- In a historic shift, Mumbai has dethroned Beijing to become Asia’s billionaire capital for the first time, securing a spot among the world’s top three wealthiest cities.
- According to the 2024 Hurun Global Rich List the combined wealth of Indian billionaires has skyrocketed to an astounding $1 trillion, surpassing China’s average billionaire wealth per person.
- Leading this surge is Gautam Adani, the visionary behind the Adani Group, who experienced a remarkable gain propelling him to the 15th position in the global rankings.
- the United States remains at the forefront with 800 billionaires, China retains its global leadership position with 814 billionaires, despite a decline of 155 individuals.
- India emerges as a formidable contender, boasting 271 billionaires and marking a substantial increase of 84 individuals, the second-highest rise globally after the United States.
In a historic shift, Mumbai has dethroned Beijing to become Asia’s billionaire capital for the first time, securing a spot among the world’s top three wealthiest cities. According to the 2024 Hurun Global Rich List released on Tuesday, the combined wealth of Indian billionaires has skyrocketed to an astounding $1 trillion, surpassing China’s average billionaire wealth per person.
Leading this surge is Gautam Adani, the visionary behind the Adani Group, who experienced a remarkable gain propelling him to the 15th position in the global rankings. Aged 61 and steering the Adani Group energy conglomerate, Adani witnessed an unprecedented increase in his wealth by $33 billion this year alone, amassing a net worth of $86 billion. His meteoric rise can be attributed to a surge in his companies’ stock prices following a favorable Supreme Court ruling addressing concerns raised in the Hindenburg report.
The 2024 Hurun Global Rich List highlights a significant uptick in the global billionaire population, welcoming 167 new individuals into the elite ranks, bringing the total to 3,279 billionaires worldwide. Notably, over half of this newfound wealth is attributed to advancements in artificial intelligence (AI).
While the United States remains at the forefront with 800 billionaires, China retains its global leadership position with 814 billionaires, despite a decline of 155 individuals. Meanwhile, India emerges as a formidable contender, boasting 271 billionaires and marking a substantial increase of 84 individuals, the second-highest rise globally after the United States.
Elon Musk, the visionary behind Tesla, reclaims his title as the world’s richest person for the third time in four years, with an astounding net worth of $231 billion, driven by a surge in Tesla shares. Jeff Bezos of Amazon follows closely, rising two places to secure the second position with a wealth increase of 57 percent, reaching $185 billion.
Bernard Arnault, last year’s number one, slips to third place with a wealth decrease to $175 billion. Mumbai’s ascendancy to Asia’s billionaire hub underscores India’s growing economic prowess and signals a significant shift in the global wealth landscape.
India’s economic trajectory, fuelled by technological innovation and entrepreneurial spirit, has propelled Mumbai into the spotlight as a beacon of wealth creation and opportunity. With its vibrant entrepreneurial ecosystem, favorable business climate, and robust economic growth, Mumbai solidifies its position as a key player on the world stage, poised for even greater economic prominence in the years to come. As the city continues to attract investment and talent, its status as Asia’s new billionaire epicenter is set to endure, shaping the region’s economic landscape for generations to come.
(With inputs from agencies)
