Mumbai, the financial centre of India, has now surpassed Beijing to become Asia's capital of billionaires for the first time, according to Hurun Research Institute's Global Rich List 2024.
As per the Shanghai-based institution, the cities with the highest number of billionaires are New York (119) and London (97).
According to the research, Mumbai was the fastest-growing billionaire capital in the world, adding 26 in the year and taking it to third spot in the world and Asia's billionaire capital.
Besides, in this year's time frame, for the first time ever, New Delhi also made it to the top 10 of the coveted list.
Moreover, the combined wealth of Indian billionaires surpassed that of Chinese billionaires (US$3.2 billion vs. US$3.8 billion). India has become the second-largest contributor to the world billionaire population, overtaking China with 55 billionaires in a single year. This extraordinary rise is paralleled by India's accession of 94 billionaires in a single year.
Mukesh Ambani ($115 billion) of Reliance Industries and Gautam Adani ($86 billion) of Adani Group, who benefited from a 33% increase in wealth, spearheaded the remarkable ascent to the top of India's elite billionaire club.
The report stated that the current number of 271 ultra-high-net-worth individuals (UHNWI) in the country is the highest since 2013, with an overall increase of 94 individuals added to the list.
Mumbai is a microcosm of India's prosperity. Compared to Beijing, which only has six billionaires, the city has added 26 billionaires. The total wealth of Mumbai has increased by an astounding 47%, much outpacing Beijing's 28% decrease.
The tale of Indian millionaires' success extends beyond well-known industries like energy and telecom. One important factor is the rise of startups, especially in the rapidly expanding field of artificial intelligence (AI). This pattern fits in with the global emphasis on artificial intelligence (AI), which has become the main force behind wealth creation this year, accounting for more than half of all new wealth created.
The report also mentions that India is well-positioned to benefit from this AI revolution, possibly leading to the creation of even more billionaires in the years to come, because of its young, tech-savvy population and increased emphasis on innovation.
India also had strong economic growth, which is one of the main reasons for this. Robust stock markets, propelled by investor assurance, have established a favourable environment for generating wealth. India prospered while China, a longtime economic giant, saw a fall in the number of billionaires living there. Indian billionaires tend to have larger net worth than their Chinese counterparts, which is another indication of this economic confidence.
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