China remains atop the Hurun Research Institute’s global rich list with 814 billionaires, followed by the United States with 800 billionaires, and India with 271 billionaires, most of them in Mumbai.
Make way for Mumbai, Beijing.
Mumbai has emerged as the Asian city with the highest number of billionaires, according to the Hurun Research Institute’s global rich list.
India takes the third spot in the global list of wealthiest individuals, hosting 271 billionaires. The report singles out Mumbai as Asia’s billionaire hub, with Reliance Industries chairman Mukesh Ambani prominently featured.
The Hurun Global Rich List 2024 reports 3,279 billionaires worldwide, including 167 newcomers. China leads with 814 billionaires, followed by the US with 800; however, China saw a decrease of 155, while the US and India gained.
The report highlighted India’s exceptional performance, with the addition of nearly 100 billionaires during the year. Confidence in the economy reached record levels.
Mumbai’s rise as Asia’s billionaire hub, overtaking Beijing for the first time in Hurun’s history, and securing a top-three global city position marked significant milestones.
Leading the 2024 global rich list for cities is New York with 119 billionaires, followed by London with 97. In Asia, Mumbai, India’s financial hub, surged forward with 92 billionaires, as reported by Hurun. Trailing closely behind are Beijing with 91 billionaires and Shanghai with 87.
The report revealed a current global billionaire count of 3,279, marking a 5% rise from 2023.
The research firm noted challenges in China’s wealth creation, citing declines in billionaire wealth from real estate and renewables sectors.
Hurun reports that the U.S., despite adding 109 billionaires in 2023, now trails China by just 14 billionaires.
Taylor Swift’s net worth of $1.2 billion was recorded by Hurun Research after her record-breaking Eras Tour commenced in March 2023.
Bloomberg’s Billionaires Index ranks Jeff Bezos of Amazon and Elon Musk of Tesla as the top two wealthiest individuals in the U.S.
The combined wealth of billionaires in Mumbai.
Mumbai’s billionaires’ wealth surged to $445 billion, up 47%, led by sectors like energy and pharmaceuticals. Beijing’s billionaires saw a 28% decrease to $265 billion.
General trends
The global billionaire count rose by 5% to reach 3,279, while their collective wealth surged by 9% to US$15 trillion. Artificial intelligence emerged as the primary catalyst for wealth growth, responsible for over half of the new wealth generated.
India’s progress
India added 94 new billionaires, ranking second after the US. With 271 billionaires, India now surpasses Germany, and Mumbai is Asia’s new billionaire capital. Indian billionaires’ combined wealth exceeds China’s average wealth per billionaire.
Factors contributing to India’s ascent
Robust economic growth and increasing investor trust.
The emergence of successful Indian startups, especially in telecommunications, energy, pharmaceuticals, and artificial intelligence sectors.
These Indian billionaires also stand out.
Shiv Nadar of HCL and family rose to 34th place, while Cyrus S Poonawalla of Serum Institute dropped to 55th. Dilip Shanghvi and Kumar Mangalam Birla also made notable appearances. Radhakishan Damani’s wealth grew steadily, placing him at 100th.
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