In Hurun Research’s list, Mumbai has emerged as Asia’s new billionaire hub, overtaking Beijing.
According to Hurun Research’s 2024 Global Rich List, Mumbai has rapidly emerged as Asia’s billionaire hub and has overtaken Beijing for the first time.
India’s financial capital now has 92 billionaires, surpassing Beijing’s 91 billionaires, yet China has more billionaires at 814 compared to India’s 271.
In terms of billionaires, Mumbai ranked third globally, with New York leading with 119 billionaires, followed by London with 97 billionaires.
The rise of the Maharashtrian city is credited to the addition of 26 new billionaires in the last year, bringing its total wealth of billionaires to $445 billion, up 47% from the previous year.
In contrast, the total wealth of Beijing’s billionaires is $265 billion, which has seen a decline of 28%.
Mumbai’s wealth-boosting sectors include energy and pharmaceuticals, which have seen notable gains by business tycoons like Mukesh Ambani.
Among Mumbai’s billionaire elite, real estate magnate Mangal Prabhat Lodha and his family experienced the most significant increase in wealth at 116%.
