Mumbai Surpasses Beijing with Most Billionaires, Ambani Tops Indian Rich List

Income and Wealth Inequality in India 1922-2023

Mumbai: Mumbai, India’s bustling financial hub, has achieved a remarkable milestone, surpassing Beijing as the city with the most billionaires globally. The latest Hurun Global Rich List reveals that Mumbai is now home to 92 billionaires, edging out Beijing’s 91. This shift underscores India’s growing economic clout, with the country boasting 271 billionaires, trailing China’s 814 but leading in terms of new additions to the billionaire club.

The wealth distribution in India, however, reflects a stark contrast. A recent study titled ‘Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj’ highlights a significant concentration of wealth, with the top one percent poised to hold 40 percent of the nation’s wealth in 2023, a substantial increase from 22.6 percent in the early 2000s.

At the pinnacle of India’s rich list is Mukesh Ambani of Reliance Industries, with a staggering net worth of US$115 billion, marking a 40 percent increase from the previous year. Gautam Adani, despite facing setbacks from a short seller’s report, has seen his wealth surge by 62 percent, securing the 15th spot globally.

Elon Musk, the visionary behind Tesla, continues to dominate the global rich list. Meanwhile, Ambani’s 10th place with a net worth of US$231 billion reflects the robust growth of Indian entrepreneurs on the world stage.

Income and Wealth Inequality in India 1922-2023

India’s economic resilience shines through as it added 94 new billionaires in a single year, compared to China’s 55, despite global economic headwinds. This growth has contributed to a 51 percent increase in India’s net wealth, signaling a strong trajectory for the nation’s economic future.