Achi news desk-
In a remarkable achievement, Mumbai has emerged as Asia’s new billionaire capital, surpassing Beijing, according to the latest report by the Hurun Research Institute. Financial hub India now has 92 billionaires, overtaking Beijing’s tally and cementing its status as a thriving center for wealth creation.
The report, titled “Hurun Global Rich List 2024,” highlighted Mumbai’s meteoric rise, noting, “Mumbai was the fastest growing billionaire capital in the world, adding 26 in the year and taking it to third in the the world and the billionaire capital of Asia. New Delhi broke into the Top 10 for the first time.
India’s economic prowess was further underscored by the remarkable surge in its billionaire population. The country added a staggering 94 new billionaires, the most of any country except the United States, bringing the total to 271 ultra-high net worth individuals. This surge, the highest since 2013, is testimony to the growing confidence in the Indian economy, as noted by Rupert Hoogewerf, the institute’s chairman and chief researcher.
The report highlighted the dominance of specific industries in contributing to India’s billionaire boom, with the pharmaceutical sector leading the pack with 39 billionaires, followed by the auto and auto components industry (27), and the chemicals sector (24). Combined, the wealth of Indian billionaires amounts to a staggering $1 trillion, accounting for 7% of global billionaire wealth, underscoring the nation’s considerable economic influence.
Leading the pack of Indian billionaires is Mukesh Ambani, chairman of Reliance Industries, with a staggering net worth of $115 billion. Following closely behind is Gautam Adani, founder of energy conglomerate Adani Group, with assets worth $86 billion, citing a $33 billion surge in wealth attributed to a rally in his companies’ shares.
While India’s billionaire population increased, China saw a decline, with the report stating, “China had a bad year. HK was down 20%, Shenzhen was down 19%, and Shanghai was down 7%.” This decline can be attributed to struggles in the real estate and renewable energy sectors, as well as weak performance in Chinese stock markets.
The report also highlighted a landmark merger between Reliance Industries of India and Walt Disney, combining their television and streaming assets in India into an $8.5 billion entity. This strategic consolidation aims to create a strong force in the global entertainment industry.
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Published: 26 Mar 2024, 08:39 AM IST
