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Mumbai dethrones China as the billionaire hub of Asia
Mumbai, the financial capital of Bharat is now the home of 92 billionaires surpassing Beijing which accomodates 91 billionaires according to Hurun Global Rich List 2024.
With having 92 billionaires in the city, Mumbai is now at the third spot in the world in terms of number of billionaires living in a particular city. New york leading with 119 and London with 97 billionaires are the only ones above Mumbai.
As per the latest Hurun Research Institute report, India is now the home of total 271 billionaires which is a great sign for the nation. There has been a significant rise in the population of billionaires as 84 new entries takes Bharat to third spot in the world in terms of no. of billionaires in a country. Bharat(271) is only behind China(814) and USA(800) in terms of total billionaires.
China lost 155 billionaires as compared to last year report whereas USA has added 109 billionaires in this year’s list, the most emerging country in terms of billionaires followed by Bharat which added 84 billionaires of which 26 resides in Mumbai.
The addition of 26 new billionaires in the city over the past year, grows total wealth to $445 billion making a 47 percent increase from previous year (according to ET).
Some famous billionaires of Bharat
The increasing number of billionaires in the country every year solidify the emergence of Bharat as the best performing economy in the world for consecutive years. In the journey of becoming a developed nation by 2047, these billionaires will have to play a significant part.
Mukesh Ambani, chairman and managing diretor of Reliance Industries is the only Bharatiya who makes it to the top ten list of richest person in the world. Despite an increase of 40% in his wealth which accounts for $115 billion, Mr. Ambani lost one rank to 10th place.
Gautam Adani climbed eight spots to secure 15th position, thanks to booming stock market as rising share prices of his company adds a significant amount of wealth making him Bharat’s second richest person. His current net worth is $86 billion after sharp recovery of his companies in 2023-24 as it added $33 billion.
Some other business tycoons also seen a surge in their wealth as Indian markets are booming and outperforming any other country in the world in terms of growth.
Shiv Nadar and family of HCL Technologies also saw a notable rise as they moved 16 places to secure 34th position of the richest.
In contrary, Cyrus Poonawalla of Serium Institute slipped down nine places and landed on 55th rank with a total net worth of $82 billion.
Radhakishan Damani of DMart with a steady growth in wealth due to the success of his retail chain, also up by eight places securing 100th rank globally.
Conclusion
We have seen a surge in the number of billionaires in Bharat for last some years. We hope this trend get continues and each year more and more new faces get into this elite list of people. The addition of 94 new faces in this edition of Hurun Global Rich List 2024, is a demonstration of Bharat’s growing economy which will continue to grow further more efficiently.
“Surpassing all but the United States, India’s unprecedented billionaire boom propels Mumbai past Beijing, crowning it as Asia’s billionaire epicentre. Yet, as we stand on the brink of revolutions in electric vehicles, space technology, and AI (artificial intelligence), India’s startup ecosystem is just beginning to unveil its potential. The next decade holds a clear message: Overlooking the Indian narrative is a risk no visionary can afford. The Hurun Global Rich List doesn’t just track wealth; it signals a pivotal shift in the global power structure,” said Anas Rahman Junaid, founder and chief researcher, Hurun India, in a statement.
The billionaire landscape of Bharat is evolving which is one of the indicators that showcasing the potential of Bharat to become a $10 trillion economy by the next 10 years.
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