• Sat. Apr 20th, 2024

Mumbai: Home to the Highest Number of Billionaires in Asia

BySamantha Johnson

Mar 30, 2024
Mumbai: Home to the Highest Number of Billionaires in Asia

According to the Hurun Global Rich List 2024 report, Mumbai has surpassed Beijing as the city with the most billionaires in Asia. With 92 billionaires, Mumbai has more billionaires than Beijing (91) and Shanghai (87). This year, Mumbai entered the top 3 cities with the most billionaires in the world for the first time. The richest person in Asia and 10th in the world, billionaire Mukesh Ambani, also resides in Mumbai in a multi-billion-dollar, 26-storey house. Currently, the richest 1% of Indians hold 40% of total national assets.

India had a strong year with nearly 100 new billionaires, leading to increased confidence in the economy. New York regained the title of “Billionaire Capital of the World” with 119 billionaires, followed by London. Beijing, which held the top spot last year, is now in fourth place. China has lost 155 billionaires over the past two years due to fluctuating wealth accumulation, particularly in real estate and renewable energy sectors.

The world’s second-largest economy, China, added 120 billionaires last year, maintaining its position as the country with the most billionaires at 814 individuals. The US and India rank 2nd and 3rd with 800 and 271 billionaires, respectively. Globally, there are 3,279 billionaires, holding a combined fortune of $15 trillion USD, an increase of 9% from 2023. Artificial intelligence (AI) has been a significant driver of wealth creation, accounting for over half of all new assets last year.

Founded by Luxembourgish Rupert Hoogewerf, Hurun has been a reference for the super-rich for over two decades, alongside rankings from Forbes and Bloomberg. Hoogewerf noted the role of AI in creating wealth, with notable gains seen among billionaires in tech companies like Microsoft, Google, Amazon, Oracle, and Meta. Jensen Huang of Nvidia also made headlines for entering the Hurun Top 30 with his company surpassing a market cap of $2 trillion.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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