Mumbai Replaces Beijing As Asia's Billionaire Capital, Here's How Many Billionaires India Has

For the first time ever, Mumbai has emerged as Asia’s new billionaire capital, overtaking the position from China’s capital city of Beijing. This is according to the latest Hurun Research Institute report 2024. 

Mumbai Replaces Beijing As Asia’s Billionaire Capital

mumbai/flickr

The financial hub of India, Mumba, now boasts 92 billionaires, surpassing Beijing’s count of 91.  

Mumbai’s incredible ascent was highlighted in the report, “Hurun Global Rich List 2024,” which claimed that the city was the fastest-growing billionaire capital in the world, adding 26 new billionaires in a single year to rank third globally and as Asia’s billionaire capital. New Delhi made its first appearance in the Top 10.

India’s remarkable rise in the number of billionaires within its population served as further evidence of its economic might. With 94 new billionaires added, the country now has the highest number of billionaires outside of the United States (271 ultra-high-net-worth individuals). According to a number of media reports, Rupert Hoogewerf, the chairman and chief researcher of the institute, stated that this increase, the highest since 2013, is evidence of the rising confidence in the Indian economy. 

Also Read: Dubai & Mumbai To Be Amongst The Wealthiest Cities By 2030

List Of Cities With Most Billionaires In The World

hurun list cities billionaires 2024/hurun

New York-119

London-97

Mumbai-92

Beijing-91

Shanghai-87

Shenzhen-84

Hong Kong-65

Moscow-59

New Delhi-57

San Francisco-52

Sectors Which Possess The Most Indian Billionaires

The pharmaceutical industry led the pack with 39 billionaires, followed by the automotive and auto component industries (27), and the chemicals sector (24). The report also shed light on the relative dominance of these industries in India’s billionaire boom. The aggregate wealth of billionaires in India is an astounding $1 trillion, which represents 7% of the world’s billionaire wealth and highlights the country’s significant economic sway.

With a net worth of $113 billion (as per current Forbes real time billionaires’ list), Reliance Industries chairman Mukesh Ambani leads the group of billionaires in India. He is both India as well as Asia’s richest person. Next in line is the founder of the Adani Group, Gautam Adani, who has a current net worth of $81 billion.

forbes

China saw a decrease, with the report noting, “China had a bad year,” while India’s population of billionaires skyrocketed. Shanghai was down 7%, Shenzhen was down 19%, and Hong Kong was down 20%. This decline can be linked to issues in the renewable energy and real estate industries as well as poor results in the Chinese stock markets.

The report also highlighted Walt Disney and Reliance Industries of India’s historic merger, which combined their respective streaming and television businesses in India into an organization valued at $8.5 billion. The goal of this calculated consolidation is to establish a stronghold in the international entertainment sector.

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