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Mumbai, India’s financial hub, has achieved a significant milestone by overtaking Beijing as Asia’s foremost billionaire epicentre, as revealed by the Hurun Global Rich List 2024. Mumbai now boasts 92 billionaires, edging past Beijing’s count of 91, with the addition of 26 new ultra-rich individuals, while Beijing saw a decline of 18.
Globally, Mumbai now ranks third in terms of billionaires, trailing behind New York with 119 billionaires and London with 97, according to Hurun’s list. This remarkable rise in rank is attributed to industries such as Pharmaceuticals (39) and Automobile and Auto Components (27).
India has witnessed a substantial increase in its billionaire population, ranking third globally with 271 billionaires, marking an addition of 84 individuals, the second-highest rise after the United States. The surge in India’s billionaire count underscores the nation’s ascent as a future economic powerhouse.
Anas Rahman Junaid, founder and chief researcher of Hurun India, emphasized India’s promising trajectory in the global economy. He highlighted the significance of overlooking India’s narrative, stating it as a risk no visionary can afford.
Over half of all new wealth generated is attributed to advancements in artificial intelligence (AI). Additionally, the top three richest individuals in the world are Elon Musk, Jeff Bezos, and Bernard Arnault, with Musk reclaiming the top spot with a net worth of USD 231 billion.
The dynamic landscape of wealth distribution and the rise of Mumbai as Asia’s billionaire epicentre underscore India’s growing influence on the global economic stage.
