India Ranks Third in Global Billionaires List: Mumbai Emerges as Asia’s Billionaire Hub

India has secured the third position in the global billionaire rankings, boasting a total of 271 billionaires, according to the latest Hurun Global Rich List 2024. The report highlights Mumbai’s ascent as Asia’s billionaire capital, with notable figures like Mukesh Ambani, chairman of Reliance Industries, prominently featured.

The Hurun report highlights a concerning trend of wealth concentration, with the top 10 billionaires accounting for 60% of all new wealth generated. The threshold to enter the top 10 has tripled over the past decade, exceeding US$100 billion. The report predicts the emergence of trillionaires by 2030 at the current wealth growth rate.

The list reveals a total of 3,279 billionaires worldwide, with 167 additions in the past year. Notably, India witnessed a remarkable surge, adding nearly 100 new billionaires. While China retains the top spot with 814 billionaires, the United States closely follows with 800 billionaires. However, China experienced a decline in billionaire numbers by 155, contrasting with significant gains in the US and India.

The report underscores Mumbai’s unprecedented rise as Asia’s billionaire hub, surpassing Beijing for the first time in the history of the Hurun list. Mumbai now stands among the top three cities globally, reflecting India’s growing economic confidence and prosperity.

India’s capital city, New Delhi, secured its position among the top 10 cities for billionaires, marking a significant milestone in the nation’s billionaire landscape.

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