Hurun Research Institute Report: Mumbai Surpasses Beijing as Asia’s Billionaire Capital

In a landmark shift, Mumbai has overtaken Beijing as Asia’s billionaire capital, according to the latest report from the Shanghai-based Hurun Research Institute. This monumental achievement reflects Mumbai’s burgeoning economic landscape and underscores India’s rising prominence in global wealth distribution.

Hurun Research Institute Report: Key Findings

1. Mumbai’s Ascendancy:

• Mumbai boasts 92 billionaires, securing its position as Asia’s third billionaire capital, trailing behind New York (119) and London (97).
• Notable figures driving Mumbai’s billionaire status include Mukesh Ambani of Reliance Industries and Gautam Adani of Adani Group.
• India’s robust economy, growing at 7.5% in 2023, facilitated the addition of 94 billionaires, marking the country’s highest count since 2013.

2. China’s Challenges:

• Despite maintaining the top spot with 814 billionaires, China experienced a decline in ultra-rich individuals, with 155 fewer billionaires compared to 2022.
• Struggles in China’s real estate and renewable energy sectors, coupled with weak stock markets, contributed to the decrease in billionaire numbers.

3. Wealth Dynamics in China:

• Wealth controlled by China’s billionaires fell by 15%, with 40% of individuals from the previous Hurun list losing their positions.
• Industries such as real estate and renewables saw notable declines in wealth, impacting figures like Wang Jianlin of Dalian Wanda Group.

4. U.S. Technological Advancements:

• The U.S. witnessed significant wealth growth driven by advancements in artificial intelligence, propelling figures like Jensen Huang of Nvidia into the top 30 billionaires with $48 billion in assets.
• Tech giants behind companies like Google, Meta, and Microsoft experienced surges in wealth following a stock rally.

5. Global Representation:

• The Hurun rich list encompasses 3,279 individuals from 73 countries, highlighting the global distribution of wealth.
• U.S. billionaires accounted for 37% of the list, with a 5% increase in billionaire numbers and a 9% rise in total wealth.

6. Methodology:

• The report’s rankings are based on individuals’ shareholdings in listed entities as of January 15. For non-listed companies, wealth valuation is derived from comparisons with listed equivalents.