India’s financial capital Mumbai surpasses Beijing in Billionaires count
New Delhi, 26 March 2024
Mumbai has clinched the title of Asia’s premier billionaire capital, overtaking Beijing in terms of billionaire count. Fresh data from Hurun Research’s 2024 Global Rich List has unveiled Mumbai’s ascent, with the city now boasting 92 billionaires, surpassing Beijing’s tally of 91. This landmark achievement highlights India’s burgeoning influence in the global economic landscape.
Despite China maintaining a lead in overall billionaire count with 814 billionaires compared to India’s 271, Mumbai’s surge in billionaire numbers has propelled it to the third spot globally. This places Mumbai just behind New York, with 119 billionaires, and London, with 97, marking a significant milestone for India’s financial hub.
The collective wealth of Mumbai’s billionaires has witnessed a remarkable upsurge, soaring to $445 billion, reflecting a substantial 47% increase from the previous year. Meanwhile, Beijing has experienced a downturn, with its total billionaire wealth shrinking to $265 billion, marking a significant 28% decline.
Key sectors driving Mumbai’s billionaire boom include energy and pharmaceuticals, where industry titans like Mukesh Ambani have amassed considerable fortunes. Notably, real estate mogul Mangal Prabhat Lodha emerges as Mumbai’s biggest wealth gainer, witnessing an impressive 116% surge in wealth.
In the global billionaire rankings, India’s representation has seen a slight dip, but prominent figures like Mukesh Ambani maintain their stronghold. Ambani retains his position at number ten, while others like Gautam Adani and Shiv Nadar climb up the ranks to fifteenth and thirty-fourth spots, respectively. However, Cyrus S. Poonawalla of the Serum Institute experiences a minor setback, slipping nine spots to rank fifty-five with a total fortune of $82 billion.
