Mumbai Surpasses Beijing to Become Asia’s Billionaire Capital

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Mumbai Takes the Throne for the Most Billionaires in Asia

In a historic milestone, Mumbai has overtaken Beijing to claim the title of Asia’s billionaire capital for the first time. According to the 2024 Hurun Global Rich List, the cumulative wealth of Indian billionaires has soared to a staggering US$1 trillion, surpassing China’s average wealth per billionaire.

India’s remarkable ascent is underscored by the addition of 94 new billionaires in a single year, outpacing China’s 55 and solidifying India’s position as the second-largest contributor to the global billionaire population. With 271 billionaires, India now ranks third globally, surpassing Germany.

The surge in India’s billionaire population stands out against the global trend, with the country witnessing a meteoric rise despite a modest 5% increase in the global billionaire count. Notably, India added the second-highest number of new billionaires after the United States, marking a potential shift in the global economic landscape.

While Mukesh Ambani retains his status as Asia’s richest person, the true narrative lies in the influx of new entrants. India boasts a remarkable 247 individuals who saw their wealth increase, far surpassing China’s figure of 241. This robust growth translates to a cumulative wealth surge of 51% in India.

Mumbai, India’s financial hub, epitomizes the nation’s success story. The city welcomed 27 new billionaires, contrasting sharply with Beijing’s meager addition of 6. Mumbai’s overall wealth skyrocketed by an impressive 47%, dwarfing Beijing’s 28% decline.

The rise of Indian billionaires is not confined to traditional sectors like telecom and energy. The flourishing startup ecosystem, particularly in Artificial Intelligence (AI), has emerged as a significant contributor. With a young, tech-savvy population and a growing emphasis on innovation, India is poised to capitalize on the AI revolution, potentially fueling further billionaire growth in the years ahead.

Key drivers behind India’s billionaire boom include robust economic performance and strong stock markets fueled by investor confidence. Unlike China, which experienced a decline in its billionaire population, India thrived amidst economic optimism.

Anas Rahman Junaid, Founder and Chief Researcher at Hurun India, emphasized India’s ascent as a future economic powerhouse, poised to secure its place as the world’s third-largest economy. He underscored the pivotal role of India’s startup ecosystem and highlighted Mumbai’s status as the fastest-growing billionaire capital globally.

As Mumbai emerges as Asia’s billionaire epicenter and New Delhi breaks into the top ten for the first time, the Hurun Global Rich List signals a transformative shift in the global power structure, with India poised to play a leading role in the decades to come.

Larry Weisman March 29, 2024