Mumbai has emerged as the Asian capital with the most number of billionaires, surpassing cities like Beijing and Shanghai, according to the Hurun Research Institute’s global rich list. With 92 billionaires, Mumbai ranks third globally behind New York and London. This marks the first time that India’s financial capital has taken the lead in Asia in terms of billionaire concentration. The report also highlights that there are currently 3,279 billionaires globally, representing a 5% increase from the previous year.
In the global rankings, New York leads with 119 billionaires, followed by London with 97. In Asia, Mumbai now boasts 92 billionaires, ahead of Beijing with 91 and Shanghai with 87 billionaires. The report further reveals that China remains at the forefront in terms of total number of billionaires with 814 individuals, despite a decrease of 155 billionaires from the previous year. The United States follows closely with 800 billionaires, while India comes in third with 271 billionaires.
China’s Zhong Shanshan, founder of Nongfu Spring, retains the title as China’s richest person. The rankings were also shaken up by Colin Huang, founder of Pinduoduo, who surpassed Tencent CEO Ma Huateng to secure second place. The report notes that the U.S., which added 109 billionaires in 2023, now trails China by just 14 billionaires. Artificial intelligence played a significant role in driving the wealth of ultra-high-net-worth individuals in the U.S., with notable figures like Amazon founder Jeff Bezos and Tesla CEO Elon Musk leading the pack.
Singer Taylor Swift made her debut on Hurun Research’s list with a net worth of $1.2 billion, attributed largely to her successful Eras Tour. India saw the second largest number of new additions to its list of ultra-rich individuals, adding 84 new members. The country’s economy has been on a strong growth trajectory, with GDP expanding by 8.4% in the October-December period. India’s stock market has also seen significant growth, overtaking Hong Kong to become the seventh largest in the world, valued at over $4 trillion.
Mukesh Ambani, Chairman of Reliance Industries, continues to hold the title of the wealthiest person in Asia and the eleventh richest globally with a net worth of $110 billion. Gautam Adani, founder and chairman of the Adani Group, briefly surpassed Ambani in January but now ranks three spots behind with a net worth of $97.9 billion. The report highlights the shifting fortunes and economic dynamics in Asia, with India’s billionaires playing a significant role in the region’s wealth landscape.
Overall, the Hurun Research Institute’s global rich list provides insights into the distribution of wealth among billionaires around the world, with Mumbai emerging as a key player in the Asian billionaire landscape. The rankings underscore the increasing concentration of wealth in major global cities, with New York and London leading the pack. The report also sheds light on the impact of factors such as artificial intelligence and economic growth on the fortunes of ultra-high-net-worth individuals, painting a nuanced picture of the global wealth landscape.
