Mumbai overtakes Beijing as Asia's billionaire capital for the first time
- IBEF
- March 27, 2024
Mumbai has emerged as Asia's new billionaire hub as per the 2024 Hurun Global Rich List, surpassing Beijing, with India's billionaire wealth reaching US$1 trillion, outstripping China's average billionaire wealth. India added 94 billionaires in 2024, becoming the second-largest contributor globally with 271 billionaires, surpassing Germany. While global billionaire numbers rose modestly, India's surge reflects a potential economic shift, driven by sectors like Artificial Intelligence (AI).
Mr. Mukesh Ambani continues to be Asia's richest person, but India's rise is characterized by a significant increase in new entrants. Mumbai alone added 27 billionaires, showcasing a robust 47% wealth surge. India's success is attributed to its strong economic performance, outpacing China, and reflects optimism in the country's future. The Hurun Global Rich List signifies India's ascent as a future economic powerhouse, signalling a transformative shift in global dynamics.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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