India now boasts about 100 more billionaires than it did a year ago, a substantial increase in the country’s billionaire population.
Additionally, Mumbai is currently one of the top three cities in the world in terms of the number of billionaires, surpassing Beijing to become the capital of billionaires in Asia.
Mumbai Sees 47% Gain in Wealth
Mumbai saw a 47% gain in wealth, while Beijing saw a 28% decrease in wealth. In total, India surpassed China in the number of newly created billionaires—94 as opposed to China’s 55.
As per the report, “Mumbai was the fastest growing billionaire capital in the world, adding 26 in the year and taking it to third in the world and Asia’s billionaire capital. New Delhi broke into the Top 10 for the first time. Palm Beach, Istanbul, Mexico City and Melbourne broke into the Hurun Top 30 Cities.”
With an additional $33 billion in wealth, Reliance Industries Chairman and Managing Director Mukesh Ambani continues to be the wealthiest person in Asia. Gautam Adani now has $86 billion in wealth, up 62% from his previous ranking of 15th in the world.
The Hurun Global Rich List 2024 uses the biographies of the richest people on the planet to illustrate the developments in the global economy. With AI accounting for more than half of all new wealth created this year, it has been a major driver of wealth creation.
US Produces Highest New Billionaires
With record-high stock markets, the US took the lead in producing new billionaires. After being the “Billionaire Capital of the World” for seven years, New York regained its title.
China has experienced a dramatic shift in the way wealth is created, with a fall in wealth from real estate and renewable energy. China continues to have more known billionaires than the US, even though the number of billionaires has decreased.
Despite a 21% drop in the value of the Ruble relative to the US dollar, Russia added six billionaires.
Additionally, despite the ongoing conflict in Gaza, Israel became home to nine billionaires and entered the list of the world’s 20 richest nations.
China’s wealth shifted, with certain sectors growing while others experienced difficulties.
Numerous industries in Russia, including Metals & Mining and Energy, performed well in spite of the country’s economic ups and downs.
