India
In a significant shift, Mumbai Overtakes Beijing as Asia’s billionaire capital, marking the first time the Indian financial hub has secured this position, as per the latest global rich list released by the Shanghai-based Hurun Research Institute.
According to the report, Mumbai has witnessed a remarkable surge in billionaire count, adding 26 new billionaires this year, while Beijing experienced a net loss of 18 billionaires. As a result, Mumbai now boasts 92 billionaires, surpassing Beijing’s count of 91.
Globally, Mumbai stands third in terms of billionaire presence, trailing behind New York with 119 billionaires and London with 97, as revealed by the Hurun List. The city’s total billionaire wealth has soared to $445 billion, marking a staggering 47% increase from the previous year.
In Mumbai, wealth accumulation is prominent in sectors such as energy and pharmaceuticals, contributing to substantial gains for billionaires like Mukesh Ambani. Real estate tycoon Mangal Prabhat Lodha emerged as Mumbai’s top wealth gainer, with a remarkable 116% increase in wealth. While Indian billionaires experienced a slight dip in global rankings, Mukesh Ambani maintained his stronghold at the 10th position, attributed to the success of Reliance Industries. Gautam Adani climbed eight positions to secure the 15th rank, while HCL’s Shiv Nadar and his family surged 16 places to 34th position.
However, Serum Institute’s Cyrus S Poonawalla witnessed a modest decrease, slipping nine places to 55th position, with a total wealth of $82 billion. Notable mentions in the list include Sun Pharmaceuticals’ Dilip Shanghvi (61st position) and Kumar Mangalam Birla (100th position). Additionally, Radhakishan Damani ascended eight places to secure the 100th position.
Meanwhile, China continues to lead the global billionaire list with 814 billionaires, although its numbers have declined by 155 from 2022 due to challenges in the real estate and renewable energy sectors, coupled with weak stock markets, according to the report.
Key sectors driving wealth accumulation in Mumbai include energy and pharmaceuticals, with notable figures like Mukesh Ambani witnessing substantial gains. Real estate magnate Mangal Prabhat Lodha emerged as Mumbai’s top wealth gainer, registering an impressive 116% increase in wealth.
While Indian billionaires saw a slight decline in world ranking, figures like Mukesh Ambani and Gautam Adani maintained their positions among the global elite. Meanwhile, Serum Institute’s Cyrus S Poonawalla experienced a modest decrease in ranking, slipping down nine places to 55th position with a total wealth of $82 billion.
The report also sheds light on China’s billionaire landscape, revealing a 15% decline in overall wealth controlled by Chinese billionaires. The country’s real estate and renewable energy sectors faced challenges, resulting in a significant drop in billionaire numbers. The United States closed in on China, adding 109 new billionaires in 2023, bringing its total count to 800 billionaires.
Despite these shifts, Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report, noted a record level of confidence in the Indian economy.
Overall, the dynamics of wealth creation have undergone significant changes in recent years, with China witnessing a notable transformation in its billionaire landscape, reflecting evolving economic trends and challenges.
