Mumbai Surpasses Beijing As Asia’s New Billionaire Hub: Research Reveals

According to Hurun Research’s 2024 Global Rich List, Mumbai overtakes Beijing as the billionaire’s hub in Asia. It is yet another milestone which has set the tone for the growing Indian economy and its goal towards financial prudence. The India financial capital now boasts of 92 Billionaires surpassing Beijing’s 91. This places Mumbai at the third position after New York at first with 119 billionaires followed by London with 97 as per the list.

The exceptional growth in Mumbai’s Billionaire population is credited to the addition of 26 new Billionaires over the past year, driving the city’s total billionaire wealth to $445 billion, marking a significant 47% increase from the previous year. In contrast, Beijing’s total billionaire wealth stands at $265 billion, experiencing a notable 28% decrease, as per the list.

Various sectors such as Pharmaceuticals and energy are responsible for the accelerated growth and billionaire’s like Mukesh Ambani saw the largest gains.

Within Mumbai’s billionaire elite, real estate magnate Mangal Prabhat Lodha and his family witnessed the most substantial percentage increase in wealth, standing at 116%.

Indian billionaires experienced a minor decline in global ranking, with Mukesh Ambani retaining his position at 10th place due to Reliance Industries. Gautam Adani climbed eight positions to reach 15th rank, while Shiv Nadar and his family of HCL ascended 16 places to 34th. Cyrus S Poonawalla of Serum Institute saw a modest decrease, dropping nine places to 55th with a total wealth of $82 billion.