India’s financial capital, Mumbai, has now become Asia’s “billionaire capital,” surpassing Beijing in the number of billionaires, according to the Hurun India Rich List 2024.
“Mumbai is home to 25% of the list – not only overtaking Beijing as the billionaire capital of Asia but also emerging as the preferred city for Hurun India Rich Listers, followed by New Delhi and Hyderabad,” stated the Hurun data.
Furthermore, Mumbai registered a net increase of 58 billionaires, showcasing significant growth momentum. This was followed by New Delhi, which added 18 new billionaires, according to the Hurun data.
The list also highlighted India’s overall performance compared to China in terms of net billionaires. India recorded a 29% increase in billionaires, while China saw a 25% decrease.
“India is emerging as Asia’s wealth creation engine! While China saw a 25% decline in its number of billionaires, India experienced a 29% increase, reaching a record 334 billionaires,” remarked Anas Rahman Junaid, Founder and Chief Researcher at Hurun India.
Mumbai’s Rise in the ‘Billionaire Game’
In March 2024, Mumbai first surpassed Beijing to become Asia’s leading city for billionaires.
The Hurun Global Rich List 2024 indicated that Mumbai had 92 billionaires, ranking third globally after New York, which led with 119 billionaires, and London, with 97 billionaires.
Over the past year, Mumbai added 26 new billionaires, bringing the city’s total billionaire wealth to $445 billion.
In contrast, Beijing experienced a decline of 28% in its number of billionaires by March 2024, with the city’s total billionaire wealth at $265 billion.
Mumbai’s rise as Asia’s new billionaire hub is a testament to India’s growing influence in global wealth creation.
