Mumbai is the newest billionaire capital of Asia

The financial hub of India is now home to ninety-two billionaires

March 27, 2024

The collective wealth of India’s billionaires is about US$ 1 trillion

India added ninety-four new billionaires, which is the second highest in the world

The leading industries contributing to this growth of billionaires are pharma, automobile and ancillary sectors and the chemicals industry

For the first time, New Delhi has also made it into the top ten list

Mumbai is now the billionaire capital of Asia and third in the world, dethroning Beijing according to the report from the Hurun Research Institute. Mumbai now has ninety-two billionaires that call it home, and this is testament to this Indian coastal city’s potential for prolific economic growth.
Mumbai also featured the quickest growth in terms of the number of billionaires, with twenty-six emerging this year.

As a country, India has had a sizeable growth in terms of the number of its billionaires. Ninety-four billionaires emerged this year, and this number is second only to USA. This has brought the total number of Indian billionaires up to 271 individuals. This prolific spurt has been the highest since 2013 and is a strong indicator to the robustness of India’s economic growth trajectory.

The report also went on to state that the pharmaceutical sector – with its thirty-nine billionaires – led the pack, with the automobile and components sector accounting for twenty-seven billionaires and the chemical industry following with twenty-four ultra-high-net-worth-individuals. The cumulative net worth of India’s billionaires is about US$1 trillion and comprises of 7% of the total wealth of billionaires across the world.

For the first time ever, New Delhi has also made it in the top ten list for the number of its billionaires.

Source: Mint

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