Mumbai overtakes Beijing as Asia’s billionaire capital for first time | Wilnesh News

Move there, Beijing.

Mumbai is now the Asian capital with the highest number of billionaires, according to Hurun Research Institute Global Rich List.

This is the first time that India’s most populous city has topped the list in Asia.

Topping the list of the world’s richest cities in 2024 is New York (119th), followed by London (97th). In Asia, India’s financial center Mumbai leads the list with 92 billionaires, according to the Hurun Rich List. This is followed by Beijing (91) and Shanghai (87).

The report shows that there are currently 3,279 billionaires in the world, an increase of 5% from 2023.

Although China has 155 fewer billionaires than a year ago, China still tops the list with 814 billionaires, according to the country rankings. The United States ranks second with 800 billionaires, and India ranks third with 271.

“China has had a bad year,” the research firm noted. “Wealth creation in China has changed profoundly over the past few years, with billionaires’ fortunes from real estate and renewable energy declining.”

Zhong Shanshan, founder and chairman of Chinese bottled water giant Nongfu Spring, retains her status as China’s richest person. Colin Huang, founder of e-commerce company Pinduoduo, overtook Tencent CEO Pony Ma to take second place this year.

According to the Hurun Report, the United States added 109 new billionaires in 2023, but is only 14 billionaires behind China.

The report shows that artificial intelligence is an important driver of the increase in the number of super-rich people in the United States.

“While Jensen Huang grabs many of the headlines as Nvidia’s market capitalization crosses the $2 trillion mark and breaks into the top 30 of the Hurun Report, the billionaire behind Microsoft, Google, Amazon, Oracle, and Meta The number has soared. As investors bet on the value generated by artificial intelligence, their wealth has also increased,” the report stated.

Bloomberg Billionaires Index It shows that Amazon founder Jeff Bezos and Tesla CEO Musk are the top two billionaires in the United States, with net assets of US$201 billion and US$190 billion respectively.

Taylor Swift, who entered the Hurun Research Institute list with a net worth of US$1.2 billion, has performed in the United States, South America, Australia, Singapore and Tokyo since she began her Eras tour in March.

“More than half of her wealth comes from royalties and tours, including $190 million from the first leg of the Eras Tour and $35 million from concert films. The rest comes from the value of her music catalog, especially after her first six The album was sold to Shamrock with capitalization of $300 million in 2020,” the report said.

India is the country with the second largest number of new super-rich people after the United States, with 84 new members added to its super-rich list.

The South Asian country is currently the world’s fastest-growing economy, with GDP growing 8.4% between October and December.

According to Refinitiv data, in December last year, the Indian stock market surpassed the Hong Kong stock market and became the seventh largest stock market in the world, with a current valuation of more than US$4 trillion.

According to Bloomberg’s index, Mukesh Ambani, chairman of India’s Reliance Industries, continues to be the richest man in Asia and the 11th richest person in the world, with a total net worth of US$110 billion.

According to Bloomberg data, Adani Group founder and chairman Gautam Adani briefly surpassed Ambani in January this year, but is now three places behind with a net worth of $97.9 billion.