Mumbai was the fastest growing billionaire capital in the world with 92 billionaires, adding 26 in the year, taking it to third in the world and Asia’s billionaire capital.
India added 94 new billionaires in 2023, the most by any country other than the US, taking the total to 271, according to the 2024 Hurun Global Rich List. An individual with $1 billion in wealth is a billionaire.
The collective wealth of Indian billionaires amounts to US$ 1 trillion or 7 per cent of total wealth, emphasising the nation’s substantial economic influence, it said. The average age of Indian billionaires is 67 years.
Dominant industries which India’s billionaires represented include pharmaceuticals (39), automobile & auto components (27) and chemicals (24).
Mumbai was the fastest growing billionaire capital in the world with 92 billionaires, adding 26 in the year, taking it to third in the world and Asia’s billionaire capital. New York ranked number 1 with 119; London was in second spot with 97. Beijing dropped from first place last year to the fourth position with 91, just three billionaires less than India’s.
New Delhi broke into the Top 10 for the first time.
Mukesh Ambani is in the tenth position with a wealth of $115 billion and Gautam Adani is in the 15th position with a wealth of $86 billion, according to UK based Hurun.
At 52, Elon Musk (US $231 billion) reclaimed the title of the richest person in the world for the third time in four years, propelled by a surge in Tesla’s stock. Simultaneously, SpaceX, Musk’s aerospace venture, saw its valuation hit new heights on the back of successful launches, satellite internet ventures, and lucrative government contracts.
Jeff Bezos, 60, rose to the second position with US$ 185 billion, as his wealth grew 57 per cent this year, driven primarily by Amazon’s cloud computing, winning market share and making up for all his losses last year.
The biggest gainers of the year were Mark Zuckerberg, adding US$ 90 billion, and Elon Musk adding US$ 74 billion. Jensen Huang of Nvidia saw his wealth double to US$ 48 billion and a place in the Hurun Top 30.
Despite losing 155 billionaires, China is still the world capital for billionaires with as many as 814. The USA was just behind with 800 billionaires, adding 109. Between themselves, China and the USA — the ‘Big Two’ — have 49 per cent of the known billionaires on the planet, down 4 per cent, says the Hurun Rich List.
The 2024 Hurun Global Rich List underscores India’s ascension as a future economic titan, poised to secure its place as the world’s third-largest economy. Surpassing all but the United States, India’s unprecedented billionaire boom propels Mumbai past Beijing, crowning it as Asia’s billionaire epicentre,” said said Anas Rahman Junaid – Founder and Chief Researcher, Hurun India.
The USA had a strong year on this latest Hurun Global Rich List, with its 800 entrants contributing a notable 37% of the overall wealth of the list. Adding 132 new faces, the American landscape continues to showcase entrepreneurial dynamism.
source/comment: indianexpress.com (headline edited)