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smtfinmedia · 11 days

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Mumbai Surpasses Beijing as Asia's Premier Billionaire Hub

Mumbai, the financial heart of India, has marked a significant milestone by surpassing Beijing as Asia's premier billionaire hub, according to the latest report from the Hurun Research Institute. With a staggering count of 92 billionaires, Mumbai has solidified its reputation as a thriving center for wealth creation, underscoring India's economic prowess on the global stage.

The "Hurun Global Rich List 2024" report highlights Mumbai's rapid ascent, labeling it as the world's fastest-growing billionaire hub. In the span of a year, Mumbai welcomed 26 new billionaires, catapulting it to third place globally and firmly establishing its status as Asia's billionaire capital. Moreover, this surge in wealth has propelled New Delhi into the top 10 billionaire cities for the first time, further emphasizing India's economic dynamism.

India's economic strength is underscored by the remarkable surge in its billionaire population. With the addition of 94 new billionaires, second only to the United States, India now boasts a total of 271 ultra-high-net-worth individuals. This surge, the highest since 2013, reflects growing confidence in the Indian economy, as noted by Rupert Hoogewerf, the institute's chairman and chief researcher.

The report sheds light on the pivotal role played by various industries in fueling India's billionaire surge. The pharmaceutical sector leads the pack with 39 billionaires, followed by automobile and auto components with 27, and chemicals with 24. Collectively, Indian billionaires hold a staggering $1 trillion, representing 7% of global billionaire wealth, underscoring the nation's significant economic impact on the world stage.

At the forefront of India's billionaire list stands Mukesh Ambani, chairman of Reliance Industries, boasting a net worth of $115 billion. Following closely is Gautam Adani, founder of the Adani Group, with assets worth $86 billion, reflecting a $33 billion increase attributed to a surge in his companies' shares.

While India's billionaire count soared, China experienced a decline, with key regions such as Hong Kong, Shenzhen, and Shanghai witnessing downturns of 20%, 19%, and 7%, respectively. This decline can be attributed to challenges in the real estate and renewable energy sectors, coupled with sluggish performance in Chinese stock markets.

The report also highlights a significant merger between India's Reliance Industries and Walt Disney, culminating in the formation of an $8.5 billion entity aimed at consolidating their television and streaming assets, with aspirations to dominate the global entertainment industry.

The list of top countries ranked by billionaire count showcases India's ascent, with the United States leading, followed by China and then India. The top 10 richest individuals globally include luminaries such as Elon Musk, Jeff Bezos, and Mukesh Ambani, with Ambani representing India's presence among the wealthiest individuals worldwide.

In terms of cities with the highest number of billionaires, Mumbai's rise is notable, securing the third position behind New York and London. The presence of Mumbai alongside established financial centers like New York and London underscores its growing importance in the global economic landscape.

In conclusion, Mumbai's emergence as Asia's premier billionaire hub signifies India's growing economic clout and underscores the city's role as a beacon of wealth creation in the region. With its vibrant business ecosystem and entrepreneurial spirit, Mumbai is poised to continue its upward trajectory, further cementing its status as a key player in the global economy.

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smtfinmedia · 1 month

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Grasim ventures into paint industry with Birla Opus

Grasim Industries, a prominent entity within the Aditya Birla Group, has made a significant foray into the paint industry with the introduction of their much-anticipated brand, Birla Opus. This strategic move intensifies competition within the decorative paints market, challenging major players like Asian Paints and Berger. Headquartered in Mumbai, Grasim aims to secure a strong position in this market and achieve profitability in the near future.

With a hefty investment of Rs 10,000 crore, Grasim targets securing the second spot in India's Rs 80,000 crore decorative paints market. Chairman Kumar Mangalam Birla expressed the company's enthusiasm for innovation at the launch event, highlighting the strategic alignment of their goals with India's industrial growth.

The company's aggressive marketing approach includes incorporating QR codes on paint cans, offering customers a 10% discount incentive for scanning the code while providing valuable sales location data. Grasim's expansion into the paints sector involves substantial investments, with manufacturing facilities operational in Haryana and plans for a total capacity of 1,332 million litres per annum (MLPA), alongside a dedicated research and development center in Maharashtra.

Industry executives foresee promising growth prospects, estimating the Indian paints and coatings industry to reach Rs 1 lakh crore in the next five years. Grasim, alongside other newcomers like Pidilite and JSW, poses a challenge to established players in the market. To support its expansion, Grasim allocated significant capital expenditure, marking its largest-ever investment and indicating confidence in the sector's growth potential.

The company's annual report reflects an optimistic outlook, emphasizing improved margin prospects attributed to declining raw material prices. With a remarkable 23% increase in consolidated revenues from operations in the last fiscal year, reaching an all-time high of Rs 1.17 lakh crore, Grasim Industries demonstrates its commitment to capitalizing on emerging opportunities in the paints and coatings industry.

#finance #bussiness #news

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