Mumbai has overtaken Beijing to claim the title of Asia's billionaire capital for the first time, according to the 2024 Hurun Global Rich List. Indian billionaires now collectively possess a wealth of over US$1 trillion, surpassing China's average wealth per billionaire. This achievement is underscored by India's addition of 94 new billionaires in a single year, outpacing China's 55 and solidifying India's status as the second-largest contributor to the global billionaire population.
With 271 billionaires, India has risen to become the third-ranked country globally, surpassing Germany. While global billionaire numbers saw a modest 5% increase, India's performance stands out prominently. The country experienced a remarkable surge, adding the second-highest number of new billionaires (94) after the US (109), catapulting India to the third position globally, overtaking Germany and suggesting a potential shift in the global economic landscape.
Mukesh Ambani remains Asia's wealthiest individual, but the significant narrative lies in the multitude of new entrants. With only 24 billionaires witnessing a decline in wealth, India boasts an impressive 247 individuals whose wealth increased, surpassing China's 241. This robust growth translates into a cumulative wealth surge of 51% in India.
Mumbai, in particular, showcases India's success story. The city welcomed 27 new billionaires, contrasting sharply with Beijing's mere 6. Mumbai's overall wealth has surged by an astounding 47%, overshadowing Beijing's 28% decline.
With 271 billionaires, India has risen to become the third-ranked country globally, surpassing Germany. While global billionaire numbers saw a modest 5% increase, India's performance stands out prominently. The country experienced a remarkable surge, adding the second-highest number of new billionaires (94) after the US (109), catapulting India to the third position globally, overtaking Germany and suggesting a potential shift in the global economic landscape.
Mukesh Ambani remains Asia's wealthiest individual, but the significant narrative lies in the multitude of new entrants. With only 24 billionaires witnessing a decline in wealth, India boasts an impressive 247 individuals whose wealth increased, surpassing China's 241. This robust growth translates into a cumulative wealth surge of 51% in India.
Mumbai, in particular, showcases India's success story. The city welcomed 27 new billionaires, contrasting sharply with Beijing's mere 6. Mumbai's overall wealth has surged by an astounding 47%, overshadowing Beijing's 28% decline.