terms of most billionaires added, while China added 55.

The wealth of 573 Chinese billionaires declined last year against 24 billionaires in India who saw their fortunes diminish.

With a cumulative wealth of $1 trillion, Indian billionaires average $3.8 billion each, surpassing China’s average of $3.2 billion, Hurun said.

“As we stand on the brink of revolutions in electric vehicles, space technology, and AI, India’s startup 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,” Junaid said.

The Hurun survey showed India’s cumulative wealth rocketed by 51% from the previous year, defying global economic challenges.

India’s, and “particularly Mumbai’s, meteoric rise in the global wealth creating arena heralds a new chapter in economic history,” the survey added.

Globally, 167 people entered Hurun’s billionaire’s list, taking the total number of billionaires worldwide to 3,279, with over half of all new wealth driven by AI investments.

Billionaires made their wealth in financial services (10%), followed by consumer goods (8%), and food and beverages (7%), and real estate (7%).

The US added 109 people to a total of 800 billionaires in the country, while China topped the rankings with 814 billionaires despite the number declining by 155 from last year.

India was ranked third with 271 billionaires, with the dominant industries being pharmaceuticals that had 39 billionaires, automobiles with 27 and chemicals with 24.

At 52, Elon Musk ($231 billion) reclaimed the title of the richest person for the third time in four years, while Amazon’s Jeff Bezos rose to second place with $185 billion. ‘Luxury king’ Bernard Arnaut dropped to third place with $175 billion after losing $27 billion.

Francoise Bettencourt Meyers, 70, of L’Oreal was the richest woman in the world with $81 billion, while ‘roofing queen’ Diane Hendricks, 77, of Oklahoma-based ABC Supply was the richest self-made billionaire with $22 billion.

The wealth calculations are a snapshot as on 15 January 2024, Hurun said.