In a historic first, Mumbai emerges as Asia's new 'billionaire capital'

Mumbai, India's bustling Financial Capital, has clinched a historic milestone of becoming Asia's billionaire hub by dethroning Beijing. The latest Hurun Research Institute report for 2024 reveals that Mumbai now boasts 92 billionaires, edging past Beijing's count of 91. Led by titans like Mukesh Ambani of Reliance Industries and Gautam Adani of Adani Group, Mumbai's ascension underscores India's economic prowess.

India, as a whole, welcomed 94 new billionaires in 2023, bringing its total to 271, the highest outside the United States. This surge reflects a burgeoning confidence in India's economy, with Rupert Hoogewerf, Chairman of the Hurun Research Institute, citing record levels of economic optimism. Meanwhile, China, despite maintaining its lead with 814 billionaires, saw a decline in its ultra-rich population, attributed to challenges in real estate and renewable energy sectors.

Among India's newcomers to the billionaire club are Rohiqa Cyrus Mistry and Ina Ashwin Dani, representing diverse sectors like finance and manufacturing. Mukesh Ambani retains his title as India and Asia's wealthiest individual with $115 billion, followed closely by Gautam Adani with $86 billion. China's Zhong Shanshan and Colin Huang also made headlines, underscoring the dynamic shifts in global wealth distribution.

The report also spotlighted India's growing entertainment sector, with the historic merger between Walt Disney and Reliance Industries. This venture aims to create a formidable presence in the international entertainment landscape, further amplifying India's economic influence on the global stage.