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Wednesday April 24, 2024

Mukesh Ambani thank you: Mumbai beats Beijing as Asia's billionaire capital for first time

India now home to second largest number of billionaires after US

By Web Desk
March 26, 2024
Mukesh Ambani helps Mumbai become Asias billionaire capital along with other Indian rich men. — Reliance/File
Mukesh Ambani helps Mumbai become Asia's billionaire capital along with other Indian rich men. — Reliance/File

Mumbai takes over Beijing to become Asia's billionaire capital for the first time.

Surpassing China's average wealth per billionaire (US$3.2 billion vs US$3.8 billion), Indian billionaires' cumulative wealth reached US$1 trillion, according to the 2024 Hurun Global Rich List, according to Business Standard.

Taking over China's 55 and solidifying India's position as the second-largest contributor to the global billionaire population, this phenomenal rise is mirrored by India's addition of 94 new billionaires in a single year.

India is now the third-ranked country globally with 271 billionaires, surpassing Germany.

India's performance stands out whereas the number of billionaires globally increased by a modest 5%.

Adding the second-highest number of new billionaires (94) after the US (109), the country witnessed a meteoric rise.

Surpassing Germany and signifying a potential shift in the global economic landscape, this surge catapulted India to the third position globally.

Mukesh Ambani remains Asia's richest person, but the real success lies in the sheer number of new entrees.

India boasts a remarkable 247 individuals who saw their wealth increase, far exceeding China's 241, with only 24 billionaires experiencing a wealth decline.

A cumulative wealth surge of 51% in India is marked by this robust growth.