This Indian city has become Asia's billionaire capital surpassing Beijing with a significant increase in its wealthy population, according to the Hurun India Rich List 2024.
Mumbai which is India's financial hub, has emerged as the 'billionaire capital' of Asia, overtaking Beijing, China, according to the Hurun India Rich List 2024. This list highlights the increasing number of billionaires in Mumbai, which now hosts more wealthy individuals than Beijing. In fact, Mumbai is home to 25% of all the billionaires on the list, making it not only the wealthiest city in Asia but also the top choice for rich individuals in India. The next most popular cities for these billionaires are New Delhi and Hyderabad.
Mumbai has seen significant growth in its billionaire population, with 58 new billionaires added in the past year. This has further boosted its position as a major financial center. Following Mumbai, New Delhi also witnessed an increase in its billionaire count, adding 18 new billionaires.
The report also highlights that India has surpassed China in the net increase of billionaires. While India's billionaire population grew by 29%, China's saw a 25% decline. This shift reflects India's growing influence as a center of wealth creation in Asia. Anas Rahman Junaid, the Founder and Chief Researcher of Hurun India, commented, "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."
Earlier in March 2024, Mumbai had already made headlines when it first surpassed Beijing to become Asia's billionaire hub, according to the Hurun Global Rich List 2024. At that time, Mumbai had 92 billionaires, ranking third globally, behind New York with 119 billionaires and London with 97. Over the past year, Mumbai has added 26 new billionaires, bringing the city's total billionaire wealth to $445 billion.
In contrast, Beijing has experienced a decline in its billionaire population, with a 28% drop by March 2024. The total wealth of billionaires in Beijing is now estimated at $265 billion. This significant decrease further underscores the shift in economic power and wealth creation from China to India.
Overall, Mumbai's rise as the billionaire capital of Asia reflects broader trends in the global economy, where India is increasingly seen as a major player in wealth creation and financial growth.
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 "Indian city that surpasses Beijing to become new billionaire capital of Asia")
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