India's financial capital, Mumbai, has surpassed Beijing in hosting the largest number of billionaires, a report released on Tuesday disclosed.
According to the Hurun Global Rich List, Mumbai is now the home to 92 billionaires, outnumbering the 91 in Beijing. India boasts a total of 271 billionaires compared to China's 814, as per the Hurun list.
The publication of the global rich list follows recent concerns highlighted in a report regarding escalating inequality in India. According to a paper titled "Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj," the top one per cent of India's population owned 40% of the wealth in 2023, a stark rise from 22.6% in the early 2000s.
From Reliance Industries, Mukesh Ambani retains his title as the richest Indian with a fortune of USD 115 billion, having amassed 40% or USD 33 billion in the past year. Despite experiencing setbacks following a short seller report, Gautam Adani recovered some losses, increasing his net worth by 62% in the same period, the report noted.
Ambani ranks tenth on the list globally, with Elon Musk leading with a fortune of USD 231 billion. According to the report, Adani secures the fifteenth spot globally.
The cumulative wealth of Indian billionaires amounts to USD 1 trillion. India's robust annual growth of over 7% has earned it recognition as the fastest-growing major economy, while China faces challenges with slowing growth, particularly in sectors like real estate. Consequently, India has seen substantial wealth inflows from foreign investors, leading to higher market valuations and increased individual net worth.
Moreover, the report highlighted that India outpaced China in new billionaire additions during the year, with 94 new entrants compared to China's 55. As the financial hub, Mumbai welcomed 27 new billionaires over the past year, far exceeding the six in Beijing. The report labelled Mumbai as a "wealth hub," noting a 47% surge in wealth among its residents, in contrast to a 28% decline in Beijing.
Additionally, only 24 Indian billionaires experienced a decrease in their net worth during the year, while 573 Chinese billionaires saw a decline. The report said India's cumulative wealth surged by 51% over the last year, defying global economic challenges.
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