Mumbai was the world’s fastest growing billionaire capital, with 92 billionaires, up 26 in the year, putting it third in the world and Asia’s billionaire capital.
India added 94 new billionaires in 2023, the highest by any country other than the US, raising the total to 271, according to the 2024 Hurun Global Rich List. A billionaire is someone who has a net worth of $1 billion.
The combined wealth of Indian billionaires is $1 trillion, or 7% of total wealth, highlighting the country’s significant economic significance, it claimed. The average age of India’s billionaires is 67.
Pharmaceuticals (39), automobiles and auto parts (27) and chemicals (24) are among the most dominant industries represented by India’s billionaires.
Mumbai was the world’s fastest growing billionaire capital, with 92 billionaires, up 26 in the year, putting it third in the world and Asia’s billionaire capital. New York placed first with 119, while London came in second with 97. Beijing slid from first to fourth place, with 91 billionaires, just three less than India.
According to Hurun, Mukesh Ambani ranks tenth with $115 billion in wealth, while Gautam Adani ranks fifteenth with $86 billion.
Elon Musk (US $231 billion) recaptured the title of world’s richest person for the third time in four years at the age of 52, thanks to a jump in Tesla stock. Simultaneously, SpaceX, Musk’s aerospace firm, saw its valuation skyrocket following successful launches, satellite internet initiatives, and lucrative government contracts.
Jeff Bezos, 60, ascended to second place with US$ 185 billion after his wealth increased by 57% this year, owing mostly to Amazon’s cloud computing, which helped him gain market share and recoup all of his losses from the previous year.
The year’s largest gainers were Mark Zuckerberg, who added $90 billion, and Elon Musk, who added $74 billion. Jensen Huang of Nvidia saw his wealth double to US$ 48 billion, putting him in the Hurun Top 30.
Despite losing 155 billionaires, China remains the world capital of billionaires, with as many as 814. The United States was slightly behind with 800 billionaires, gaining 109. According to the Hurun Rich List, China and the United States currently account for 49% of the world’s billionaires, a decrease of 4%.
The Hurun Global Rich List for 2024 highlights India’s rise to the status of a future economic titan, set to clinch its position as the world’s third largest economy. Surpassing all but the United States, India’s unparalleled billionaire surge lifts Mumbai beyond Beijing, crowning it as Asia’s billionaire epicentre,” stated Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.
