This Indian City Overtakes Beijing To Become 'Billionaire Capital Of Asia'

India's financial capital Mumbai has emerged as the "billionaire capital of Asia," having more billionaires than Beijing, the capital of China, according to the 2024 Hurun India Rich List.

Mumbai saw an increase of 58 billionaire individuals, taking its total to 386 on the list.

"Home to 25% of the list - Mumbai is not only the billionaire capital of Asia, overtaking Beijing but also the preferred city for Hurun India Rich Listers, followed by New Delhi and Hyderabad," the Hurun list data stated.

Among the top cities of residence of Hurun India Rich Listers 2024, Mumbai is followed by Delhi, which has added 18 new billionaires, taking its rich list entries to 217.

Meanwhile, Hyderabad took a significant leap and surpassed Bengaluru, for the first time, to take the third position in the number of wealthy residents, The Economic Times reported.

A surge of 17 new billionaires took the total number in Hyderabad to 104, followed by Bengaluru at the fourth position with 100 wealthy individuals.

Among other cities in the top 10 are Chennai (82), Kolkata (69), Ahmedabad (67), Pune (53), Surat (28) and Gurugram (23).

'Asia's billionaire epicentre'

In March this year, the Hurun Global Rich List 2024 noted that Mumbai has surpassed Beijing to emerge as "Asia's billionaire epicentre".

As per the list, Mumbai is home to 92 billionaires, edging past Beijing's count of 91. Notably, India's financial capital added 26 new ultra-rich individuals having a total wealth of $445 billion to the club, while China's capital city lost 18.

"Mumbai was the fastest-growing billionaire capital in the world, adding 26 in the year and taking it to third in the world and Asia's billionaire capital. New Delhi broke into the Top 10 for the first time," the earlier report stated.

Now, Mumbai is in third position globally in terms of billionaires, behind New York (119) and London (97).