Mumbai has 92 billionaires – Mukesh Ambani has a net worth of $115B, overtaking Bejing as Asia’s Billionaire Capital

Key Takeaways

• Mumbai now hosts 92 billionaires, led by Mukesh Ambani with a net worth of $115b.
• While China maintains its lead in the number of billionaires, it saw a reduction of 155.
• Technological advancements, particularly in Artificial Intelligence (AI) and cryptocurrency, are fueling wealth creation.

The latest Hurun Global Rich List 2024 has placed Mumbai as Asia’s billionaire capital. The Indian city has overtaken China’s Beijing as the financial powerhouse amid Asian growth forecast.

Boao Forum estimates a 4.5% growth target in the continent, surpassing the 2023 levels. What is driving the wealth creation?

Rising Billionaires in India and the World

The Hurun Report’s latest release  reveals a surge in global billionaires, totaling 3,279 individuals. The number marked a 5% increase from 2023. China retains its position as the world leader in billionaire counts with 814. However, the report notes a decrease of 155 billionaires in China, marking a shift in the global wealth distribution.

India, on the other hand, witnessed a rise in billionaires, with Mumbai emerging as Asia’s billionaire capital. The city now has 92 billionaires and contributes to India’s overall rise to 271 billionaires.

One of the most notable figures in Mumbai’s billionaire list is Mukesh Ambani, India’s business magnate and the chairman of Reliance Industries. Despite dropping one spot globally, Ambani ascends to the 10th position with a net worth of $115b.

Meanwhile, Mumbai’s rapid growth has pulled it to the third position globally in billionaire count, surpassing Beijing. Indian capital New Delhi entered the Top 10 billionaire cities for the first time.

Impact of AI, Crypto on Wealth Generation

The Hurun Report highlights the role of technology in wealth generation, particularly in sectors like Artificial Intelligence (AI) and cryptocurrency.

AI emerged as a driver of wealth growth, with over half of the new wealth attributed to AI-driven innovations. The report finds that tech giants like Nvidia and Meta witnessed a wealth surge. Meanwhile, despite regulatory challenges, figures like Binance’s Changpeng “CZ” Zhao, Ripple’s Chris Larsen and Coinbase’s Brian Armstrong have also witnessed wealth growth.

That said, the stock market was the biggest driver of wealth. Chief researcher Rupert Hoogewerf said, “The number of known billionaires in the world is up 5% to just under 3300, mainly on the back of a strong performance in stock markets.”

Meanwhile, 10% of the billionaires’ money came from financial services, followed by consumer goods, food and beverages, and real estate.

Asia’s Growth Outlook

The Hurun Report’s findings fall in place with the broader economic trends. A recent UN report  found that China is leading in international patent applications, overtaking the US for the second year.

The development comes after the Asian economy outlook was grim in H2 2023. Now, Boao Forum has projected Asia’s growth rate at 4.5% in 2024. The region’s economic growth levels have surpassed that of the previous year. Contrarily, institutions have made an upward adjustment to the US GDP growth forecast for the year. Swiss Re Group anticipates  that the US will grow at 2.2%, primarily due to stronger-than-expected momentum carried over from the end of 2023. But when compared to the growth outlook for Asia, the US economy might indicate a less vigorous performance.

CCN reached out to Richard Varghese, Economist at the International Monetary Fund who did not immediately respond to a request for comment.

Businessman Mukesh Ambani leads Asian financial clout, while broader trends in AI and cryptocurrency also evolved the nature of wealth generation.

China and India cement their status as global financial hubs, with strong Asian growth forecast in the year.

About the Author

Shraddha Sharma

Shraddha has around five years of experience as a financial journalist, focusing largely on the Asian markets. Starting her career in Mumbai, India, as a news trainee and producer, she quickly found her niche in crypto. She is keen on learning how emerging technologies affect the broader markets and enjoys explaining complex financial ideas in a way that's easy to understand.

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