Asia Desk, Delhi Magazine: India’s financial capital, Mumbai, has claimed the title of Asia’s billionaire capital for the first time, surpassing Beijing, China’s capital. Recent figures reveal that Mumbai, within its 603 square kilometers, now accommodates more billionaires than Beijing’s 16,000 square kilometers. According to the ‘Hurun Research’s 2024 Global Rich List,’ Mumbai hosts 92 billionaires compared to Beijing’s 91. This elevates Mumbai to the third spot globally, trailing behind New York with 119 billionaires and London with 97.
Total Wealth of Mumbai’s Billionaires
The combined wealth of Mumbai’s billionaires amounts to $445 billion, marking a 47% increase from the previous year. In contrast, Beijing’s billionaires’ total wealth has decreased by 28%, totaling $265 billion. Notable sectors contributing to Mumbai’s wealth include energy and pharmaceuticals, boasting tycoons like Mukesh Ambani. Among Mumbai’s billionaires, real estate magnate Mangal Prabhat Lodha and his family top the earnings chart, witnessing a remarkable 116% surge in wealth.
Mumbai Surges with 26 New Billionaires
With the addition of 26 new billionaires in a year, Mumbai has surged ahead, eclipsing Beijing both economically and culturally. Meanwhile, Beijing experienced a net loss of 18 billionaires from the list. While there’s a slight decline in India’s global billionaire ranking, Mukesh Ambani maintains the 10th position with a substantial wealth increase. Gautam Adani’s wealth surge catapulted him eight places to the 15th position globally.
Noteworthy Indian Billionaires
Shiv Nadar of HCL and his family witnessed a significant rise in wealth and global ranking, climbing 16 spots to the 34th position. Conversely, Cyrus S Poonawalla of Serum Institute saw a marginal decline, falling nine places to 55th, with a net worth of $82 billion. Sun Pharmaceuticals’ Dilip Shanghvi holds the 61st position, while Kumar Mangalam Birla holds the 100th. Radhakishan Damani’s wealth saw a modest yet steady increase, propelled by DMart’s success, elevating him eight places to the 100th position.