Mumbai Surpasses Beijing as Asia’s Billionaire Capital, Hurun Research Reveals
Mumbai, 26th March 2024: Mumbai, nestled within its modest 603 square kilometres, now proudly boasts more billionaires than the expansive expanse of Beijing, spanning over 16,000 square kilometres. This monumental shift has elevated Mumbai to the coveted title of Asia’s billionaire capital, a historic first for the city.
Although China maintains a formidable lead with 814 billionaires compared to India’s 271, Mumbai’s ascension is underscored by its 92 billionaires, just edging out Beijing’s 91, as revealed by the Hurun Research’s 2024 Global Rich List. Globally, Mumbai now takes the esteemed third position in billionaire density, trailing behind New York, which has regained its top status with 119 billionaires after a seven-year hiatus, and London with 97.
The surge in Mumbai’s billionaire populace, propelled by the addition of 26 new billionaires within a year, has enabled the Maximum City to surpass China’s political and cultural hub. In contrast, Beijing witnessed a net loss of 18 erstwhile billionaires within the same timeframe.
Mumbai’s billionaire wealth now stands at a staggering $445 billion, marking a remarkable 47% increase from the previous year, while Beijing’s total billionaire wealth dwindles to $265 billion, reflecting a 28% decrease.
The wealth surge in Mumbai is attributed to sectors like energy and pharmaceuticals, with notable figures such as Mukesh Ambani witnessing substantial gains, particularly attributable to Reliance Industries. Additionally, real estate magnate Mangal Prabhat Lodha and his family emerged as Mumbai’s most significant wealth gainers, boasting an impressive 116% increase.
Despite a slight dip in global rankings for Indian billionaires, stalwarts like Mukesh Ambani and Gautam Adani maintain their positions with significant wealth surges, ranking 10th and 15th respectively. Noteworthy advancements include HCL’s Shiv Nadar and his family climbing 16 places to 34th position, while Serum Institute’s Cyrus S Poonawalla experienced a modest decrease, landing at 55th position with total wealth amounting to $82 billion.
Contributing to India’s billionaire landscape are figures such as Dilip Shanghvi of Sun Pharmaceuticals, Kumar Mangalam Birla, and Radhakishan Damani, whose steady wealth growth, fueled by the success of DMart, propelled them into the global billionaire ranks.
