Mumbai Overtakes Beijing As Asia’s New Billionaire Capital: Hurun Report

Mumbai, India’s financial hub, has officially overtaken Beijing to become the “billionaire capital of Asia,” according to the 2024 Hurun India Rich List. The city now boasts 386 billionaires, a significant increase of 58 from the previous year, placing it ahead of Beijing in the race for wealth dominance in Asia.

Mumbai Leads the Way in Billionaire Growth

The latest Hurun India Rich List reveals that Mumbai is home to 25% of India’s wealthiest individuals, solidifying its status as the top choice for the ultra-rich. The city added 58 new billionaires, bringing its total to an impressive 386. This surge has allowed Mumbai to surpass Beijing and emerge as the leading billionaire hub in Asia.

“Mumbai is not only the billionaire capital of Asia, overtaking Beijing, but it is also the preferred city for Hurun India Rich Listers, followed by New Delhi and Hyderabad,” the report stated.

Delhi and Hyderabad Also on the Rise

Following Mumbai, Delhi has seen a significant rise in the number of billionaires, adding 18 new names to the list, bringing its total to 217. Hyderabad made a notable leap, surpassing Bengaluru for the first time to secure the third position in the number of wealthy residents. The city now has 104 billionaires, thanks to the addition of 17 new ultra-rich individuals.

Bengaluru, despite being known as the Silicon Valley of India, now ranks fourth with 100 billionaires. Other cities that made it to the top 100 include Chennai (82), Kolkata (69), Ahmedabad (67), Pune (53), Surat (28), and Gurugram (23).

Mumbai: Asia’s New Billionaire Epicentre

Earlier this year, the Hurun Global Rich List 2024 had already recognized Mumbai’s growing wealth. The list noted that Mumbai had surpassed Beijing, becoming “Asia’s billionaire epicentre” with 92 billionaires. The city’s ultra-rich population collectively holds a wealth of $445 billion, marking it as one of the fastest-growing billionaire capitals in the world.

This rise has also placed Mumbai third globally in terms of billionaire population, behind New York (119) and London (97).

Mumbai’s rapid growth in the number of billionaires underscores the city’s importance as a global financial hub and its role in shaping the future of wealth in Asia. As India continues to produce more billionaires, Mumbai’s status as a leading center of wealth is only set to strengthen.