“Mumbai Emerges as Asia’s Leading Hub for Billionaires, Surpassing Beijing: Hurun Report”
India’s financial powerhouse, Mumbai, has achieved a significant milestone by dethroning Beijing as Asia’s new “billionaire capital,” according to the Hurun Global Rich List 2024. The report highlights Mumbai’s rise with 92 billionaires, outpacing Beijing’s count of 91 billionaires. This shift marks Mumbai’s emergence as Asia’s epicentre of wealth, propelled by the addition of 26 new billionaires to its ranks while Beijing experienced a decline of 18 billionaires.
India’s financial powerhouse, Mumbai, has achieved a significant milestone by dethroning Beijing as Asia’s new “billionaire capital,” according to the Hurun Global Rich List 2024. The report highlights Mumbai’s rise with 92 billionaires, outpacing Beijing’s count of 91 billionaires. This shift marks Mumbai’s emergence as Asia’s epicentre of wealth, propelled by the addition of 26 new billionaires to its ranks while Beijing experienced a decline of 18 billionaires.
The Hurun report notes that Mumbai’s rapid growth in billionaire numbers places it third globally, following New York with 119 billionaires and London with 97. Key industries contributing to India’s surge in billionaire ranks include Pharmaceuticals with 39 billionaires and Automobile and Auto Components with 27 billionaires.
Globally, the Hurun Global Rich List identifies 3,279 billionaires worldwide, with 167 new additions in the past year. The United States continues to lead with 800 billionaires, while China maintains its position as the global leader with 814 billionaires despite a decline of 155 billionaires. India’s remarkable rise in billionaire numbers positions it third globally with 271 billionaires, marking a notable addition of 84 individuals, the second-highest increase after the United States.
Anas Rahman Junaid, founder and chief researcher of Hurun India, emphasizes India’s ascent as a future economic powerhouse, poised to become the world’s third-largest economy. He highlights Mumbai’s newfound status as Asia’s billionaire hub, underscoring India’s potential in emerging sectors like electric vehicles, space technology, and AI.
The report also sheds light on China’s challenging year, with Hong Kong down 20%, Shenzhen down 19%, and Shanghai down 7% in billionaire numbers. Other countries with substantial billionaire populations include the UK, Germany, Switzerland, Russia, Italy, France, and Brazil.
In addition to regional trends, the Hurun report highlights the top three richest individuals globally:
- Elon Musk, Tesla’s visionary leader, reclaims the title of the world’s richest person with a net worth of USD 231 billion, driven by Tesla’s soaring shares.
- Jeff Bezos of Amazon ascends to second place with a wealth increase of 57%, reaching USD 185 billion.
- Bernard Arnault, last year’s top-ranked billionaire, slips to third place with a net worth of USD 175 billion.
The dynamics of global wealth distribution underscore the evolving economic landscape and the pivotal role played by major cities like Mumbai in shaping Asia’s financial future.
Sources By Agencies
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