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Mumbai overtakes Beijing to become Asia’s billionaire capital for the first time

28 March 2024

Mumbai at Night
Mumbai at Night

Mumbai has recently claimed the title of the Asian capital with the highest number of billionaires, surpassing Beijing, as reported by the Hurun Research Institute’s global rich list.

This marks the first instance where India’s most populous city has secured the top spot in Asia.

At the pinnacle of the 2024 global rich list for cities are New York with 119 billionaires and London with 97. Within Asia, Mumbai, known as India’s financial hub, has taken the lead with 92 billionaires, as per the Hurun report. Close contenders include Beijing with 91 billionaires and Shanghai with 87.

Globally, there are currently 3,279 billionaires, marking a 5% increase from the previous year, according to the report.

In terms of country rankings, China maintains its top position with 814 billionaires, despite a decrease of 155 billionaires from the previous year. The United States follows closely with 800 billionaires, while India holds the third position with 271 billionaires.

The research firm highlighted China’s challenging year, noting shifts in wealth creation particularly in sectors like real estate and renewables.