Mumbai emerges as Asia's billionaire capital, surpassing Beijing | Fusion - WeRIndia

India’s financial hub, Mumbai, has solidified its status as the Billionaire capital of Asia, overtaking Beijing in the 2024 Hurun India Rich List.

With an impressive addition of 58 new billionaires, Mumbai now boasts 386 wealthy individuals, establishing it as the leading city for the ultra-rich in Asia.

According to the Hurun India Rich List 2024, Mumbai is home to 25% of the list’s members, underscoring its significance as a key financial centre not just in India, but across Asia.

This surge has placed Mumbai ahead of Beijing, which has long been considered a stronghold for billionaires.

The report highlights that Mumbai is not only Asia’s top city for billionaires but also the preferred residence for India’s wealthiest, followed by New Delhi and Hyderabad.

Delhi, the national capital, also saw substantial growth in the number of billionaires. The city added 18 new billionaires this year, bringing its total to 217.

However, the most notable change was in Hyderabad, which leapt past Bengaluru to secure the third spot for the first time.

Hyderabad added 17 new billionaires, bringing its total to 104, while Bengaluru followed closely with 100.

Other cities that made it to the top 10 include Chennai with 82 billionaires, Kolkata with 69, Ahmedabad with 67, Pune with 53, Surat with 28, and Gurugram with 23 wealthy individuals.

Earlier this year, the Hurun Global Rich List 2024 also recognized Mumbai’s ascent, noting that the city had surpassed Beijing to become Asia’s billionaire epicentre.

With 92 billionaires, Mumbai edged past Beijing’s 91, adding 26 new ultra-wealthy individuals with a combined wealth of $445 billion. In contrast, Beijing lost 18 billionaires during the same period.

Globally, Mumbai now ranks third in the number of billionaires, trailing only New York, which has 119 billionaires, and London, with 97.

This rapid growth highlights Mumbai’s increasing importance as a global financial powerhouse.

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