You’re more likely to run into a ‘Crazy Rich Asian’ in Mumbai than Beijing

• Mumbai’s 92 billionaires hold $445 billion while Beijing’s 91 hold $265 billion, shows 2024 Hurun Global Rich List.
• TS Kalyanaraman and Mangal Prabhat Lodha saw the highest percentage gain in wealth this year.
• AI-led billionaire boom is seen globally as half of the new wealth is driven by this emerging weath trend.

Where do billion-dollar dreams come true? As of this year, they’re more likely to come to fruition in Mumbai than in Beijing, according to a report by Hurun. As per the 2024 Hurun Global Rich List, released on Tuesday, India’s financial capital now has 92 billionaires, overtaking Beijing, which has 91 of them.

Mumbai added many more new billionaires this year — at 27 as opposed to Beijing’s six. Also, the sum of wealth is skewed towards the island city of Maharashtra — as its 92 billionaires hold $445 billion while Beijing’s 91 hold $265 billion. Mumbai billionaires’ total wealth went up 47%, while Beijing billionaires saw their wealth fall by 28%.

"India's unprecedented billionaire boom propels Mumbai past Beijing, crowning it as Asia's billionaire epicentre,” said Anas Rahman Junaid, founder and chief researcher at Hurun India.

More opportunities in India

At 271, India as a whole is far behind in terms of billionaires as opposed to China’s 814. However, India has beaten the latter in terms of new entrants. In the last one year, India added 94 new billionaires while China added only 55. Overall, Indian billionaire wealth went up by 51%, while that of Chinese billionaires fell by 20%.

“India’s and particularly Mumbai’s meteoric rise in the global wealth creation arena heralds a new chapter in economic history, showcasing unparalleled growth and prosperity,” says Hurun.

The average Indian billionaire is also richer than a Chinese billionaire — with $3.8 billion and $3.2 billion respectively. India has more opportunities for wealth creation, opine experts.

“As we stand on the brink of revolutions in electric vehicles, space technology, and AI, India's startup ecosystem is just beginning to unveil its potential. The next decade holds a clear message — overlooking the Indian narrative is a risk no visionary can afford,” adds Junaid.

India also ranks third in terms of number of billionaires, after China and USA.

Who’s the richest of them all?

Mukesh Ambani is Asia’s richest man and is the only Indian to enter the top 10 in the 2024 Hurun Global Rich List. Mukesh Ambani & family as well as Gautam Adani & family added $33 billion each to their wealth in the last one year.

But gold has shined on the promoter of Kalyan Jewellers, TS Kalyanaraman & family who saw their wealth zoom by 200% during the year – by $3 billion. They hold the title for the biggest wealth gainer by percentage.

In Mumbai, the best gainer by percentage is Mangal Prabhat Lodha & family. The luxury real estate developer’s family’s wealth zoomed to $11 billion by 116% during the year.

AI-led billionaire boom & Taylor Swift’s debut

Globally, the world added 167 billionaires — taking the total to 3,279. Most of the new wealth came from artificial intelligence. AI-led boom of new billionaires, with over half of all new wealth is driven by it, says Hurun.

The US added 109 billionaires taking its total to 800. Elon Musk is the richest person in the world for the third time in four years, with a wealth of $231 billion, as Tesla shares surged.

Jeff Bezos of Amazon is up two places to second, adding $67 billion or 57% to his total worth of $185 billion. Last year’s numero uno billionaire Bernard Arnault is down to third position with $175 billion.

Music sensation and 34-year-old Taylor Swift also debuted on the Hurun list with a wealth of $1.2 billion.