How Many Billionaires Are There in Mumbai? (New Billionaire Hub of Asia)
In a significant shift on the global wealth map, Mumbai has triumphantly claimed the title of Asia’s new billionaire hub, surpassing Beijing in the process. According to the latest insights from Hurun Research’s 2024 Global Rich List, the bustling metropolis on India’s west coast is now home to an impressive 92 billionaires. This milestone not only marks a noteworthy achievement for the city but also places Mumbai third worldwide in the billionaire count, trailing only behind the iconic cities of New York and London.
The financial capital of India has seen a rapid ascent in its number of billionaires, edging past Beijing’s 91, a city that has long been considered a heavyweight in the realm of global wealth. This surge to the top is even more remarkable considering the broader context: China boasts a total of 814 billionaires, significantly overshadowing India’s 271. Yet, it’s Mumbai that shines brightest in Asia, underscoring the city’s growing influence and attractiveness to the ultra-wealthy.
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How many people in Mumbai became billionaires in the last year?
Mumbai’s rise to prominence as the billionaire capital of Asia is attributed to the city’s economic dynamism and a remarkable year of wealth creation. Over the past year, 26 new billionaires have joined the ranks, propelling Mumbai’s total billionaire wealth to an astonishing $445 billion. This represents a 47% increase from the previous year, showcasing the city’s burgeoning wealth and its burgeoning status on the global stage. In contrast, Beijing’s total billionaire wealth stands at $265 billion, having experienced a 28% decrease.
The sectors driving Mumbai’s extraordinary wealth surge are primarily energy and pharmaceuticals, reflecting the city’s diverse and resilient economy. Notable business figures such as Mukesh Ambani have played a pivotal role in this wealth expansion, with the city’s billionaires making significant gains across various industries.
One of the most striking success stories within Mumbai’s billionaire community is that of real estate magnate Mangal Prabhat Lodha and his family, who experienced the highest percentage increase in wealth among their peers, a staggering 116%. This phenomenal growth underscores the lucrative opportunities present in Mumbai’s real estate market and beyond.
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Where does Mumbai stand on the global stage?
The 2024 Global Rich List reveals not only Mumbai’s ascendancy but also the dynamic shifts among Indian billionaires on the world stage. Mukesh Ambani, a stalwart of Indian business, retains his stronghold within the global top ten, thanks to the continued success of Reliance Industries. Gautam Adani’s remarkable wealth surge has propelled him eight spots up to the 15th position globally, highlighting the rapid changes within India’s billionaire rankings.
Other notable Indian billionaires, including Sun Pharmaceuticals’ Dilip Shanghvi and Kumar Mangalam Birla, have seen significant movements in their global rankings, reflecting the evolving landscape of Indian wealth. The ascent of HCL’s Shiv Nadar and family, who moved up 16 places to 34th, alongside the notable rise of Radhakishan Damani, fueled by DMart’s success, showcases the diverse sectors contributing to India’s growing influence in the billionaire sphere.
Conclusion
Mumbai’s emergence as Asia’s new billionaire hub is a testament to the city’s economic vibrancy and its ability to attract and cultivate wealth. With 92 billionaires calling Mumbai home, the city not only surpasses Beijing but also cements its position on the global stage as a centre of wealth and prosperity. As Mumbai continues to evolve and expand its billionaire population, it will undoubtedly play an increasingly significant role in shaping global economic trends and defining the future of wealth in Asia and beyond.
