Mumbai Overtakes Beijing as Asia’s Billionaire Capital, Reports Hurun India Rich List 2024
Mumbai has emerged as the new billionaire capital of Asia, surpassing Beijing, according to the Hurun India Rich List 2024. The city is now home to 25% of India’s wealthiest individuals, registering a net increase of 58 billionaires, bringing the total to 92. This marks a significant shift in the region’s wealth distribution, with New Delhi and Hyderabad trailing as preferred cities for the country’s elite.
India has also outpaced China in terms of billionaire growth, recording a 29% increase compared to China’s 25% decline. The overall number of billionaires in India has reached a record 334, further cementing the nation’s status as Asia’s leading wealth generator. Anas Rahman Junaid, Founder and Chief Researcher of Hurun India, emphasized the country’s emerging role as Asia’s wealth creation engine.
In March 2024, Mumbai first took the lead over Beijing, placing third globally behind New York and London in the number of billionaires. The city’s total billionaire wealth now stands at $445 billion, while Beijing, which has seen a 28% decline in its billionaire population, holds $265 billion.
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