Mumbai overtakes Beijing as Asia's top spot for billionaires
Mumbai, the financial heart of India, has now surpassed Beijing to claim the title of Asia's billionaire capital, as per the latest findings from the Hurun Research Institute. The "Hurun Global Rich List 2024" discloses that Mumbai is currently home to 92 billionaires, outstripping Beijing's tally. The report also emphasizes that Mumbai saw the most rapid growth globally in its billionaire population in 2024, welcoming 26 new ones within a year.
New Delhi joins top 10 billionaire cities
For the first time, New Delhi has made its way into the top 10 cities with the highest number of billionaires, according to the Hurun report. The report further highlights India's robust economic growth by pointing out a substantial rise in its billionaire count. With an impressive addition of 94 new billionaires, India saw the second-highest increase in ultra-high-net-worth individuals globally, trailing only behind the United States.
Key industries drive India's surge in billionaires
The Hurun report pinpoints certain industries as major drivers behind India's surge in billionaires. The pharmaceutical industry tops the list with 39 billionaires, followed by the automobile and auto components sector with 27, and then by the chemicals industry with 24. The total wealth of Indian billionaires is an astounding $1 trillion, making up 7% of global billionaire wealth. This suggests a significant accumulation of wealth within these sectors in India's economy.
Ambani and Adani spearhead India's billionaire brigade
Mukesh Ambani, Chairperson of Reliance Industries, is at the forefront of India's billionaire brigade with a net worth of $115 billion, according to the Hurun report. Hot on his heels is Gautam Adani, founder of the Adani Group conglomerate, with assets worth $86 billion. The report highlights that Adani's wealth experienced a substantial increase of $33 billion due to a surge in his companies' share prices. These figures underscore the vast wealth amassed by India's top billionaires.
