The wealth of billionaires in Mumbai reached $445 billion, up 47% year-on-year, while the wealth of billionaires in Beijing fell 28% year-o...
The wealth of billionaires in Mumbai reached $445 billion, up 47% year-on-year, while the wealth of billionaires in Beijing fell 28% year-on-year to $265 billion...
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Strong market is a contributing factor to India's strong economic performance, investor confidence, and huge opportunities to start a business. -UPS According to research by Hurun, Mumbai currently has 92 billionaires, enough to overtake Beijing as Asia's billionaire capital.
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Indian cities currently rank third in the world for the number of billionaires, behind New York with 117 and London with 97. According to Hurun Research's 2024 World Rich List, China has 814 billionaires, compared to 271 in India, while Mumbai has 92 billionaires compared to 91 in Beijing.
According to the Hurun World Billionaire List 2024, the cumulative wealth of Indian billionaires reached $1 trillion, higher than the average wealth per billionaire in China ($3.2 billion vs. $3.8 billion). This staggering increase in wealth means that India added 94 new billionaires in one year, surpassing China's 55, making the country the second-largest contributor to the world's billionaire population. This is due to How Mumbai wrote a success story Mumbai, which has an area of 603 square kilometers, has added 27 new billionaires, compared to six in Beijing, which has an area of 16,000 square kilometers.
The fact that billionaires not only invested in traditional sectors such as telecommunications and energy, but also took an interest in emerging sectors such as artificial intelligence (AI) and start-ups, was a major factor in their increase in wealth. It has become. With a large young, tech-savvy population and increased focus on innovation, India could benefit from this AI revolution and create even more billionaires in the coming years, the report said. ing.
The wealth of Mumbai's billionaires is $445 billion, up 47% year-on-year, while the wealth of Beijing's billionaires is $265 billion, down 28%. "The extraordinary rise in global wealth creation in India, and especially in Mumbai, heralds a new chapter in economic history, marking unprecedented growth and prosperity," the Hurun report said. Factors behind India's strong economic performance include a strong stock market, investor confidence and huge entrepreneurial opportunities. “The Hurun World Rich List 2024 highlights that India is poised to emerge as a future economic powerhouse and secure its position as the third largest economy in the world.” The billionaire boom has surpassed all but the US, with Mumbai overtaking Beijing for the billionaire title. -The epicenter of Asia.
But as we teeter on the brink of a revolution in electric vehicles, space technology and AI, the Indian startup ecosystem is only just beginning to realize its potential. The next decade has a clear message. Ignoring India's story is an unacceptable risk for visionaries. Hurun Global Rich List does more than just track wealth. "This marks a decisive shift in the global power structure," Hurun India founder and chief scientist Anas Rahman Junaid said, as quoted by Business Standard.
The Hurun report also highlights specific sectors contributing to India's billionaire boom, with the pharmaceutical industry leading the way with 39 billionaires, followed by the automobile and auto parts industry (27). followed by the chemical sector (24 people). Mukesh Ambani, Asia's richest man, is the only person to make it into the top 10 of the 2024 Hurun world billionaires list.
Kalyan Jewelers, TS Kalyanaraman and his family saw their assets increase by 200% of his $3 billion in that year. They are the biggest wealth earners in percentage terms. Another luxury real estate developer, the Mangal Prabhat Lodha family, posted a 116%, or $11 billion, increase in the same year. According to Hurun's report, 167 billionaires were added around the world, bringing the total to 3,279.
Most of the new wealth has come from artificial intelligence. The US added 109 billionaires, bringing the total to 800. Elon Musk is worth $231 billion, making him the world's richest person for the third time in four years, the report continues. Amazon's Jeff Bezos moved up two places to second place, with his total wealth increasing by $67 billion (57%) from $185 billion.
Billionaire Bernard Arnault slipped to third place with $175 billion. Taylor Swift has been named to the richest list for the first time with a net worth of $1.2 billion.
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