Mumbai has surpassed Beijing to become Asia’s leading city for billionaires, according to the Hurun Research 2024 Global Rich List. The Indian city now boasts 92 billionaires, edging out Beijing’s 91, despite its much larger area.
In the past year, Mumbai added 26 new billionaires, while Beijing saw 18 drop off the list. Mumbai’s total billionaire wealth has surged to $445 billion, a 47% increase, whereas Beijing’s billionaire wealth fell by 28% to $265 billion.
Globally, Mumbai ranks third, behind New York with 119 billionaires and London with 97. Prominent Mumbai billionaires include Mukesh Ambani, holding the 10th position worldwide, and Gautam Adani, who has moved up to 15th. While some Indian billionaires have seen their rankings improve, like Shiv Nadar, others such as Cyrus Poonawalla have experienced declines.
Also read: Indian Billionaire Mukesh Ambani Reclaims Title Of Asia’s Richest Person
Mumbai’s rise is driven by significant gains in sectors like energy, pharmaceuticals, and real estate, with notable contributions from figures like Mangal Prabhat Lodha and Radhakishan Damani.
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