Mumbai makes maiden entry into Asia's billionaire club, ranks number 3 globally on Hurun list

India’s financial capital, Mumbai has dethroned Beijing to make its way to the top to become Asia’s billionaire capital, emerging with 26 new billionaires taking the city’s total tally to 92 as against 91 in the Chinese capital.

As per a newly released 2024 Global Rich List by Hurun Research, Mumbai now ranks third globally, with its wealth surging 47 per cent at $445 billion from the past year highlighting strides in India’s wealth creation.

Mumbai is now placed after New York which has 119 billionaires, followed by London with 97. Beijing lost its spot to Mumbai after the city removed 19 ex-billionaires from its list in a year.

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Who made it to Hurun’s billionaires list?

India is now home to 271 billionaires, with billionaires like Mukesh Ambani and Gautam Adani gaining substantial earnings.

The report highlights the contribution of specific industries in India’s billionaire boom, with the pharmaceutical sector seeing the highest numbers, with 39 billionaires, followed by the automobile and auto components industry (27), and the chemicals sector (24).

India’s business cohort, Mukesh Ambani, holds up the 10th spot with a significant increase in wealth, primarily attributed to Reliance Industries. Ambani’s wealth has a staggering net worth of $115 billion followed by Gautam Adani whose wealth climbed by eight positions globally to the 15th rank, valued at $86 billion.

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Real estate player Mangal Prabhat Lodha (and family) was Mumbai’s biggest wealth gainer in percentage terms (116 per cent).

HCL’s Shiv Nadar and family saw a significant rise in wealth and global ranking, climbing 16 spots to reach 34th place. In contrast, Serum Institute’s Cyrus S Poonawalla with a total wealth of $82 billion experienced a slight decline of nine positions and is now placed at the 55th position.

Additionally, notable figures contributing to India’s billionaire group include Sun Pharmaceuticals’ Dilip Shanghvi, ranked 61st, and Kumar Mangalam Birla at 100th place.

Radhakishan Damani’s wealth, bolstered by DMart’s success, has shown steady growth, propelling him up by eight spots to 100th place.

Indian billionaires collectively possess a remarkable $1 trillion in wealth, constituting 7 per cent of the total global billionaire wealth, underscoring India’s significant economic impact.

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