Mumbai Overtakes Beijing as Asia's New 'Billionaire Capital'

By siliconindia  |  Tuesday, 26 March 2024, 12:56:32 PM IST

Mumbai Overtakes Beijing as Asia's New 'Billionaire Capital'
Mumbai has seized the spotlight as Asia's latest billionaire capital, dethroning Beijing, according to the recent 'Hurun Global Rich List 2024' by the Hurun Research Institute. With an impressive count of 92 billionaires, Mumbai has surged past Beijing, solidifying its position as a thriving hub for wealth generation.
The report underscores Mumbai's remarkable ascent, citing it as the fastest-growing billionaire capital globally. Over the past year, Mumbai welcomed 26 new billionaires, propelling it to third place worldwide and securing its status as Asia's billionaire epicenter. Moreover, New Delhi broke into the top 10 for the first time, further exemplifying India's economic prowess.
India's billionaire population witnessed an unprecedented surge, with the nation adding a staggering 94 new billionaires, second only to the United States. This surge, the most significant since 2013, reflects burgeoning confidence in the Indian economy, as highlighted by Rupert Hoogewerf, the chairman and chief researcher of the institute.
The report sheds light on the dominant industries fueling India's billionaire boom. The pharmaceutical sector leads the charge with 39 billionaires, followed closely by automobile and auto components (27) and chemicals (24). Cumulatively, Indian billionaires command a colossal wealth of $1 trillion, constituting 7% of global billionaire wealth, underscoring India's substantial economic influence.
At the helm of India's billionaire cohort stands Mukesh Ambani, chairman of Reliance Industries, boasting a staggering net worth of $115 billion. Close behind is Gautam Adani, founder of the Adani Group, with assets valued at $86 billion, marking a $33 billion surge attributed to a rally in his companies' shares.
Conversely, China experienced a downturn, with significant declines reported in Hong Kong (down 20%), Shenzhen (down 19%), and Shanghai (down 7%). This decline is attributed to challenges in real estate, renewable energy sectors, and lackluster performance in Chinese stock markets.
The report also highlights a monumental merger between Reliance Industries and Walt Disney, uniting their television and streaming assets in India into an $8.5 billion entity. This strategic move aims to establish a dominant presence in the global entertainment industry, further solidifying India's position on the world stage.

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