Agencies
Mumbai
Mumbai has surpassed Beijing to become the billionaire capital of Asia, marking a significant shift in the continent’s wealth landscape, according to the Hurun India RichList 2024.
Home to 92 billionaires, the financial hub of India added 26 new billionaires last year, while Beijing lost 18, bringing its total down to 91. This development positions Mumbai as the third city globally with the highest number of billionaires, trailing only behind New York with 119 billionaires and London with 97.
India now boasts 334 billionaires, an increase of 75 from last year, with the country’s total billionaire wealth amounting to approximately $1.9 trillion—more than half of India’s GDP. A new billionaire was created every five days over the past year, highlighting the rapid economic expansion and wealth creation in the country. Besides Mumbai, Delhi and Bengaluru also feature prominently on the list, with 68 and 27 billionaires, respectively.
At the top of the Hurun India Rich List 2024 is industrialist Gautam Adani and his family, whose wealth is valued at around $140 billion. Following closely is the Ambani family, with a net worth of approximately $120 billion. Bollywood’s Shah Rukh Khan also made a notable debut on the list, with his wealth estimated at $880 million, largely attributed to his ventures in the IPL team Kolkata Knight Riders and production house Red Chillies Entertainment.
With 386 individuals from Mumbai alone making it to the rich list, the city’s influence extends beyond finance into entertainment and industry. Other Indian cities like Chennai, Ahmedabad, and Kolkata also contribute to the growing billionaire count, underscoring India’s broader economic dynamism.
The surge in Mumbai’s billionaire population not only solidifies its status as India’s financial powerhouse but also reflects the broader economic opportunities and the spirit of entrepreneurship thriving in the city. As Mumbai overtakes Beijing, it sets a new benchmark for Asian cities and further cements its place on the global financial map.