Mumbai dethrones Beijing as Asia’s billionaire hotspot: Hurun Global Rich List 2024

In a remarkable achievement, Mumbai has emerged as Asia's new billionaire capital, surpassing Beijing, according to the latest Hurun Research Institute report. The financial hub of India now boasts 92 billionaires, overtaking Beijing's count and solidifying its status as a thriving center for wealth creation.

The report, titled "Hurun Global Rich List 2024," highlighted Mumbai's meteoric rise, stating, "Mumbai was the fastest-growing billionaire capital in the world, adding 26 in the year and taking it to third in the world and Asia's billionaire capital. New Delhi broke into the Top 10 for the first time."

India's economic prowess was further underscored by the remarkable surge in its billionaire population. The country added a staggering 94 new billionaires, the highest of any nation except the United States, bringing the total to 271 ultra-high-net-worth individuals. This surge, the highest since 2013, is a testament to the soaring confidence in the Indian economy, as noted by Rupert Hoogewerf, the institute's chairman and chief researcher.

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The report highlighted the dominance of specific industries in contributing to India's billionaire boom, with the pharmaceutical sector leading the pack with 39 billionaires, followed by the automobile and auto components industry (27), and the chemicals sector (24). Collectively, the wealth of Indian billionaires amounts to a staggering $1 trillion, accounting for 7% of the global billionaire wealth, emphasizing the nation's substantial economic influence.

Leading the Indian billionaire cohort is Mukesh Ambani, the chairman of Reliance Industries, with a staggering net worth of $115 billion. Closely following is Gautam Adani, the founder of the Adani Group energy conglomerate, with assets valued at $86 billion, marking a $33 billion surge in wealth attributed to a rally in his companies' shares.

While India's billionaire population soared, China witnessed a decline, with the report stating, "China had a bad year. HK was down 20%, Shenzhen down 19%, and Shanghai down 7%." This downturn can be attributed to struggles in the real estate and renewable energy sectors, as well as weak performance in Chinese stock markets.

The report also highlighted a landmark merger between Reliance Industries of India and Walt Disney, combining their television and streaming assets in India into an entity valued at $8.5 billion. This strategic consolidation aims to create a dominant force in the global entertainment industry.