Mumbai Now Asia's Billionaire Capital Surpassing Beijing! Mukesh Ambani 10th Richest in the World

Economic Powerhouse: Mumbai Leads in Asia

Mumbai has emerged as Asia’s billionaire capital, surpassing Beijing for the first time in history. The city now ranks among the top three globally, with New Delhi also debuting in the top 10 cities for billionaires.

As of 2024, India boasts 271 billionaires, marking its presence as a formidable economic powerhouse.

At the forefront of this wealth wave is Mukesh Ambani, the chairman of Reliance Industries, the 10th wealthiest person in the world with a net worth of $115 billion. Despite dropping one rank, Ambani’s wealth has increased by 40%, cementing his position as Asia’s wealthiest individual.

Hurun Global Rich List 2024

The Hurun Global Rich List 2024 provides a snapshot of this wealth, noting that while China still has the most billionaires, India has added almost 100 new entrants to the list. The United States follows closely, with both countries contributing significantly to the global tally of 3,279 billionaires.

Elon Musk reclaims the title of richest person after a Tesla stock price jump. This year, Mark Zuckerberg and Larry Page joined the top 10, replacing the fortunes of the late Bertrand Puech (Hermes) and Francoise Bettencourt Meyers (L’Oreal).

“India has had a super strong year, adding almost 100 billionaires. Confidence in the economy grew to record levels. Mumbai overtook Beijing to become Asia’s billionaire capital (for the first time in the history of Hurun list) and Top 3 cities globally,” the report said.

This year’s list also includes some notable new members, such as the acclaimed musician Taylor Swift, who joins the billionaire ranks with a fortune amassed from her music and savvy business decisions.

The concentration of wealth continues to reach new heights, with the cut-off to make the Hurun Top 10 more than tripling over the past decade. The report suggests that if this trend continues, we could see the world’s first trillionaires emerge by 2030.

“The concentration of wealth is reaching unprecedented heights. The cut-off to make the Hurun Top 10 has more than tripled this past decade to over US$100 billion today. The Hurun Top 10 generated a staggering 60% of all the new wealth generated this year. There are now 13 individuals with more than US$100bn, with only the first member of this ’10-zeroclub’ coming in 2018. At this rate, expect to see the world’s first trillionaires by 2030,” it added.