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  1. Hurun Global Rich List 2024: Mumbai city of most billionaires in Asia; Mukesh Ambani 10th richest worldwide

Hurun Global Rich List 2024: Mumbai city of most billionaires in Asia; Mukesh Ambani 10th richest worldwide

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2 min read • Updated: March 26, 2024, 1:03 PM

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Mumbai beat Beijing and claimed the top spot in Asia in terms of the highest number of billionaires. Globally, it is now ranked third after New York and London. India now accounts for nearly 7% of total global wealth, backed by gains from big industrialists like Mukesh Ambani and Gautam Adani. Globally, investments in AI reaps benefits as nearly 50% of new wealth gets accredit to AI.

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Mumbai jumps over Beijing to become the Billionaire Capital of Asia

Mumbai has overtaken Beijing as the billionaire capital of Asia. According to the Hurun Global Rich List 2024, Mumbai’s share of billionaires rose from less than 70 billionaires last year to 92 in 2024, while Beijing’s current count stands at 90 billionaires.

According to the report, Mumbai is ranked first in Asia and third globally in terms of the number of billionaires. New York also returned to the first position on the list after 7 years, with a whopping 119 billionaires, while London boasted 97 billionaires.

Reliance’s Mukesh Ambani managed to come in at 10th position in the list after adding $33 billion to his wealth. Industrial magnate Gautam Adani rose 18 positions to the rank of 15th in the list, with a total net wealth of $86 billion.

On the global front, Elon Musk remains the richest man in the world, backed by valuation gains from SpaceX and growth in Tesla shares.


The report highlighted an upcoming trend in wealth creation with “over half of all new wealth driven by AI.” Billionaires behind Microsoft, Meta, Google and Amazon witnessed significant surges in wealth driven by lucrative investments in the artificial intelligence space. Nvidia President, Jensen Huang’s wealth grew as Nvidia broke through the $2 trillion club, ranking him under Top 30.

India added 84 new billionaires, and out of the nearly 500 people who joined the ranks of the global rich, 94 were from India. The collective wealth of Indian billionaires amounts to $1 trillion or 7% of the total wealth.

Table comparing India, China and US Billionaires