Rama Krishna Sangem
India got as many as 94 new billionaires on this year Harun’s rich list. The list was released on March 27 Tuesday. Following a net addition of 84, the country’s billionaire tally touched 271 with their combined wealth at $1 trillion, noted the report.
Mukesh Ambani, chairman & managing director of Reliance Industries, is the only Indian to make it into the top 10 of the Hurun Global Rich List 2024, a ranking of billionaires in US dollar terms. Despite a 40 per cent increase in his wealth to $115 billion, Ambani, 66, dropped one rank to 10th place on the global list. Hurun Global Rich List’s wealth calculations are a snapshot for the year ended January 15, 2024. It is the 13th edition of the ranking.
Gautam Adani, chairman of the Adani group, is the next Indian on the global rich list, ranking 15th. Adani, 61, has a net worth of $86 billion, a figure that includes a $33 billion increase in wealth following a sharp recovery in his companies’ shares in 2023.
Thanks to a booming stock market, India witnessed a “super strong year”, with the country adding the most new entrants to the billionaire list, after the US (132). China added only 55 new faces. “Confidence in the (Indian) economy grew to record levels. Mumbai overtook Beijing to become Asia’s billionaire capital and (one of the) top three cities globally,” said Hurun Report Chairman and Chief Researcher Rupert Hoogewerf.
Mumbai, hub of billionaires
Mumbai, the fastest-growing billionaire capital in the world, added 26 billionaires during the period under consideration, bringing its total to 92. New Delhi broke into the top 10 for the first time with 57 billionaires. Other cities breaking into the Hurun top 30 cities include Palm Beach, Istanbul, Mexico City, and Melbourne. New York has the highest concentration of billionaires (119), followed by London (97).
“Surpassing all but the United States, India’s unprecedented billionaire boom propels Mumbai past Beijing, crowning it as Asia’s billionaire epicentre. Yet, as we stand on the brink of revolutions in electric vehicles, space technology, and AI (artificial intelligence), India’s startup ecosystem is just beginning to unveil its potential. The next decade holds a clear message: Overlooking the Indian narrative is a risk no visionary can afford.
The Hurun Global Rich List doesn’t just track wealth; it signals a pivotal shift in the global power structure,” said Anas Rahman Junaid, founder and chief researcher, Hurun India, in a statement.
