Mumbai has dethroned Beijing as Asia’s billionaire capital, according to the 2024 Hurun Research Global Rich List, reported by the Times of India (TOI).
India’s financial powerhouse now boasts 92 billionaires, surpassing Beijing’s 91, despite China still holding the overall lead with 814 billionaires compared to India’s 271.
Mumbai’s meteoric rise is fueled by a surge of 26 new billionaires in the past year, bringing its total billionaire wealth to a staggering $445 billion. This marks a remarkable 47% increase from the previous year, significantly outpacing Beijing’s $265 billion, which reflects a 28% decline.
The sectors propelling Mumbai’s wealth creation are energy and pharmaceuticals, with tycoons like Mukesh Ambani leading the charge. Interestingly, real estate magnate Mangal Prabhat Lodha witnessed the most significant individual wealth increase (116%) among Mumbai’s billionaire elite.
On the global stage, Indian billionaires experienced a mixed bag of movements. Mukesh Ambani retained his impressive 10th place ranking, largely due to the continued success of Reliance Industries. Gautam Adani, driven by a phenomenal wealth surge, climbed eight spots to claim the 15th position.
Other prominent contributors to India’s dynamic billionaire class include Dilip Shanghvi (Sun Pharmaceuticals), Kumar Mangalam Birla, and Shiv Nadar (HCL). Nadar’s wealth and global ranking saw a significant rise, jumping 16 places to 34th. In contrast, Cyrus S Poonawalla of Serum Institute slipped nine positions to 55th, with a current net worth of $82 billion.
This news underscores Mumbai’s growing significance as a global financial center and India’s increasing presence on the world stage of wealth creation.