Mumbai Overtakes Beijing as Asia’s New ‘Billionaire Capital’: Hurun Report

India’s financial hub Mumbai has emerged as ”Asia’s billionaire epicentre” for the first time, surpassing Beijing, as per the Hurun Global Rich List 2024. According to the list, Mumbai now boasts 92 billionaires, edging past Beijing’s count of 91. While Mumbai added 26 new ultra-rich to the club,  Beijing lost 18. 

“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,” the report read. 

Globally, Mumbai now ranks third in terms of billionaires after New York, which has 119 and London 97, as per Hurun’s list.

Industries that the report attributed India’s growth in rank to were Pharmaceuticals (39) and Automobile and Auto Components (27).

The United States added 109 billionaires, maintaining its lead with a total of 800 billionaires, while China, despite a decline of 155 billionaires, retained its position as the world’s leader with 814 billionaires. Meanwhile, India witnessed a significant rise in its billionaire population, ranking third globally with 271 billionaires, marking an addition of 84 individuals, the second-highest rise after the United States.

“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 United States, India’s unprecedented billionaire boom propels Mumbai past Beijing, crowning it as Asia’s billionaire epicentre. Yet, 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,” said Anas Rahman Junaid, founder and chief researcher of Hurun India.

Notably, over half of all new wealth generated is attributed to advancements in artificial intelligence (AI).

Top 3 Richest People In The World

1. Elon Musk, the visionary behind Tesla, reclaimed his title as the world’s richest person for the third time in four years, with a staggering net worth of USD 231 billion, driven by a surge in Tesla shares
2. Jeff Bezos of Amazon rose two places to second place, amassing a wealth increase of 57 per cent to reach USD 185 billion
3. Bernard Arnault, last year’s number one, slipped to third place, with a decrease in wealth to USD 175 billion.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)