India’s Mumbai Overtakes Beijing: Emergence as Asia’s Billionaire Capital

Hurun Research’s 2024 Global Rich List, unveiled on Tuesday, heralds a historic shift as Mumbai, India’s financial and entertainment hub, ascends to the throne of Asia’s billionaire capital, dethroning Beijing. According to the report, Mumbai boasts 92 billionaires, surpassing Beijing’s 91, marking a significant milestone in the region’s economic landscape.

The Hurun Report, often likened to Forbes magazine in the United States, highlights Mumbai’s meteoric rise, hailing it as the “fastest-growing billionaire capital in the world.” The city in Maharashtra state witnessed a staggering influx of wealth, with 26 new billionaires joining its ranks in 2024, propelling it to the third position globally.

New York and London retained their supremacy, boasting 119 and 97 billionaires, respectively. However, Mumbai’s ascent underscores India’s burgeoning economic prowess on the global stage. Notably, New Delhi secured a place in the top ten for the first time, clinching the ninth spot with 57 billionaires.

India’s billionaire count soared to 271, with an addition of 84 new billionaires in 2024, outstripping the United Kingdom’s tally of 146 billionaires, as per the Hurun report. Mukesh Ambani, with an estimated net worth of $115 billion, continues to reign as Asia’s wealthiest individual. The report highlights Ambani’s strategic merger worth $8.5 billion between Reliance Industries and Walt Disney, consolidating their television and streaming assets in the country, as one of the pivotal transactions of the year.

Gautam Adani, India’s second richest person with assets totaling $86 billion, witnessed a remarkable surge of $33 billion in wealth, attributed to a rally in his companies’ shares following India’s Supreme Court’s decision not to probe allegations of stock price manipulation leveled against his conglomerate, Adani Group. Adani’s fortunes faced a setback in the previous year due to allegations of market manipulation and fraudulent practices by the US short-seller Hindenburg Research in January 2023.