Mumbai Surpasses Beijing in the Number of Billionaires: The rise of Mumbai as the Asian capital with the most billionaires is a testament to India’s economic growth and the increasing wealth of its citizens.
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In a historic turn of events, Mumbai, India’s most populous city, has become the Asian capital with the highest number of billionaires, surpassing Beijing. This is the first time Mumbai has claimed the top spot in Asia, according to the global rich list published by the Hurun Research Institute.
Who are Billionaires?
A billionaire is an individual who has a net worth of at least one billion units in their native currency, such as dollars or euros. This means that if a person owns assets that are worth 1.2 billion and owes 150,000 in total, they can be considered a billionaire.
Global Rich List 2024: An In-depth Look at City Rankings
The Global Rich List 2024 provides a fascinating snapshot of the distribution of wealth across the world’s major cities. The list reveals that the concentration of billionaires is not evenly spread, with certain cities emerging as significant hubs for the ultra-wealthy. The 2024 global rich list reveals that New York, with 119 billionaires, tops the list, followed by London with 97 billionaires.
- New York: The Global Leader
Topping the list is New York, the most populous city in the United States, with a staggering 119 billionaires. Known as a global hub of finance and commerce, New York is home to Wall Street and several major corporations. The city’s robust economy and opportunities for wealth creation make it a magnet for billionaires.
- London: Europe’s Epicenter of Wealth
Following New York is London, the capital of the United Kingdom, with 97 billionaires. London’s status as a global financial center, coupled with its rich history and cultural significance, contributes to its appeal among the ultra-wealthy.
- Mumbai: Asia’s New Capital of Billionaires
In Asia, Mumbai has taken the lead with 92 billionaires, surpassing Beijing. This is a significant milestone for Mumbai, marking the first time India’s financial capital has claimed the top spot in Asia. Mumbai’s rise can be attributed to India’s booming economy and the success of industries such as technology, pharmaceuticals, and manufacturing in the city.
- Beijing and Shanghai: China’s Powerhouses
Close on Mumbai’s heels are Beijing, with 91 billionaires, and Shanghai, with 87 billionaires. Despite a challenging year for China, these cities continue to be significant centers of wealth in the country. Beijing, as the nation’s capital, and Shanghai, known for its pivotal role in global finance, continue to attract the ultra-wealthy despite the economic headwinds.
Table 1: Top 10 Cities with the Most Billionaires
Below is a table showcasing the top 10 cities around the world with the highest number of billionaires. This list reveals the urban centers that attract or produce the most significant number of wealthy individuals, highlighting their global economic and financial importance.
| Rank | City | Number of Billionaires |
|---|---|---|
| 1 | New York | 119 |
| 2 | London | 97 |
| 3 | Mumbai | 92 |
| 4 | Beijing | 91 |
| 5 | Shanghai | 87 |
| 6 | Shenzhen | 84 |
| 7 | Hong Kong | 65 |
| 8 | Moscow | 59 |
| 9 | New Delhi | 57 |
| 10 | San Francisco | 52 |
The Global Rich List 2024 underscores the dynamic nature of wealth distribution across the world. While New York and London continue to dominate, the rise of Mumbai signals a shift in the economic landscape. As wealth continues to grow in emerging economies, it will be interesting to see how these rankings evolve in the coming years.
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Global Billionaire Population: A Detailed Overview
The Global Rich List offers a snapshot of the world’s wealth distribution and the economic health of nations. It’s interesting to observe the shifts in these rankings year over year, as they can provide insights into global economic trends and the financial impact of geopolitical events. The rise and fall of billionaire populations can serve as a barometer for the economic climate in each country and globally.
The report shows that there are currently 3,279 billionaires globally, marking a 5% increase from 2023. Despite losing 155 billionaires from a year ago, China still tops the country ranking with 814 billionaires. The U.S. comes in second with 800 billionaires, while India ranks third with 271 billionaires.
The Hurun Research Institute’s Global Rich List provides a comprehensive view of the world’s billionaire population. Here are some key insights from the 2024 report:
Global Growth: The total number of billionaires globally is 3,279, marking a 5% increase from the previous year. This growth signifies the continuous expansion of global wealth, despite economic fluctuations.
China’s Dominance: Despite a decrease of 155 billionaires from the previous year, China continues to lead with 814 billionaires. This indicates the resilience and growth of China’s economy, even amidst global economic shifts.
U.S. Standing: The United States follows closely behind China with 800 billionaires. The U.S., known for its robust economy and entrepreneurial culture, continues to be a major hub for the ultra-wealthy.
India’s Rise: India ranks third with 271 billionaires, reflecting the country’s economic growth and the success of its industries.
Table 2: Top 10 Countries with the Most Billionaires
The table below ranks the top 10 countries by the number of billionaires each has. This ranking provides insight into the global distribution of extreme wealth, highlighting the countries that are home to the highest number of the world’s wealthiest individuals.
| Rank | Country | Number of Billionaires |
|---|---|---|
| 1 | China | 814 |
| 2 | United States | 800 |
| 3 | India | 271 |
| 4 | United Kingdom | 146 |
| 5 | Germany | 140 |
| 6 | Switzerland | 106 |
| 7 | Russia | 76 |
| 8 | Italy | 69 |
| 9 | France | 68 |
| 10 | Brazil | 64 |
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China’s Billionaire Wealth Decline: An Analysis
The research firm notes that China had a challenging year, with wealth creation undergoing significant changes in recent years. The wealth of billionaires from real estate and renewables has declined. This decline in billionaire wealth in certain sectors in China is a part of the dynamic nature of economies. It reflects the continuous shifts in global economic trends and the impact of various internal and external factors on wealth creation. It will be interesting to observe how these trends evolve in the future.
The Hurun Research Institute’s Global Rich List reveals a significant shift in China’s wealth landscape. Here are some key points to learn:
- Challenging Year: The report indicates that China had a challenging year in terms of wealth creation. This could be due to various factors such as economic policy changes, market volatility, or geopolitical tensions.
- Changes in Wealth Creation: The methods of wealth creation in China have undergone significant changes in recent years. This could be a reflection of the evolving economic structure of the country, moving from traditional sectors to emerging ones like technology and services.
- Decline in Real Estate and Renewables Wealth: The wealth of billionaires from the real estate and renewables sectors has seen a decline. This could be due to market saturation, regulatory changes, or a shift in investment trends.
- Overall Decline: Despite these challenges, China still tops the list with 814 billionaires, even after losing 155 from the previous year. This suggests that while certain sectors are experiencing a downturn, others may be on the rise, maintaining China’s position as a hub for billionaires.
Table 3: China’s Wealth Landscape: A Snapshot
This table outlines key points regarding China’s billionaire count and wealth creation challenges within a year marked by significant transitions.
| Aspect | Summary |
|---|---|
| Challenging Year | Economic shifts and tensions contributed to a tough year for wealth creation. |
| Wealth Creation Shifts | A move towards technology and services from traditional sectors marks China’s economic evolution. |
| Sectoral Decline | Real estate and renewables saw declines due to regulatory changes and market shifts. |
| Resilience | Despite a downturn, China leads with 814 billionaires, showing economic adaptability. |
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The Rise of the U.S. and AI: An Analysis
The U.S., which added 109 billionaires in 2023, now has only 14 billionaires fewer than China. Artificial intelligence has been a significant driver for the increase in ultra-wealthy people in the U.S. Nvidia CEO Jensen Huang has made headlines as Nvidia broke through the $2 trillion mark, catapulting him into the Hurun Top 30. Other billionaires behind Microsoft, Google, Amazon, Oracle, and Meta have seen significant surges in their wealth as investors bet on the value generated by AI.
The rise of the U.S. and AI in the global wealth landscape underscores the transformative power of technology and innovation in wealth creation. It also highlights the dynamic nature of wealth distribution, influenced by evolving technological trends and market forces
Here are some key points to consider:
- U.S. Billionaire Growth
The U.S. added 109 billionaires in 2023, bringing it closer to China’s billionaire count, with only 14 fewer billionaires. This growth could be attributed to the robust U.S. economy, favorable business environment, and the rise of new industries.
- AI’s Role in Wealth Creation
Artificial Intelligence (AI) has been a significant driver for the increase in ultra-wealthy individuals in the U.S. The rapid advancements in AI technology and its wide-ranging applications across various sectors have led to substantial wealth generation.
- Prominent AI Billionaires
Nvidia CEO Jensen Huang made headlines as Nvidia’s market value broke through the $2 trillion mark, catapulting him into the Hurun Top 30. This highlights the immense value and potential of AI technology in the current market.
- Tech Giants’ Wealth Surge
Billionaires behind tech giants like Microsoft, Google, Amazon, Oracle, and Meta have seen significant surges in their wealth. This surge is largely due to investors betting on the value generated by AI, indicating a strong market confidence in AI’s future prospects.
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Top Billionaires in the U.S.
Bloomberg’s Billionaires index shows that Amazon founder Jeff Bezos and Tesla CEO Elon Musk are the top two billionaires in the U.S. with a net worth of $201 billion and $190 billion respectively.
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Taylor Swift Joins the Billionaire Club
Taylor Swift joined Hurun Research’s list with a net worth of $1.2 billion after beginning her Eras Tour in March, and performing in the U.S., South America, Australia, Singapore, and Tokyo so far.
Billionaires According to Hurun Research Institute’s Global Rich List
The Hurun Global Rich List 2024 provides a snapshot of the world’s billionaires as of January 15, 2024. Here are some key highlights:
Elon Musk: Elon Musk, with a net worth of $231 billion, is the richest person in the world for the third time in four years.
Jeff Bezos: Jeff Bezos of Amazon is second, adding $67 billion or 57% to $185 billion. Last year’s number one, Bernard Arnault, is down to third, with a net worth of $175 billion.
Mark Zuckerberg: Mark Zuckerberg is up 12 places and $90 billion, the biggest wealth addition of the year, to 4th place with $158 billion.
Larry Ellison: Larry Ellison is up three places to 5th, adding $44 billion to $144 billion, on the back of Oracle Cloud growth. In China, ‘Bottle Water King’ Zhong Shanshan is number one.
Huang Zheng of Pinduoduo overtakes Pony Ma of Tencent to second place in China.
Mukesh Ambani: Mukesh Ambani of Reliance added $33 billion to keep the title of ‘Richest Person in Asia’.
Gautam Adani: Gautam Adani’s wealth rose 62% to 15th place in the world with $86 billion.
Music artist Taylor Swift debuted on the Hurun Global Rich List with $1.2 billion.
Miami-based serial entrepreneur Ryan Breslow, 29, of fintech platform Bolt becomes the youngest self-made billionaire in the world with $1.3 billion.
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India’s Economic Growth
After the U.S., India had the second-largest new additions with 84 new members on its ultra-rich list. The South Asian nation is now the world’s fastest-growing economy after GDP grew 8.4% in the October-December period. In December, India’s stock market overtook Hong Kong’s to become the seventh largest in the world, and is now valued at over $4 trillion, data from Refinitiv showed.
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Wealthiest Person in Asia
India’s Reliance Industries Chairman Mukesh Ambani continues to be the wealthiest person in Asia, and eleventh richest in the world, with a total net worth of $110 billion, according to Bloomberg’s index. In January 2024, Gautam Adani, founder and chairman of the Adani Group, overtook Ambani briefly, but is now three spots behind with a net worth of $97.9 billion, Bloomberg data showed.
Hurun Research Institute’s Global Rich List
The Hurun Global Rich List is an annual ranking of the US dollar billionaires in the world. The wealth calculations are a snapshot of a specific date, and the list has been released for 13 years as of 2024. The list ranked 3,279 billionaires in 2024, up from 3,112 the previous year. The total wealth of these billionaires increased by 9%.
Mukesh Ambani
Mukesh Ambani, the Chairman of Reliance Industries, is the wealthiest person in Asia and the 11th richest in the world. As of March 25, 2024, his net worth is $114.01 billion. Ambani added $33 billion to his wealth, maintaining his title of ‘Richest Person in Asia’.
Gautam Adani
Gautam Adani, the founder and chairman of the Adani Group, briefly overtook Ambani in January. However, he is now three spots behind Ambani. As of March 25, 2024, Adani’s net worth is $79.65 billion. His wealth rose by 62% to reach the 15th place in the world with $86 billion.
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Mumbai as Asia’s Billionaire Hub
Mumbai, formerly known as Bombay, is the capital city of the western coastal Indian state of Maharashtra. It is considered the financial capital of India and is home to the Hindi film industry, Bollywood. The city is located on the west coast of the Indian peninsula and is one of India’s dominant urban centers. Mumbai is also the biggest metropolitan city in India in terms of population size and the economy it generates.
Mumbai has recently displaced Beijing as Asia’s city with the largest number of billionaires, according to the Hurun Global Rich List 2024. This development comes as Indian stock markets powered ahead on a robust post-Covid recovery, while China is struggling to raise economic growth.
However, this reordering is unlikely to be permanent, because India’s market capitalisation-to-GDP ratio is in overvalued territory, while it is undervalued in China.
The forward earnings multiples of Indian stocks are also considerably higher than those in China, reflecting the changing preference among emerging markets by foreign institutional investors.
Wealth Concentration and Global Expansion
The emergence of Mumbai as Asia’s billionaire capital also serves as a marker for wealth concentration. India’s economy in nominal dollars is 22% the size of China’s and 14% that of the US. In per-capita terms, again in nominal dollars, India is at 21% of China’s level and at 3.4% of the US.
India is among economies adding most to the global billionaire population. As India plugs deeper into a world economy driven by technology and alternative energy, given its current concentration of wealth, it should continue to contribute an outsized number of the uber-wealthy.
However, for the rising tribe of Indian billionaires to amass wealth on a truly global scale, they would need to move out of the comfort zone of the domestic market. Their enterprise will need a far bigger global footprint in manufacturing and services.
(Copyright@IndiaCSR)
