Showcasing India’s dominance in the Asian market, Mumbai has emerged as Asia’s new billionaire capital, surpassing Beijing, the Hurun Research Institute report said on Tuesday.
As per the report titled 360 ONE Wealth Hurun India Rich List 2023, Mumbai now boasts 92 billionaires, overtaking Beijing’s count and solidifying its status as a thriving center for wealth creation.
Mumbai was the fastest-growing billionaire capital in the world, adding 26 in the year and taking it to third in the world and Asia’s billionaire capital. New Delhi broke into the Top 10 for the first time, it said.
Further, Mumbai is the preferred city for India’s biggest wealth creators as it accommodates 25% of the entrants in the list.
The Financial Capital is followed by New Delhi and Bengaluru.
Mumbai registered a net increase of 14 individuals followed by Hyderabad which registered a net increase of 23.
With 391 and 199 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in 360 ONE Wealth Hurun India Rich List 2023.
How did the Financial Services industry perform?
As per the Hurun report, the Financial Services has fallen to the sixth position, welcoming 10 newcomers and raising the total count to 70 entries.
Despite this, the industry’s combined wealth saw a growth of 9.5%. The sector boasts 14 new dollar billionaires on the list.
Notably, Manish Kejriwal, the founder of Kedaara Capital, has become the first India-based fund manager to be featured in the 360 ONE Wealth Hurun India Rich List.
How many Unicorns made into the list?
As per the Hurun report, the industry analysis gives a reasonably good overview of the contemporary business landscape, the rise of Indian Unicorns shows the future and potential for exponential wealth creation in India.
It said that 59 entrepreneurs on the list are founders of unicorns and two founders of gazelles, defined as most likely to ‘go unicorn’ within two years.
India is ranked third in terms of the number of Unicorns featured in the list at 84.
The Hurun list features founders from 32 Indian Unicorns and one Gazelle. The cumulative wealth contributed by the Indian Unicorn and Gazelle listers to the rich list decreased by 13% to INR 2,73,300 crore.
Mukesh Ambani surpasses Gautam Adani:
Reliance Industries chief Mukesh Ambani surpassed Adani Group’s Gautam Adani as richest Indian with a wealth of Rs 8,08,700 crore.
In 2022, Adani was ahead of Ambani by Rs 3 lakh crore while in 2023, Ambani is ahead of Adani by Rs 3.3 lakh crore.
Mukesh Ambani with a staggering net worth of $115 billion was closely following by Gautam Adani with assets valued at $86 billion, marking a $33 billion surge in wealth attributed to a rally in his companies’ shares.
