According to the Hurun Global Rich List 2024, the Indian city Mumbai, the financial center of India, has surpassed Beijing to become “Asia’s billionaire epicentre” for the first time. Mumbai now has 92 billionaires, surpassing Beijing’s 91, according to the list. Beijing lost eighteen members, while Mumbai welcomed 26 new ultra-rich members.
Mumbai Surpasses All: Emergence as the Billionaire Capital of Asia and the World
“With 26 new additions in a year, Mumbai became the billionaire capital of Asia and the world with the quickest rate of growth among all billionaire capitals worldwide. For the first time, New Delhi made it into the Top 10,” the report stated.
According to Hurun’s list, Mumbai is currently ranked third globally in terms of billionaires, behind New York (119) and London (97).
The report ascribed India’s rise in the rankings to the pharmaceuticals (ranked 39) and automobile and auto component industries (ranked 27).
Hurun Global Rich List 2024: India’s Ascension to Economic Prominence
167 billionaires were added to the list last year, bringing the total number of billionaires in the world to 3,279 as of this writing. With 800 billionaires overall, the United States continued to lead the world with 109 billionaires, while China, with 814 billionaires, led the world even though it lost 155 billionaires. In the meantime, India saw a notable increase in the number of billionaires, rising from 271 to 271 in the world, an increase of 84, the second-highest increase after the US. This puts India in third place globally.
The Hurun Global Rich List for 2024 highlights India’s rise to prominence in the economy, as it is expected to become the third largest in the world. Mumbai becomes Asia’s hub for billionaires as a result of India’s extraordinary billionaire boom, surpassing all other countries except the US and surpassing Beijing. However, India’s startup scene is only now starting to show its full potential, even as we stand on the cusp of revolutions in space technology, electric vehicles, and artificial intelligence. The message for the next ten years is clear: failing to consider the Indian story is a risk that no visionary can bear, according to Hurun India’s chief researcher and founder, Anas Rahman Junaid.
China had a poor year, according to the report, with “HK down 20%, Shenzhen down 19%, and Shanghai down 7%.” Other countries with the highest concentration of billionaires include Brazil, the UK, Germany, Switzerland, Italy, France, and Russia.
