Mumbai has emerged as the Asian capital with the highest number of billionaires, surpassing Beijing and Shanghai, according to the latest Hurun Research Institute global rich list. This marks a significant shift in the balance of wealth in Asia, with Mumbai now boasting 92 billionaires, putting it ahead of other major Asian cities.
The global rich list for cities is still dominated by New York and London, with 119 and 97 billionaires respectively. However, the rise of Mumbai to the third position globally and the top spot in Asia speaks to the changing landscape of wealth distribution. Overall, there are 3,279 billionaires worldwide, representing a 5% increase from the previous year.
China remains at the top of the country ranking with 814 billionaires, despite experiencing a decrease of 155 billionaires compared to the previous year. The United States follows closely behind with 800 billionaires, while India ranks third with 271 billionaires. The report highlighted that China had a challenging year, with shifts in the wealth creation dynamics, particularly in sectors like real estate and renewables.
In China, Zhong Shanshan of Nongfu Spring and Colin Huang of Pinduoduo maintained their positions as the wealthiest individuals in the country. In the U.S., figures like Jeff Bezos and Elon Musk continue to lead the billionaire rankings, with a strong emphasis on artificial intelligence driving wealth creation. Companies like Amazon, Microsoft, Google, and Meta have seen substantial increases in their wealth due to investor confidence in AI technologies.
India recorded the second-highest number of new additions to the ultra-rich list, signaling its rapid economic growth. With a GDP growth rate of 8.4% in the last quarter of the year, India is now the fastest-growing economy globally. Figures like Mukesh Ambani and Gautam Adani continue to feature prominently on the list, with Ambani holding the title of Asia’s wealthiest person and Adani not far behind.
India’s stock market has overtaken Hong Kong’s to become the seventh largest in the world, reflecting the country’s growing economic influence. The total value of India’s stock market now exceeds $4 trillion, indicating robust investor confidence in the market. As the world continues to navigate shifting wealth dynamics, it will be interesting to see how emerging economies like India and established players like China and the U.S. evolve in the coming years.
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