Mumbai has clinched the title of Asia’s premier billionaire hub, outshining Beijing for the first time in history, as per the latest findings from Hurun Research’s 2024 Global Rich List. With a staggering count of 92 billionaires, the financial capital of India has secured its position as the third most affluent city globally, trailing behind New York with 119 billionaires and London with 97.
The meteoric rise of Mumbai’s billionaire elite is underscored by the addition of 26 new billionaires in the past year alone, propelling the city’s total billionaire wealth to a remarkable $445 billion. This marks a monumental 47 per cent surge from the previous year, showcasing Mumbai’s unparalleled growth trajectory. In stark contrast, Beijing witnessed a 28 per cent decrease in billionaire wealth, stagnating at $265 billion.
Key sectors driving Mumbai’s economic resurgence include energy and pharmaceuticals, with titans like Mukesh Ambani spearheading the charge. Ambani, the stalwart of India’s business realm, continues to hold sway globally, securing the 10th position on the billionaire index, courtesy of Reliance Industries’ unrivaled success.
Among Mumbai’s billionaire echelon, real estate magnate Mangal Prabhat Lodha and his family witnessed the most substantial percentage surge in wealth, soaring by an impressive 116 per cent. This highlights the robust entrepreneurial spirit permeating Mumbai’s economic landscape.
India’s billionaire elite witnessed a dynamic shift in global rankings, with Gautam Adani catapulting eight spots to claim the 15th position, buoyed by an extraordinary surge in wealth. Visionaries like Sun Pharmaceuticals’ Dilip Shanghvi and Kumar Mangalam Birla have also played pivotal roles in shaping India’s burgeoning billionaire cohort.
HCL’s Shiv Nadar and his family ascended 16 places in the global ranking, landing at the 34th spot, a testament to their unwavering commitment to innovation and excellence. However, Serum Institute’s Cyrus S Poonawalla experienced a setback, slipping nine places to the 55th position amidst global market fluctuations.
Meanwhile, the steadfast growth trajectory of Radhakishan Damani, fueled by DMart’s unparalleled success, propelled him eight places higher on the global billionaire index, reaffirming India’s evolving prominence on the world stage.
In essence, Mumbai’s ascendancy as Asia’s premier billionaire hub not only underscores India’s economic prowess but also heralds a new era of prosperity and innovation for the nation.
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