The latest data from the Hurun Research Institute reveals that Mumbai has surpassed Beijing and Shanghai to become the Asian capital with the most number of billionaires. With a total of 92 billionaires, Mumbai now holds the third spot globally behind New York and London. This significant shift marks the first time that India’s most populous city has taken the lead in Asia, solidifying its position as a major player in the global economy.
The report also highlights a 5% increase in the number of billionaires worldwide, bringing the total to 3,279 individuals. China remains at the top of the country ranking with 814 billionaires, despite a decrease of 155 billionaires from the previous year. The United States closely follows with 800 billionaires, while India takes the third spot with 271 billionaires. According to the research firm, China experienced a “bad year” with notable changes in wealth creation patterns, particularly in sectors such as real estate and renewables.
In China, Zhong Shanshan, the founder and chairman of Nongfu Spring, retains his position as the country’s richest individual. Meanwhile, Colin Huang, the founder of Pinduoduo, surpassed Tencent CEO Ma Huateng to claim the second spot on the list. The United States, which saw an addition of 109 billionaires in 2023, now trails China by only 14 billionaires. The surge in ultra-wealthy individuals in the U.S. is largely attributed to advancements in artificial intelligence, with notable figures like Jensen Huang from Nvidia making headlines for their wealth growth.
Amazon founder Jeff Bezos and Tesla CEO Elon Musk lead the pack as the top two billionaires in the U.S., with net worths of $201 billion and $190 billion respectively. Singer Taylor Swift also made her debut on the list, boasting a net worth of $1.2 billion following the success of her Eras Tour. The merging of music royalties, touring revenue, and strategic investments have propelled her to the upper echelons of wealth in the entertainment industry.
India experienced significant growth in the number of ultra-rich individuals, adding 84 new members to its exclusive list of billionaires. The country’s GDP expanded by 8.4% in the October-December period, positioning India as the world’s fastest-growing economy. The stock market in India has also seen remarkable growth, surpassing Hong Kong to become the seventh largest in the world with a valuation exceeding $4 trillion. Mukesh Ambani, the Chairman of Reliance Industries, continues to lead as the wealthiest person in Asia and the eleventh richest globally, with a total net worth of $110 billion.
Overall, Mumbai’s rise as the Asian capital with the most billionaires reflects India’s growing influence in the global economy. As wealth creation and economic growth continue to drive the country’s trajectory, Indian entrepreneurs and business leaders are poised to make a significant impact on the world stage. With the rise of new billionaires and the success of established tycoons like Mukesh Ambani, India’s position as a key player in the international business landscape is solidified.