Mumbai overtakes Beijing to become Asia’s new billionaire capital

The Hurun Global Rich List for 2024 released on Tuesday revealed shifts in the wealth landscape with Indian tycoons Mukesh Ambani and Gautam Adani making headlines for their remarkable gainsMumbai was the fastestgrowing billionaire capital in the world adding 26 in the year and taking it to third in the world and Asias billionaire capital New Delhi broke into the Top 10 for the first time the report statesMukesh Ambani chairman of Reliance Industries retained his title as Asias richest person while Gautam Adani founder of the Adani Group saw a staggering surge in wealth propelling him to the 15th spot in the global rankingsIndias economic prowess was further underscored by the remarkable surge in its billionaire population The country added a staggering 94 new billionaires the highest of any nation except the United States bringing the total to 271 ultrahighnetworth individuals This surge the highest since 2013 is a testament to the soaring confidence in the Indian economy as noted by Rupert Hoogewerf the institutes chairman and chief researcherIndian billionaires cumulative wealth reached US1 trillion surpassing Chinas average wealth per billionaire US32 billion vs US38 billion the 2024 Hurun Global Rich List report statesThe report highlights that industrywise the pharmaceutical sector leads the pack with 39 billionaires followed by the automobile and auto components industry 27 and the chemicals sector 24Also Read Varicose veins prevalent in 40 to 50 pct Indians Donrsquot ignore this conditionCollectively the wealth of Indian billionaires amounts to a phenomenal 1 trillion accounting for 7 per cent of the global billionaire wealth reflecting the countryrsquos substantial economic influenceThe rise of startups particularly in the booming Artificial Intelligence AI space is a significant contributor as well This trend aligns with the global focus on AI which emerged as the biggest driver of wealth creation generating over half of all new wealth this yearWith a young techsavvy population and a growing focus on innovation India is wellpositioned to capitalise on this AI revolution potentially fuelling the creation of even more billionaires in the coming years the report addedLeading the Indian billionaire list is Mukesh Ambani the chairman of Reliance Industries with a staggering net worth of 115 billion Closely following is Gautam Adani the founder of the Adani Group energy conglomerate with assets valued at 86 billion marking a 33 billion surge in wealth attributed to a rally in his companies sharesWhile Indias billionaire population soared China witnessed a decline with the report stating China had a bad year HK was down 20 per cent Shenzhen down 19 per cent and Shanghai down 7 per centThis downturn can be attributed to the crisis in the countryrsquos real estate and volatile stock market problems in the renewable energy sectorsThe release of the Hurun Global Rich List 2024 underscores the dynamic nature of global wealth distribution with Indian business magnates Mukesh Ambani and Gautam Adani emerging as key players on the international stageWith inputs from ANIThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever