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Report Reveals India Boasts 271 Billionaires, Mukesh Ambani Leads the Pack

In a recent report by Hurun, it has been highlighted that in the latest rankings of billionaire capitals, Mumbai has surpassed Beijing, marking a significant shift in wealth accumulation. The 2024 Hurun Global Rich List reveals that Mumbai is home to 92 billionaires, edging out Beijing with its 91. This year, Mumbai saw an impressive increase in billionaire count, adding 27 new billionaires compared to Beijing’s six. Furthermore, the aggregate wealth of Mumbai’s billionaires amounts to $445 billion, significantly higher than the $265 billion held by Beijing’s billionaires, with the former experiencing a 47% wealth increase as opposed to the latter’s 28% decline.

Anas Rahman Junaid, the founder and chief researcher at Hurun India, commented on the significant growth in India’s billionaire population, particularly in Mumbai, which has now become the leading hub for billionaires in Asia. The increase in billionaires in India, with 94 new entrants, outpaces China’s 55, despite China having a larger overall number of billionaires at 814 compared to India’s 271. The wealth of Indian billionaires rose by 51%, while Chinese billionaires saw a 20% decrease.

The report also notes the higher average wealth of Indian billionaires at $3.8 billion compared to their Chinese counterparts at $3.2 billion, attributing this to the abundant wealth creation opportunities in India. Junaid further emphasized the potential within India’s startup ecosystem, particularly in sectors like electric vehicles, space technology, and AI, indicating a promising future for innovation and wealth generation in the country. India ranks third globally in the number of billionaires, following China and the USA.

Mukesh Ambani, Asia’s wealthiest individual, made it into the top 10 of the global list, with both the Ambani and Gautam Adani families each adding $33 billion to their wealth over the past year. The title for the highest percentage increase in wealth goes to TS Kalyanaraman & family of Kalyan Jewellers, with a 200% surge. In Mumbai, the most significant gain by percentage was observed in the wealth of Mangal Prabhat Lodha & family, known for their luxury real estate ventures, which saw an increase of $11 billion or 116%.

The global billionaire population has grown by 167, reaching a total of 3,279, with a notable contribution from the AI sector. The United States saw the addition of 109 billionaires, bringing its total to 800. Elon Musk leads as the world’s wealthiest individual for the third year in four, with his fortune at $231 billion, primarily due to the rise in Tesla shares. Jeff Bezos and Bernard Arnault follow, with Bezos climbing two places after increasing his wealth by $67 billion or 57%, making his total worth $185 billion.