Mumbai Becomes Asia's New Billionaire Capital: Report (Photo by Aniket Bhattacharya on Unsplash)
With 92 billionaires, Mumbai has overtaken Beijing and emerged as Asia”s new billionaire capital. The Indian city came third after New York and London with their respective 119 and 97 billionaires. The Chinese city came after Mumbai with a total of 91 billionaires. However, while China has an overall 814 billionaires, India has only 271, according to Hurun Research”s 2024 Global Rich List. Despite losing 155 billionaires, China has still the largest billionaire population in the world with 814 billionaires followed by the US with 800 billionaires.
The combined net-worth of billionaires from China and the US accounts for 49 percent of all on the list. The report also pointed out to the growing wealth concentration across the world.
Notably, industrialist Mukesh Ambani topped the list with 115 billion dollars worth, followed by Gautham Adani with 86 billion dollars, . According to the report, Mumbai added 26 new billionaires this year while Beijing lost 19 billionaires. It is learnt that the underperformance of several economic sectors in the country affected the wealth of the businessmen in China.
The biggest wealth-generating sectors in Mumbai are the energy and pharmaceuticals, with billionaires like Mukesh Ambani making significant achievements in the fields. Notably, while Mukesh Ambani retained his position as the 10th wealthiest person, other Indian billionaires saw a slight drop in the world ranking.
The report notes that the US businessman and SpaceX, Tesla CEO Elon Musk is the richest person in the world for the fourth time. It further reveals that the technology and Artificial Intelligence (AI) have become a defining factor with a significant role in the wealth generation in the world. More than half of the wealth of this year came from AI- activities, the report adds.
Moreover, AI- entrepreneurs in cloud computing companies such as Meta, Amazon, Google”s parent company Alphabet, Oracle, and Microsoft have also witnessed considerable growth in recent years.
