Mumbai the New Capital of Billionaires in Asia
Wealth2 Minutes Read

Mumbai the New Capital of Billionaires in Asia

May 16, 2024 Share

Mumbai, India overtakes Beijing, China, becoming the new capital of billionaires in Asia.

The Hurun Global Rich List 2024 shows that, in a stunning turn of events, Mumbai has surpassed Beijing to become the new epicenter of wealth in Asia. With 271 billionaires in Mumbai, India now ranks third in the world in the number of billionaires, this change represents an important turning point.

Mumbai’s financial scene saw a startling 47% rise in wealth last year, surpassing Beijing’s 28% decrease and reaffirming Mumbai’s status as a rising center of riches. Hurun reports that India has surpassed China in the number of billionaires created, with 94 new billionaires in India compared to 55 in China.

Image Courtesy of Blumenbecker

Billionaires Topping the List

  • Ranking among the top 10 on the Hurun Global Rich List 2024 is Reliance’s Chairman and Managing Director, Mukesh Ambani. Ambani maintained his position as the richest person in Asia with a $33 billion increase in fortune.
  • The fortune of Gautam Adani also increased by 62%, putting him in 15th place in the world with a $86 billion net worth.

India Embraces AI Innovation

The story of Indian billionaires goes far beyond conventional industries like energy and telecommunications. One important driver has been the notable upsurge of startups, especially in the rapidly expanding field of Artificial Intelligence (AI). This tendency is similar to the emphasis on artificial intelligence (AI) that has taken center stage in the world economy this year, accounting for over half of all new wealth created. With a young, tech-savvy population and a developing innovation culture, India is well-positioned to benefit from the AI revolution and may even be the first country to produce a new generation of billionaires in the near future.

Meet the World’s Top 10 Billionaires

Elon Musk, the CEO of Tesla tops the list, followed by Jeff Bezos of Amazon. Bernard Arnault of LVMH, the titan of luxury, and Mark Zuckerberg, the undisputed leader in the online space with Meta are definitely on the list. Steve Ballmer of Microsoft, Berkshire Hathaway’s Warren Buffet, and Oracle’s Larry Ellison are all involved. Tech icons like Larry Page, the brains behind Alphabet, and Bill Gates, the co-founder of Microsoft, should not be overlooked. Mukesh Ambani, who is making waves outside of India with Reliance Industries, rounds off the list.

A Summary of the Current Trends

– There are now an astounding 3,279 billionaires in the world, a 5% increase from the previous figure.
– The combined wealth of billionaires has increased by 9% to an incredible $15 trillion USD.
– In this case, artificial intelligence (AI) takes the lead, accounting for more than half of all newly created wealth.

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