The Shanghai-based Hurun Research Institute’s global rich list, published this week, reveals that Mumbai, the financial hub of India, has surpassed Beijing to become the ‘billionaire capital’ of Asia.
With a total of 92 billionaires, Mumbai now holds the third-highest number of billionaires in the world, following New York (119) and London (97). In a significant development, New Delhi, the capital of India, has entered the top ten for the first time.
Hurun Report stated that India experienced a remarkably successful year with a surge in economic confidence to unprecedented levels. It further highlighted the significant role played by artificial intelligence (AI) in driving this trend, contributing to more than fifty percent of the new wealth generated during the year.
According to the latest data, Mukesh Ambani, the proprietor of Reliance Industries, a prominent Indian conglomerate, continues to hold his status as the wealthiest individual in India, boasting a total net worth of $115 billion. Notably, this also positions him as the wealthiest person in all of Asia. Ambani made significant news coverage recently due to the extravagant pre-wedding celebration of his youngest son, Anant. Gautam Adani, the chairman of Adani Group, secures the second spot on the list of wealthiest Indians with a fortune of $86 billion, experiencing a remarkable surge of 33% in his wealth.
Currently, India has a total of 271 billionaires, making it the third-highest country in terms of billionaire count globally. It follows China, which has 814 billionaires, and the US, with 800 billionaires.
The number billionaires in South Asian country has increased dramatically since the country implemented economic policy reforms in 1991, allowing for greater foreign investment. However, the wealth gap between the top 1% and the rest of the population has reached unprecedented levels. According to a recent research, the wealth inequality in India is now even greater than during the period of British colonial rule, with the top 1% of the population holding a 40.1% share of the national wealth in the year 2022-23.
The Indian economy is experiencing significant strengthening, with a remarkable GDP growth rate of 8.4% from October to December 2023, marking the fastest pace in six quarters. Several analysts predict that within the next three years, India will emerge as the world’s third-largest economy.
SOURCE: Mumbai Dethrones Beijing as Asia’s ‘Billionaire Capital’ BY: eTurboNews | eTN