According to the most recent worldwide wealthy list from Hurun Research Institute, Mumbai has surpassed Beijing to become the Asian capital with the most number of billionaires for the first time. This places Mumbai at the forefront of wealth generation in Asia and is a significant milestone for India.
With 119 billionaires, New York tops the list of richest cities in the world, closely followed by London with 97.
According to the most recent Hurun rich list, Mumbai, the financial center of India, has surpassed both Beijing (91) and Shanghai (87) in the Asian ranks, with 92 billionaires.
There are currently 3,279 billionaires in the world, up 5% from the year before.
China continues to top the list of nations with 814 billionaires, however the number of billionaires has decreased significantly from the previous year by 155. India comes in third place with 271 billionaires, closely followed by the United States with 800 billionaires.
China had a difficult year, according to the research company. “Wealth creation in China has undergone significant changes in recent years, with declines observed in billionaires’ wealth from real estate and renewables.”
Zhong Shanshan, the founder and chairman of Nongfu Spring, continues to be the richest person in China. Colin Huang, the founder of Pinduoduo, has surpassed Tencent CEO Ma Huateng to take the second spot.
Artificial intelligence was a major factor in the rise in the number of ultra-wealthy people in the United States. “Billionaires behind companies such as Microsoft, Google, Amazon, Oracle, and Meta have seen substantial wealth surges as investors bet on the value generated by AI,” the research stated.
With net worths of $201 billion and $190 billion, respectively, Elon Musk, the CEO of Tesla, and Jeff Bezos, the founder of Amazon, are ranked first and second in the US, according to Bloomberg’s Billionaires index.
With a net worth of $1.2 billion, music legend Taylor Swift debuted on Hurun Research’s list, partly because to her popular Eras Tour. “Over half her fortune stems from royalties and touring, notably from her concert film and music catalogue’s value,” said the paper.
With 84 new members, India experienced the second-highest influx of newcomers to its list of ultra-rich individuals. The economy of the nation has become the fastest-growing in the world, with GDP expanding by 8.4% between October and December.
With a net worth of $110 billion, Reliance Industries Chairman Mukesh Ambani continues to be the richest person in Asia and the tenth richest person worldwide.
According to Bloomberg data, Gautam Adani, the founder of the Adani Group, is currently three spots behind Ambani with a net worth of $97.9 billion, having temporarily passed him in January.
