Mumbai has seized the crown as Asia’s billionaire capital in a monumental shift of wealth dynamics, leaving Beijing trailing behind. With a staggering $1 trillion in collective wealth, India now boasts 271 billionaires, marking its ascent to the third position globally, outpacing even economic powerhouses like Germany.
From Bollywood dreams to billionaire realities
The latest report from the Hurun Research Institute reveals Mumbai’s meteoric rise, with 92 billionaires calling the city home. The bustling city has surpassed both Beijing and Shanghai in the Asian rankings. This shift underscores India’s growing prominence in global wealth distribution. With Mumbai’s financial prowess propelling it to the forefront of wealth creation in Asia.
Globally, the billionaire elite continues to expand, reaching a record high of 3,279 individuals, marking a 5% increase from the previous year. Notably, the United States remains a stronghold of wealth with 119 billionaires in New York alone, closely followed by London with 97.
While China maintains its lead in the country ranking with 814 billionaires, the nation experienced a decline, shedding 155 billionaires compared to the previous year. This decline reflects shifting trends in wealth creation with China’s real estate and renewables sectors witnessing notable downturns.
In contrast, the United States saw a surge in ultra-wealthy individuals driven by advancements in artificial intelligence. Tech titans like Jeff Bezos and Elon Musk continue to dominate with fortunes bolstered by investments in AI-driven enterprises.
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India’s burgeoning billionaire class is indicative of the country’s robust economic growth with the GDP expanding by 8.4% in the October-December period. Mukesh Ambani, Chairman of Reliance Industries, retains his status as Asia’s wealthiest individual while Gautam Adani of the Adani Group remains a formidable contender in India’s wealth landscape.
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