AI drives new wealth, Taylor Swift joins billionaire club: 2024 Hurun List

In the latest "Hurun Global Rich List 2024", Mumbai has been named the fastest-growing city for billionaires globally. The list features artificial intelligence prominently. Here are the key takeaways

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In the latest "Hurun Global Rich List 2024", Mumbai has been named the fastest-growing city for billionaires globally, adding 26 new billionaires last year and rising to third place worldwide, also becoming Asia's top billionaire city. The report also noted New Delhi's entry into the Top 10 for the first time. This year's list, marking its thirteenth edition, is based on wealth calculations up to January 15, 2024. It reveals that Tesla CEO Elon Musk leads the global billionaire ranking with a net worth of $231 billion, followed by Amazon founder Jeff Bezos, valued at $185 billion. It also mentions Taylor Swift, who joined the billionaire club with wealth valued at 1.2 billion, not from typical celebrity side hustles but through her music.

Take a look at the key takeaways from Hurun Rich List 2024:

Global billionaire population increase and surge in total wealth
 

In 2024, the global count of billionaires increased by 5%, adding 167 new faces to reach a total of 3,279.

The cumulative wealth of billionaires saw a 9% rise, reaching $15 trillion, driven by various sectors and innovations, notably AI technology, which has significantly contributed to this wealth expansion.

Dominant sectors for wealth creation
 

Financial services led as the primary sector for wealth generation, contributing 10% of the billionaire wealth. This was closely followed by consumer goods (8%), and a tie between food & beverages and real estate (7% each). This distribution signifies a diverse range of industries contributing to the upper echelons of global wealth.

Industry performances: The good and the bad
 

Media & entertainment added $226 billion, overshadowing gains in software & services, financial services, and retail. Healthcare faced a downturn, shedding $75 billion, followed by losses in industrial products, food & beverages, and real estate.

Young billionaires
 

The Hurun list saw a notable presence of younger billionaires, with 93 individuals aged 40 or under. Among these, 59 were marked as the fastest risers. The youngest billionaire, Clemente del Vecchio, aged 19, has a fortune of $4.6bn.

Gender and demography

The count of self-made women billionaires slightly decreased to 218, with a significant portion based in China. However, the global spread of billionaires became more diverse with an increase in immigrant billionaires. Of the total billionaires, 15.4% are immigrants, up from 13.7% last year and 10% from five years ago. The US leads with 144 immigrant billionaires, followed by the UK and Switzerland.

Economic giants: USA, China, and India

The USA and China continue to dominate the global billionaire scene, with India making significant strides. Despite China's decrease in billionaire count, it remained the world leader, while the US added the most new billionaires. India's growth is signified by Mumbai surpassing Beijing as Asia's billionaire capital.

AI-driven wealth creation

A substantial part of new wealth has been attributed to the AI-led boom, signifying the transformative impact of technological advancements on wealth generation and the importance of innovation in securing a spot among the world's wealthiest.

Taylor Swift joins the billionaire club

Pop superstar Taylor Swift, 34, joined the billionaire club with wealth valued at 1.2 billion, not from typical celebrity side hustles but through her music. Over half her fortune stems from royalties and touring, including $190 million from the Eras tour's first leg and $35 million from its concert film. The rest is buoyed by her music catalogue’s value, notably after her first six albums were sold to Shamrock Capital for $300 million in 2020, said the statement.