Mumbai pips China to be Asia's billionaire capital; third in global list

Mumbai has made history by surpassing Beijing as Asia's billionaire capital, boasting 92 billionaires compared to Beijing's 91, according to the 2024 Global Rich List by Hurun Research. Despite China having 814 billionaires in total, Mumbai's ascent to the third spot globally, with a total billionaire wealth of $445 billion, reflects its emergence as a major economic powerhouse.

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First Published Mar 26, 2024, 8:56 AM IST | Last Updated Mar 26, 2024, 8:56 AM IST

In a significant shift of wealth dynamics, Mumbai has clinched the coveted title of Asia's billionaire capital, outpacing Beijing for the first time, as per the 2024 Global Rich List compiled by Hurun Research. With an impressive count of 92 billionaires, Mumbai's ascendancy marks a watershed moment in the continent's financial landscape, overtaking Beijing's tally of 91 billionaires.

The Rise of Mumbai

Despite China boasting a formidable total of 814 billionaires compared to India's 271, Mumbai's remarkable surge in billionaire count has propelled it to the third spot globally, trailing only behind New York and London, with 119 and 97 billionaires respectively. This extraordinary transformation underscores Mumbai's emergence as a powerhouse of wealth accumulation and economic prowess.

Mumbai's Billionaire Boom: Key Statistics

Mumbai's rise to prominence is accentuated by the addition of 26 new billionaires this year, underscoring its burgeoning wealth ecosystem. This surge has catapulted Mumbai's total billionaire wealth to an impressive $445 billion, representing a staggering 47% increase from the previous year. Meanwhile, Beijing has witnessed a notable decline in total billionaire wealth, amounting to $265 billion, marking a significant 28% decrease.

Driving Forces: Wealth Sectors in Mumbai

Key sectors such as energy and pharmaceuticals have played pivotal roles in fueling Mumbai's meteoric rise to billionaire prominence. Visionary leaders like Mukesh Ambani, the driving force behind Reliance Industries, have capitalized on the city's thriving business environment, reaping substantial gains and consolidating their positions at the zenith of wealth accumulation.

Mumbai's Wealth Gainers

Among Mumbai's billionaire elite, real estate magnate Mangal Prabhat Lodha emerges as the standout wealth gainer, boasting an astounding 116% increase in wealth. His success mirrors the dynamic and diverse opportunities available in Mumbai's burgeoning real estate sector, further cementing the city's reputation as a hotspot for entrepreneurial ventures and wealth creation.

Indian Billionaires on the Global Stage

While Mumbai celebrates its ascent, Indian billionaires have experienced a mixed bag of fortunes on the global stage. Mukesh Ambani continues to maintain his top-tier position, retaining the 10th rank globally, attributed to his leadership at Reliance Industries. Meanwhile, Gautam Adani has made significant strides, climbing eight positions to secure the 15th rank, underscoring India's growing influence in the global economic landscape.

Cyrus S Poonawalla, from the Serum Institute, witnessed a slight dip in his wealth, causing him to descend nine spots to the 55th position on the global rich list, with a total wealth of $82 billion. Other notable mentions on the list are Dilip Shanghvi from Sun Pharmaceuticals, who holds the 61st position, and Kumar Mangalam Birla, positioned at 100th place. Additionally, Radhakishan Damani climbed eight places to secure the 100th position on the list.

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