Mumbai surpassed Beijing to become Asia’s billionaire capital: In world’s top three

The Hurun Global Rich List for 2024, unveiled on Tuesday, showcased notable shifts in the wealth landscape, with Indian business moguls Mukesh Ambani and Gautam Adani garnering attention for their substantial gains.

Mukesh Ambani, the chairman of Reliance Industries, maintained his position as Asia’s wealthiest individual, while Gautam Adani, the founder of the Adani Group, experienced a remarkable surge in wealth, propelling him to the 15th rank globally.

Despite a 40 percent increase in his wealth, Mukesh Ambani’s net worth of USD 115 billion secured him the title of India’s richest person, although he slipped to the 10th position globally.

Ambani’s fortune attracted widespread attention recently due to the lavish pre-wedding celebrations of his youngest son, Anant Ambani.

Gautam Adani, leading the Adani Group conglomerate at 61, witnessed a significant surge in wealth, totaling USD 33 billion this year. With a net worth of USD 86 billion, Adani climbed to the 15th spot globally. This surge in wealth is attributed to a rally in his companies’ shares following a Supreme Court verdict related to issues raised in the Hindenburg report.

The Hurun Global Rich List 2024 highlighted robust growth in billionaire numbers worldwide, with 167 new billionaires added, bringing the global tally to 3,279 individuals. Notably, over half of the new wealth generated is attributed to advancements in artificial intelligence (AI).

While the United States added 109 billionaires to maintain its lead with a total of 800 billionaires, China, despite a decline of 155 billionaires, retained its position as the world’s leader with 814 billionaires.

Elon Musk, the visionary behind Tesla, regained his status as the world’s richest person for the third time in four years, boasting a staggering net worth of USD 231 billion, primarily driven by a surge in Tesla shares. Jeff Bezos of Amazon rose two places to secure the second position, accumulating a 57 percent increase in wealth to reach USD 185 billion. Bernard Arnault, last year’s top-ranked billionaire, slipped to third place with a decrease in wealth to USD 175 billion.

India experienced a notable surge in its billionaire population, ranking third globally with 271 billionaires, marking an addition of 84 individuals, the second-highest rise after the United States.

Mumbai surpassed Beijing to become Asia’s billionaire capital for the first time, claiming a spot in the world’s top three.

The release of the Hurun Global Rich List 2024 underscores the dynamic nature of global wealth distribution, with Indian business magnates Mukesh Ambani and Gautam Adani emerging as significant players on the international stage.