Asia`s fresh billionaire capital unveiled
(MENAFN) In a significant milestone, Mumbai, the financial hub of India, has dethroned Beijing to claim the title of Asia's 'billionaire capital,' according to the latest global rich list released by the Hurun Research Institute based in Shanghai. The report reveals that the number of billionaires in Mumbai has surged to 92, marking a remarkable ascent for the Indian metropolis and positioning it as the third-largest billionaire hub globally, following New York (119) and London (97).
This remarkable rise in Mumbai's billionaire count reflects India's growing prominence in the global wealth landscape, with the country now boasting a total of 271 billionaires, securing its position as the third-highest billionaire hub worldwide, trailing only China (814) and the United States (800), according to the Hurun Research Institute.
At the helm of India's billionaire list stands Mukesh Ambani, the chairman of Reliance Industries, with a staggering net worth of USD115 billion, reaffirming his status as Asia's wealthiest individual. Notably, Ambani's opulent lifestyle recently garnered attention with the extravagant pre-wedding festivities for his youngest son, Anant. Following closely behind is Gautam Adani, chairman of the Adani Group, whose wealth surged by 33 percent to reach USD86 billion, securing his position as India's second-richest individual.
Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, attributed India's stellar performance in wealth creation to a robust economic outlook and growing confidence in the country's economy. He highlighted the significant role played by artificial intelligence (AI), noting that AI has been a primary driver of wealth accumulation, contributing to over half of all new wealth generated in India this year.
India's trajectory towards becoming a billionaire powerhouse can be traced back to the economic reforms initiated in 1991, which liberalized the country's economy and facilitated increased foreign investment. However, amidst this surge in billionaire wealth, concerns have been raised regarding the widening wealth gap, with the disparity between the top 1 percent and the rest of the population reaching historic highs.
The rise of Mumbai as Asia's new billionaire capital underscores India's growing economic prowess and the emergence of its cities as global centers of wealth creation, signaling a transformative shift in the region's economic landscape.
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