Mumbai Surpasses Beijing To Become Asia’s Billionaire Capital

The Hurun Global Rich List for 2024, released on Tuesday, revealed shifts in the wealth landscape, with Indian tycoons Mukesh Ambani and Gautam Adani making headlines for their remarkable gains.

Chairman of Reliance Industries, Mukesh Ambani, retained his title as Asia’s richest person, while Gautam Adani, founder of the Adani Group, saw a staggering surge in wealth, propelling him to the 15th spot in the global rankings.

With a net worth of USD 115 billion, Mukesh Ambani, aged 66, maintained his status as India’s wealthiest individual. Despite 40% increase in his wealth, Ambani slipped one place to secure the 10th spot globally.

Gautam Adani, aged 61, leading the Adani Group energy conglomerate, witnessed a surge in wealth amounting to USD 33 billion.

With a net worth of USD 86 billion, Adani climbed the global rankings to the 15th position. The surge in Adani’s wealth is attributed to a rally in his companies’ shares following a Supreme Court verdict related to issues raised in the Hindenburg report.
The Hurun Global Rich List 2024 showcases robust growth in billionaire numbers worldwide, with a total of 167 new billionaires added, bringing the global tally to 3,279 individuals.

Notably, over half of all new wealth generated is attributed to advancements in artificial intelligence (AI).
The United States added 109 billionaires, maintaining its lead with a total of 800 billionaires, while China, despite a decline of 155 billionaires, retained its position as the world’s leader with 814 billionaires.
Elon Musk, the visionary behind Tesla, reclaimed his title as the world’s richest person for the third time in four years, with a staggering net worth of USD 231 billion, driven by a surge in Tesla shares.

Jeff Bezos of Amazon rose two places to second place, amassing a wealth increase of 57% to reach USD 185 billion. Bernard Arnault, last year’s number one, slipped to third place, with a decrease in wealth to USD 175 billion.

Meanwhile, India witnessed a significant rise in its billionaire population, ranking third globally with 271 billionaires, marking an addition of 84 individuals, the second- highest rise after the United States.

Mumbai surpassed Beijing to become Asia’s billionaire capital for the first time, breaking into the world’s top three.


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