Mumbai has officially overtaken Beijing to become the leading city for billionaires in Asia, as revealed by the Hurun India Rich List 2024. The financial hub now hosts a quarter of India's billionaires, with 58 new billionaires added this year alone. India's overall billionaire count surged by 29%, contrasting sharply with a 25% decline in China's billionaire population, showcasing India's rising economic power.
According to the Hurun India Rich List, Mumbai is now the preferred city for billionaires in Asia, overtaking Beijing, with New Delhi and Hyderabad following close behind. The city has seen a net increase of 58 billionaires, while New Delhi added 18 new billionaires to its ranks.
India has not only surpassed China in the number of billionaires but also in the growth rate of wealth creation. The country recorded a 29% increase in billionaires, bringing the total to a record 334. In contrast, China saw a 25% reduction in its billionaire population.
"Mumbai's second innings in the 'game of billionaires'" began in March 2024 when the city first outpaced Beijing as Asia's billionaire capital. The Hurun Global Rich List 2024 noted that Mumbai was home to 92 billionaires, ranking third globally behind New York, which leads with 119 billionaires, and London, with 97 billionaires.
Over the past year, Mumbai has added 26 new billionaires, bringing the total billionaire wealth in the city to $445 billion. Meanwhile, Beijing experienced a 28% decline in its billionaire count by March 2024, with a total wealth of $265 billion.
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