India produces 187 new billionaires; 70% are from these 3 cities

Mumbai, New Delhi and Bengaluru featured among the top 25 global cities, producing the most number of billionaires, as per the 2023 M3M Hurun Global Rich List. As many as 24 Indian cities or towns produced 187 billionaires in the last one year, out of which 66 billionaires came from Mumbai alone, data showed.

A total of 39 billionaires were from New Delhi and as many as 21 were from Bengaluru. The three metro cities also accounted for 67 per cent of new Indian billionaires.

“Based on the number of cities from which the billionaires hail from, India ranks sixth in the world,” the report said adding the US continued with its top spot, with 236 cities or towns producing 691 billionaires in the last one year.

New York alone became a home to 105 new billionaires, the study suggested.

China produced 128 billionaires during the same period, with Beijing accounting for 110 billionaires alone, the data showed. It was followed by Germany (67 billionaires) and Switzerland (37 billionaires). UK, Italy, Canada, France and Brazil also produced 36, 22, 18, 16 and 12 billionaires, respectively.

MD and Chief Researcher at Hurun India, Anas Rahman, said, “M3M Hurun Global Rich List 2023 tells the story of the current global economy through the eyes of the entrepreneurs.”

The Hurun Global Rich List 2023 ranked 3,112 billionaires, down from 3,384 last year, from 2,356 companies and 69 countries. The number of billionaires dropped 8 per cent and their total wealth declined by 10 per cent compared with last year.

“A total of 1,078 billionaires saw their wealth increase, of which 176 were new faces. 2,479 saw their wealth decrease or stay the same, of which 445 dropped off. The average age was 66,” M3M Hurun Global Rich List 2023.

The report further highlighted that the number of Indian billionaires with wealth ranging in higher thresholds have increased over the years. For instance, the number of billionaires with a wealth of $5 billion has grown 2 times in the last 10 years.

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