Jobaaj Stories
Hurun Research's 2024 Global Rich List shows that Mumbai has surpassed Beijing as Asia's billionaire metropolis, marking a dramatic shift in economic dominance. According to the survey, Beijing currently has 91 billionaires, closely followed by Mumbai's 92 billionaires. Mumbai has taken the top rank for the first time, demonstrating India's expanding economic might.
The report's data demonstrates Mumbai's extraordinary surge in the number of billionaires. Beijing saw a net loss of 18 billionaires this year, compared to the city's 26 new billionaires this year. Mumbai's billionaire class now boasts an astounding $445 billion in total wealth, up a whopping 47% over the year before. Beijing, on the other hand, has $265 billion in total billionaire wealth, a 28% decline in total.
Mumbai's richest industries are energy and pharmaceuticals, where renowned people like Mukesh Ambani have made substantial sums. Mukesh Ambani, chairman of Reliance Industries, and his spouse Nita Ambani are still at the top of the Indian billionaire rankings.
With an astounding 116% growth in wealth, real estate tycoon Mangal Prabhat Lodha is now Mumbai's wealthiest person. The success of Lodha highlights the variety of ways that Mumbai's thriving economy creates riches.
Mumbai is currently the third-most wealthy city in the world, behind New York and London. With 119 billionaires, New York is still the city with the most, closely followed by London with 97.
The global ranking of Indian millionaires has slightly decreased despite Mumbai's rise. Mukesh Ambani continues to hold sway at number ten, which is a result of Reliance Industries' performance. Shiv Nadar and his family at HCL have jumped 16 spots to rank 34, while Gautam Adani has risen eight spots to the fifteenth spot. Cyrus S. Poonawalla of Serum Institute, on the other hand, had a little decline, dropping nine spots to rank 55.
Other well-known Indian billionaires on the list are Dilip Shanghvi of Sun Pharmaceuticals (ranked 61st) and Kumar Mangalam Birla (ranked 100th). In addition, Radhakishan Damani rose eight spots to take the 100th spot.
The report highlights Mumbai's rise to prominence as a hub for billionaire wealth and illuminates the intricate processes of wealth creation in the global economy.
In recent years, there has been tension in the relationship between Vijaypat Singhania and his son Gautam Singhania, who is the Chairman of Raymond Group. Vijaypat Singhania disputes any progress toward reconciliation, despite recent social media remarks making vague references to it. He claims that Gautam Singhania's invitation had a hidden agenda and was intended more for a staged photo aimed at deceiving the media than for a sincere reunion.
Finally, Mumbai's ascent to prominence as Asia's billionaire capital is indicative of India's expanding economic clout internationally. But the intricacies of money and relationships highlight how complex personal and economic forces are in today's globe.
