Mumbai now has 92 billionaires, dethrones China's Beijing as Asia's new billionaire capital

For the first time, Mumbai has claimed the title of Asia's billionaire capital, surpassing China's Beijing. The report comes from the Shanghai-based Hurun Research Institute, which has placed Mumbai third globally, with 92 billionaires, trailing only behind New York and London. 

Mumbai's billionaires' total wealth is estimated at $445 billion, a 47% increase from the previous year. In contrast, Beijing's billionaire wealth has decreased by 28% to $265 billion.

India's billionaire boom

India's economic landscape is witnessing a remarkable surge in wealth, with 94 new billionaires added, bringing the total to 271. Rupert Hoogewerf, chairman and chief researcher of the Hurun Report, noted, "Confidence in the [Indian] economy grew to record levels."

Energy and pharmaceuticals are the main sectors contributing to Mumbai's billionaire wealth, with significant gains noted for individuals like Mukesh Ambani.

Top Indian billionaires 

At the forefront of India's billionaire list are Mukesh Ambani and Gautam Adani, with fortunes of $115 billion and $86 billion, respectively. Ambani's wealth is primarily attributed to his leadership at Reliance Industries, while Adani's wealth surged by $33 billion following the recent surge in his companies' stock prices.

China's decline amidst India's rise

While Mumbai topped the list, Beijing has seen a decline, with its billionaire count falling to 91. The small comes amidst economic challenges in China, including struggles in the real estate and renewable energy sectors, as well as weak stock market performance.

The report also notes a significant outflow of manufacturing from China to other countries, including India, as businesses seek to mitigate risks from US-China tensions.

Global and Local Implications