Mumbai overtakes Beijing to become Asia's billionaire capital

The Hurun Global Rich List 2024 unveiled on Tuesday highlighted shifts in global wealth, with Indian business magnates Mukesh Ambani and Gautam Adani making headlines due to their significant wealth accumulation.

Mukesh Ambani, the chairman of Reliance Industries, retained his position as Asia's richest person, while Gautam Adani, founder of the Adani Group, experienced a substantial wealth increase, elevating him to the 15th position in the global rankings.

With a net worth of USD 115 billion, 66-year-old Ambani remained India's wealthiest individual. Despite a 40% wealth increase, he dropped one rank to the 10th position globally.

Ambani's wealth recently garnered attention due to the lavish pre-wedding festivities of his youngest son, Anant Ambani. 61-year-old Gautam Adani, who heads the Adani Group energy conglomerate, saw his wealth increase by USD 33 billion this year.

With a net worth of USD 86 billion, Adani ascended global rankings to the 15th position. The increase in Adani's wealth is attributed to the rise in his companies' share prices following a Supreme Court verdict on issues raised in the Hindenburg report.

As per the latest report, Mumbai has surpassed Beijing by housing 92 billionaires compared to Beijing's 91. With the addition of 27 new billionaires, Mumbai's growth has significantly outpaced Beijing's increase of six. Currently, Mumbai ranks third worldwide in terms of billionaire density, lagging behind only New York and Beijing.

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