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Mumbai Dethrones Beijing As Asia’s New Billionaire Capital

By Odunmorayo Oke

28 March 2024   |   10:23 am

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Mumbai has dethroned Beijing as the billionaire capital of Asia, according to the latest global rich list by Hurun Research Institute. The institute revealed that Mumbai now boasts 92 billionaires, surpassing Beijing’s 91, and marking the first time India’s bustling financial hub has secured the top spot in the continent. This rating places Mumbai third…

Mumbai has dethroned Beijing as the billionaire capital of Asia, according to the latest global rich list by Hurun Research Institute.

The institute revealed that Mumbai now boasts 92 billionaires, surpassing Beijing’s 91, and marking the first time India’s bustling financial hub has secured the top spot in the continent.

This rating places Mumbai third globally, trailing only behind New York and London, which have 119 and 97 billionaires, respectively.

Mumbai’s rise on the list shows a trend of wealth accumulation in the city, known for its dynamic economy and as the heart of India’s financial sector.

Despite China still leading the global tally with 814 billionaires, the nation witnessed a reduction of 155 billionaires from the previous year.

In contrast, the United States follows closely with 800 billionaires, while India has made a notable leap to third place with 271 billionaires.

The report highlights that wealth creation in China has experienced great changes, particularly in sectors like real estate and renewables.

Mumbai’s billionaire wealth has increased to $445 billion, a staggering 47% increase from the previous year.

The key sectors contributing to Mumbai’s wealth surge include energy and pharmaceuticals, with industry giants like Mukesh Ambani witnessing huge gains.

Real estate tycoon Mangal Prabhat Lodha emerged as Mumbai’s most significant wealth gainer, with an impressive 116% increase in wealth.

Certain sectors have contributed significantly to this wealth boom. The pharmaceutical industry leads with 39 billionaires, followed by the automobile and auto components industry with 271 billionaires.

Additionally, investments in rapidly growing domains like Artificial Intelligence (AI) and startups have played a crucial role.