Mumbai overtakes Beijing as Asia's billionaire capital for the very 1st time

Digital Desk: The Hurun Global Rich List 2024, unveiled on Tuesday, illuminated the evolving landscape of global wealth, with Indian tycoons Mukesh Ambani and Gautam Adani seizing the spotlight for their remarkable wealth accumulation. 

Ambani, chairman of Reliance Industries, retained his status as Asia's wealthiest individual, boasting a net worth of USD 115 billion at 66 years old. Despite a remarkable 40% surge in wealth, Ambani slipped one spot to the 10th position globally.

Meanwhile, Gautam Adani, the visionary behind the Adani Group, witnessed a staggering increase in wealth, propelling him to the 15th position on the global rankings with a net worth of USD 86 billion at the age of 61. 

Adani's wealth surge of USD 33 billion this year was fueled by the soaring share prices of his conglomerate, particularly following a favorable Supreme Court ruling addressing concerns raised in the Hindenburg report.

Notably, Mumbai, the financial hub of India, surpassed Beijing in billionaire density, housing 92 billionaires compared to Beijing's 91. The city's billionaire count surged with the addition of 27 new entrants, far outpacing Beijing's modest increase of six. Presently, Mumbai stands third globally in billionaire density, trailing only New York and Beijing.

The ascension of Ambani and Adani underscores India's growing prominence in global wealth distribution and reaffirms the nation's entrepreneurial prowess on the world stage.