Mumbai: Mumbai has emerged as Asia’s new billionaire capital, surpassing Beijing, according to the Hurun India Rich List 2024. The financial hub of India now hosts 25 percent of the continent’s billionaires, establishing itself as the premier destination for Asia’s wealthy elite.
The Hurun data reveals that Mumbai has seen a substantial increase of 58 new billionaires, placing it ahead of other major Indian cities. New Delhi and Hyderabad follow Mumbai in the rankings, with Hyderabad adding 17 new billionaires. Bengaluru, Chennai, and Kolkata also saw significant increases, with 100, 82, and 69 new wealthy individuals respectively. Indore and Jaipur have made their debut on the list with nine new billionaires each.
India has also outpaced China in terms of billionaire growth, with a 29 percent increase in its billionaire count, reaching a record 334 individuals. In contrast, China experienced a 25 percent decline in its number of billionaires. “India is emerging as Asia’s wealth creation engine!” said Anas Rahman Junaid, founder and chief researcher of Hurun India. “While China saw a decline, India’s billionaire count has surged, reflecting robust economic growth.”
In a notable shift, Gautam Adani and his family have claimed the top position in the Hurun India Rich List 2024, with a staggering fortune of ₹11.6 lakh crore. Adani’s wealth has surged by 95% over the past year, recovering impressively from the Hindenburg report scrutiny and surpassing Mukesh Ambani of Reliance Industries. Adani, who ranked fourth in 2020, has now achieved the highest wealth growth among the top ten over the past five years.
Bollywood superstar Shah Rukh Khan has also secured a top spot in the 2024 Hurun Rich List, with an estimated wealth of ₹7,300 crore. Khan, 58, has expanded his empire beyond acting through his production house, Red Chillies Entertainment, and his stake in Kolkata Knight Riders, who won the Indian Premier League in 2024. His diversified investments have significantly bolstered his financial standing.