Mumbai dethrones Beijing as Asia's Billionaire HubBusiness News

March 27, 2024 13:29
Mumbai dethrones Beijing as Asia's Billionaire Hub

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In a remarkable feat, the bustling city of Mumbai has claimed the title of Asia's new billionaire capital, surpassing Beijing, as unveiled in the latest report by the Hurun Research Institute. This financial hub of India now proudly boasts a total of 92 billionaires, surpassing Beijing's count and solidifying its position as a thriving center for wealth creation. The report, titled "Hurun Global Rich List 2024," sheds light on Mumbai's remarkable rise to fame, stating, "Mumbai witnessed the most rapid growth in billionaire residents worldwide, with 26 additions in just one year, securing its place as the third-ranked city globally and the billionaire capital of Asia. Furthermore, New Delhi has made its debut in the Top 10 for the first time."

India's economic prowess is further validated by the astonishing surge in its billionaire population. The country has welcomed an astounding 94 new billionaires, second only to the United States, bringing the total count of ultra-high-net-worth individuals to 271. This surge, the highest since 2013, serves as a testament to the soaring confidence in the Indian economy, as expressed by Rupert Hoogewerf, the chairman and chief researcher of the institute. The report also highlights the dominant industries that have contributed to India's billionaire boom, with the pharmaceutical sector leading the way with 39 billionaires, followed closely by the automobile and auto components industry with 27 billionaires, and the chemicals sector with 24 billionaires.

Indian billionaires possess an astonishing $1 trillion, which makes up 7% of the total global billionaire wealth, showcasing the nation's significant economic impact. At the forefront of the Indian billionaire group is Mukesh Ambani, the chairman of Reliance Industries, who holds an incredible net worth of $115 billion. In close pursuit is Gautam Adani, the Adani Group energy conglomerate's founder, with assets worth $86 billion. This impressive wealth surge of $33 billion can be attributed to a rally in his companies' shares. While India experienced a surge in its billionaire population, China faced a decline, as indicated in the report's statement, "China had a challenging year, with HK down 20%, Shenzhen down 19%, and Shanghai down 7%." This downturn can be attributed to difficulties in the real estate and renewable energy sectors, as well as underperformance in Chinese stock markets.

Additionally, the report highlights a significant merger between Reliance Industries of India and Walt Disney, merging their television and streaming assets in India to form a valued entity of $8.5 billion. This strategic consolidation aims to establish a dominant force in the global entertainment industry.

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Mumbai  Asia Billionaire Hub