The United Arab Emirates (UAE) and its iconic city of Dubai continue to solidify their positions on the global stage, as evidenced by their prominent presence on the 2024 Hurun Global Rich List. Released recently, this annual index showcases the world’s wealthiest individuals and highlights the evolving landscape of global wealth distribution.
With 24 billionaires, the UAE holds the 22nd position among countries hosting global ultra-high net worth individuals, as per the 2024 Hurun Global Rich List unveiled this week. In terms of cities, Dubai secured the 28th spot on the list, boasting the highest number of billionaires – 21 in total.
The latest Hurun Global Rich List for 2024 showcases 3,279 billionaires, up from 3,112 last year, representing 2,435 companies across 73 countries. The billionaire count witnessed a 5 percent increase, with their collective wealth soaring by 9 percent. The wealth calculations were based on data as of January 15 this year.
Despite a decline of 155 billionaires relocating to other countries, China maintained its status as the world’s leading hub for billionaires, totaling 814. The USA closely followed with 800 billionaires, marking an increase of 109.
India emerged as the third-ranking country on the list, with 84 new billionaires, bringing its total to 271 – nearly double the count of billionaires in the UK, which ranked fourth with 146 billionaires.
Germany secured the fifth spot with 140 billionaires, trailed by Switzerland (6th, 106 billionaires); Russia (7th, 76 billionaires); Italy (8th, 69 billionaires); France (9th, 68 billionaires); and Brazil (10th, 64 billionaires).
Among cities, New York reclaimed its position as the billionaire capital of the world, followed by London in second place. Mumbai surged to third place, with Beijing and Shanghai trailing in fourth and fifth positions, respectively.
Mumbai demonstrated the most rapid growth as a billionaire capital, adding 26 billionaires within the year, propelling it to third place globally and solidifying its status as Asia’s billionaire hub. New Delhi also made its debut in the Top 10. Additionally, Palm Beach, Istanbul, Mexico City, and Melbourne secured positions in the Hurun Top 30 cities.
The top 10 billionaires collectively amassed $426 billion, representing 56 percent of the total new wealth and totaling $1.5 trillion. Eight of them hail from the US, with one each from France and India.
- Elon Musk, aged 52, emerged as the world’s wealthiest individual for the third time in four years, boasting a net worth of $231 billion, fueled by Tesla’s stock surge.
- Jeff Bezos, aged 60, ascended to the second position with $185 billion, witnessing a 57 percent growth in wealth driven by Amazon’s cloud computing market share.
- Bernard Arnault, aged 74, slipped to third place with $175 billion,
- Mark Zuckerberg, aged 39, secured fourth place with $158 billion.
- Larry Ellison, aged 79, and Warren Buffett, aged 93, tied for fifth place with $144 billion each.
Rounding off the top 10 are
- Steve Ballmer, aged 67 ($143 billion)
- Bill Gates, aged 68 ($138 billion)
- Larry Page, aged 50 ($123 billion)
- Mukesh Ambani, aged 66, descended one place to 10th, despite a 40 percent surge in wealth, totaling $115 billion.
Mukesh Ambani and his family retained the title of India’s wealthiest individuals. Earlier this month, he made headlines for hosting an extravagant pre-wedding celebration for his youngest son.
Established in the UK in 1999, Hurun is a research, media, and investment group, that fosters entrepreneurship through its comprehensive lists and research initiatives. The organization has organized high-profile events across various global cities, including China, India, London, Paris, New York, LA, Sydney, Luxembourg, Istanbul, Dubai, and Singapore.
