USA ADDED 109 BILLIONAIRES TO TOTAL OF 800 . CHINA DOWN 155 BILLIONAIRES, BUT STILL WORLD NUMBER ONE WITH 814. INDIA THIRD WITH 271 BILLIONAIRES, UP 84, SECOND HIGHEST RISE AFTER USA. Hurun Report 2024.
In a remarkable feat of economic ascendance, Mumbai has emerged as Asia’s premier billionaire hub, eclipsing Beijing, as per the latest findings from the Hurun Research Institute. The financial epicenter of India now proudly boasts 92 billionaires, surpassing Beijing’s count and cementing its stature as a flourishing center for wealth generation.
Titled “Hurun Global Rich List 2024,” the report sheds light on Mumbai’s meteoric rise, affirming, “Mumbai exhibited the most rapid growth among billionaire capitals worldwide, with 26 additions in the past year, propelling it to third place globally and firmly establishing itself as Asia’s billionaire hub. Meanwhile, New Delhi secured a spot in the Top 10 for the first time.”
HILIGHTS OFTHE REPORT
- WORLD ADDED 167 BILLIONAIRES TO TAKE TOTAL TO 3279
- AI LED BOOM OF NEW BILLIONAIRES, WITH OVER HALF OF ALL NEW WEALTH DRIVEN BY AI
- USA ADDED 109 BILLIONAIRES TO TOTAL OF 800
- CHINA DOWN 155 BILLIONAIRES, BUT STILL WORLD NUMBER ONE WITH 814
- INDIA THIRD WITH 271 BILLIONAIRES, UP 84, SECOND HIGHEST RISE AFTER USA.
- UK OVERTOOK GERMANY TO FOURTH SPOT WITH 146 BILLIONAIRES, UP 12. GERMANY DOWN 4 TO 140.
- 278 PEOPLE LOST THEIR BILLIONAIRE STATUS, OF WHICH 208 FROM CHINA
- 480 JOINED THE LIST, OF WHICH 132 FROM USA, 94 FROM INDIA AND 55 FROM CHINA
- MUMBAI OVERTOOK BEIJING TO BECOME ASIA’S BILLIONAIRE CAPITAL FOR FIRST TIME AND BREAK INTO WORLD’S TOP 3.
- Â NEW YORK TOOK BACK STATUS OF BILLIONAIRE CAPITAL OF WORLD FOR FIRST TIME IN 7 YEARS, WITH 119 BILLIONAIRES CHOOSING TO LIVE THERE, FOLLOWED BY LONDON WITH 97. BEIJING DROPPED DOWN FROM FIRST PLACE LAST YEAR TO FOURTH.
India’s economic prowess further shines through the staggering surge in its billionaire populace, with the nation witnessing the addition of an impressive 94 new billionaires, second only to the United States, culminating in a total of 271 ultra-high-net-worth individuals.
The report underscores the dominance of specific industries in fueling India’s billionaire surge, with the pharmaceutical sector leading the charge with 39 billionaires, followed by automotive and auto components (27), and chemicals (24). Collectively, Indian billionaires command a colossal wealth of $1 trillion, constituting 7% of global billionaire wealth and highlighting the nation’s significant economic clout.
At the helm of India’s billionaire elite stands Mukesh Ambani, chairman of Reliance Industries, boasting a staggering net worth of $115 billion. Following closely is Gautam Adani, founder of the Adani Group energy conglomerate, with assets valued at $86 billion, marking a $33 billion wealth surge attributed to a rally in his companies’ shares.
While India’s billionaire population soared, China witnessed a downturn, as noted in the report: “China faced a challenging year, with Hong Kong witnessing a 20% decline, Shenzhen down 19%, and Shanghai down 7%.” This setback can be attributed to struggles in real estate and renewable energy sectors, alongside lackluster performance in Chinese stock markets.
Moreover, the report highlights a groundbreaking merger between India’s Reliance Industries and Walt Disney, consolidating their television and streaming assets into an entity valued at $8.5 billion. This strategic amalgamation aims to establish a formidable presence in the global entertainment landscape.
Key Findings
1. 3,279 BILLIONAIRES IN THE WORLD, UP 5% OR 167 FROM LAST YEAR.
2. TOTAL WEALTH UP 9% TO US$15TN.
3. SOURCE OF WEALTH. BILLIONAIRES MADE THEIR WEALTH IN FINANCIAL SERVICES (10%), FOLLOWED BY CONSUMER GOODS (8%), AND FOOD & BEVERAGES (7%) AND REAL ESTATE (7%).
4. GOOD YEAR FOR MEDIA & ENTERTAINMENT, WHICH ADDED US$226BN, OUTPACING SOFTWARE & SERVICES US$149BN, FINANCIAL SERVICES US$118BN AND RETAIL US$104BN.
5. BAD YEAR FOR HEALTHCARE, WHICH LOST US$75BN, FOLLOWED BY INDUSTRIAL PRODUCTS US$46BN, FOOD & BEVERAGES US$40BN AND REAL ESTATE US$32BN.
6. FASTEST RISERS IN THE YEAR. 59 INDIVIDUALS ADDED US$5BN OR MORE, UP FROM 31 LAST YEAR.
7. 93 ARE FORTY OR UNDER, OF WHICH 61, UP 5, WERE SELF-MADE, AND 32 INHERITED. 8 ARE UNDER 30, LED BY CLEMENTE DEL VECCHIO OF ESSILORLUXOTTICA, WITH US$4.6BN AGED JUST 19. YOUNGEST SELF-MADE BILLIONAIRE IS RYAN BRESLOW OF BOLT, WITH US$1.3BN AGED JUST 29.
8. 218 SELF-MADE WOMEN, DOWN 29. CHINA CONTINUED TO DOMINATE WITH 74%. OKLAHOMA-BASED ‘ROOFING QUEEN’ DIANE HENDRICKS, 77, OF ABC SUPPLY RICHEST SELF-MADE WOMAN IN WORLD FOR THE SECOND YEAR WITH US$22BN, WHILST FRANCOISE BETTENCOURT MEYERS, 70, OF L’OREAL RICHEST WOMAN IN THE WORLD WITH US$91BN.
9. 15.4% ARE IMMIGRANT BILLIONAIRES, UP FROM 13.7% FROM LAST YEAR AND 10% FROM FIVE YEARS AGO. USA LED WITH 144 IMMIGRANT BILLIONAIRES, FOLLOWED BY 67 IN THE UK AND 60 IN SWITZERLAND. TOP IMMIGRANTS INCLUDED ELON MUSK (BORN IN SOUTH AFRICA), SERGEY BRIN (BORN IN RUSSIA) AND JENSEN HUANG (BORN IN TAIWAN).
10. OLDEST FAMILIES. 118 ARE BILLIONAIRES FOR 4TH GENERATION OR MORE, Up 7.
