India has 271 billionaires, Mukesh Ambani is at top of club: Report

Country added 94 new billionaires in 2023, the most for any country after the United States

As many as 94 new faces from India entered the global billionaires list, stated a report by Hurun India on Tuesday. Following a net addition of 84, the country’s billionaire tally touched 271 with a combined wealth of $1 trillion, according to the report.

Mukesh Ambani, chairman & managing director of Reliance Industries, is the only Indian to make it into the top 10 of the Hurun Global Rich List 2024, a ranking of billionaires based on US dollar terms. Despite a 40 per cent increase in his wealth to $115 billion, Ambani, 66, dropped one rank to 10th place on the global list.

Hurun Global Rich List’s wealth calculations are a snapshot for the year ended January 15, 2024. It is the 13th edition of the ranking.

Gautam Adani, chairman of the Adani group, is the next Indian on the global rich list, ranking 15th. Adani, 61, has a net worth of $86 billion, a figure that includes a $33 billion increase in wealth following a sharp recovery in his companies’ shares in 2023.

Thanks to a booming stock market, India witnessed a “super strong year", with the country adding the most new entrants to the billionaire list, after the US (132). India witnessed 10 dropouts from the list.

“Confidence in the (Indian) economy grew to record levels. Mumbai overtook Beijing to become Asia’s billionaire capital and top three cities globally,” said Hurun Report Chairman and Chief Researcher Rupert Hoogewerf.

Mumbai, the fastest-growing billionaire capital in the world, added 26 billionaires during the period under consideration, bringing its total to 92. New Delhi broke into the top 10 for the first time with 57 billionaires. Other cities breaking into the Hurun top 30 cities include Palm Beach, Istanbul, Mexico City, and Melbourne. New York has the highest concentration of billionaires (119), followed by London (97).

 “Surpassing all but the United States, India’s unprecedented billionaire boom propels Mumbai past Beijing, crowning it as Asia’s billionaire epicentre. Yet, as we stand on the brink of revolutions in electric vehicles, space technology, and AI (artificial intelligence), India's startup ecosystem is just beginning to unveil its potential. The next decade holds a clear message: Overlooking the Indian narrative is a risk no visionary can afford. The Hurun Global Rich List doesn't just track wealth; it signals a pivotal shift in the global power structure,” said Anas Rahman Junaid, founder and chief researcher, Hurun India, in a statement.

 The Hurun Global Rich List 2024 underscores India’s ascension as a future economic titan, poised to secure its place as the world’s third-largest economy, said the statement.

Tesla’s Chief Executive Elon Musk, 52, topped the global billionaire list with a total wealth of $231 billion, followed by Amazon founder Jeff Bezos, 60, with a net worth of $185 billion.

 Pop superstar Taylor Swift, 34, joined the billionaire club with wealth valued at $1.2 billion, earned not through typical celebrity side hustles but through her music. Despite losing 155 billionaires, China remains the world capital for billionaires with 814 on the list. The US is close behind with 800 billionaires, adding 109. Between the ‘Big Two’, China and the US account for 49 per cent of the known billionaires on the planet, down 4 per cent.