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Mumbai Overtakes Beijing as Asia’s Billionaire Capital


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Mumbai, known as the financial hub of India, has surpassed Beijing as Asia’s billionaire capital, according to the latest findings from the Hurun Research Institute. The “Hurun Global Rich List 2024” reveals that Mumbai is now home to 92 billionaires, surpassing Beijing’s count. The report also highlights that Mumbai had the highest growth in its billionaire population globally in 2024, with 26 new billionaires joining within a year.

In a first, New Delhi has entered the top 10 cities with the highest number of billionaires, as stated in the Hurun report. The report further emphasizes India’s strong economic growth by noting a significant increase in the number of billionaires. India witnessed the second-highest rise in ultra-high-net-worth individuals globally, with an impressive addition of 94 new billionaires, second only to the United States.

The Hurun report identifies specific industries as major contributors to India’s surge in billionaires. The pharmaceutical industry leads the list with 39 billionaires, followed by the automobile and auto components sector with 27, and the chemicals industry with 24. The total wealth of Indian billionaires amounts to a staggering $1 trillion, accounting for 7% of global billionaire wealth. This suggests a significant concentration of wealth within these sectors in the Indian economy.

Mukesh Ambani, Chairperson of Reliance Industries, leads India’s billionaire group with a net worth of $115 billion, according to the Hurun report. Following closely is Gautam Adani, founder of the Adani Group conglomerate, with assets worth $86 billion. The report highlights a substantial increase of $33 billion in Adani’s wealth due to a surge in his companies’ share prices. These figures underscore the immense wealth accumulated by India’s top billionaires.

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