Mumbai has surpassed Beijing as the city with the most billionaires in Asia, according to the Hurun Global Rich List 2024 report. Currently, India’s financial center has 92 billionaires, more than Beijing (91) and Shanghai (87). This year, Mumbai entered the top 3 cities with the most billionaires in the world for the first time.
The richest person in Asia and 10th in the world, billionaire Mukesh Ambani, resides in Mumbai and lives in a 26-storey house worth billions of dollars. The wealthiest 1% of Indians currently account for 40% of total national assets. Last year, India’s stock market experienced growth of 7.5%, contributing to the prosperity of super-rich individuals. According to Hurun President and Chief Researcher Rupert Hoogewerf, India had a fantastic year with nearly 100 more billionaires and confidence in the economy increased to a record level.
New York has regained its title as “Billionaire Capital of the World” after seven years with a total of 119 billionaires. London came in second place while Beijing dropped from first place to fourth due to losing over half its billionaires over two years, despite adding 120 new ones last year, maintaining its position as China’s country with most billionaires at 814 people. The US and India ranked second and third respectively with their respective number of billionaires being 800 and 271.
Globally, there are currently an increase of 3,279 billionaires this year compared to last year possessing a combined fortune of $15 trillion USD which represents an increase of about
