Mumbai, India’s most populous city and financial capital, has made history by becoming the city in Asia with the highest number of billionaires, surpassing Beijing and Shanghai, according to Hurun Research Institute’s global rich list. With a remarkable 92 billionaires, Mumbai now ranks third globally, behind New York and London, solidifying its position as a major player in the global economy.
The global landscape of billionaires is constantly evolving, with 3,279 billionaires worldwide, showing a 5% increase from the previous year. China remains at the top of the list with 814 billionaires, despite losing 155 billionaires over the last year. The United States closely follows with 800 billionaires, while India secures the third spot with 271 billionaires. Hurun Research Institute noted that China experienced a decline in wealth creation, particularly in real estate and renewables sectors.
Chinese billionaire Zhong Shanshan, known for founding Nongfu Spring, retained his title as China’s richest individual. Colin Huang, the founder of Pinduoduo, surpassed Tencent CEO Ma Huateng to claim the second position in China’s wealth rankings. In the United States, the surge in billionaire numbers can be attributed to advancements in artificial intelligence. Tech giants such as Nvidia, Microsoft, Google, Amazon, Oracle, and Meta witnessed substantial wealth growth as investors focused on the potential of AI technologies.
Amazon founder Jeff Bezos and Tesla CEO Elon Musk continue to dominate the U.S. billionaire charts, boasting net worths of $201 billion and $190 billion, respectively. Notably, musician Taylor Swift made her debut on Hurun Research’s list with a net worth of $1.2 billion, propelled by her successful Eras Tour and lucrative music catalog sales. India saw a significant increase in new additions to its ultra-rich list, making it the second-largest contributor to the global billionaire count.
India’s economy has been flourishing, with a GDP growth rate of 8.4% in the October-December period, making it the world’s fastest-growing economy. The country’s stock market has surpassed Hong Kong’s, becoming the seventh-largest in the world with a valuation exceeding $4 trillion. Mukesh Ambani, the Chairman of Reliance Industries, retains his position as the wealthiest individual in Asia, with a net worth of $110 billion, according to Bloomberg data. Gautam Adani, founder of the Adani Group, briefly overtook Ambani in January but currently stands three spots behind with a net worth of $97.9 billion.
Mumbai’s rise to the top of Asia’s billionaire capitals signifies the city’s growing economic influence and potential for further prosperity. As global trends continue to shift, India’s emergence as a key player in the billionaire world highlights the country’s economic resilience and growth prospects. With visionary leaders like Mukesh Ambani and Gautam Adani driving India’s wealth creation, the future looks promising for the nation’s ultra-rich elite.