Maximum City Mumbai: Mumbai surged as the world’s fastest-growing billionaire hub, boasting 92 billionaires, a remarkable addition of 26 in the year. This ascent positioned Mumbai as the third-ranking billionaire capital globally and solidified its status as Asia’s premier billionaire destination.
In 2023, India saw a remarkable surge in billionaire numbers, adding 94 new individuals to its roster, second only to the US, as reported by the 2024 Hurun Global Rich List. This influx brings the total count of Indian billionaires to 271, underlining the nation’s burgeoning economic prowess. The cumulative wealth of these billionaires stands at an impressive US$1 trillion, comprising 7 percent of the total wealth. Notably, the average age of Indian billionaires is 67 years.
Key industries dominating India’s billionaire landscape include pharmaceuticals (39), automobile & auto components (27), and chemicals (24), reflecting the diverse economic sectors contributing to the nation’s wealth.
Mumbai emerged as the world’s fastest-growing billionaire capital, boasting 92 billionaires, a notable increase of 26 within the year, elevating its global ranking to third and establishing itself as Asia’s billionaire epicenter. New York secured the top spot with 119 billionaires, followed closely by London with 97. Beijing, which held the top position last year, slipped to fourth place with 91 billionaires, trailing India by merely three.
New Delhi made its debut in the Top 10 rankings for the first time, signifying India’s rising prominence in global wealth distribution. Mukesh Ambani claimed the tenth position with a wealth of $115 billion, while Gautam Adani secured the 15th spot with a wealth of $86 billion, as reported by the UK-based Hurun.
At 52, Elon Musk reclaimed the title of the world’s richest person for the third time in four years, boasting a staggering wealth of $231 billion, fueled by Tesla’s soaring stock prices and the remarkable success of SpaceX. Jeff Bezos climbed to the second position with a wealth of $185 billion, driven by Amazon’s cloud computing division and market expansion.
Mark Zuckerberg and Elon Musk were the biggest gainers of the year, adding $90 billion and $74 billion respectively to their fortunes. Jensen Huang of Nvidia witnessed his wealth doubling to $48 billion, earning him a spot in the Hurun Top 30.
Despite China losing 155 billionaires, it retained its status as the world’s billionaire capital with 814 billionaires, closely followed by the USA with 800 billionaires, indicating a 4% decrease from the previous year. Together, China and the USA command 49% of the global billionaire population, as per the Hurun Rich List.
The 2024 Hurun Global Rich List underscores India’s burgeoning economic influence, positioning it as a future economic powerhouse and the world’s third-largest economy after the USA. India’s remarkable billionaire surge, rivaled only by the United States, propelled Mumbai ahead of Beijing, solidifying its status as Asia’s billionaire hub, remarked Anas Rahman Junaid, Founder and Chief Researcher at Hurun India.
The USA witnessed significant growth on the Hurun Global Rich List, with its 800 billionaires contributing 37% of the total wealth listed. Adding 132 new entrants, the entrepreneurial landscape of America continues to exhibit dynamism and resilience.