Mumbai Surpasses Beijing as Asia’s Billionaire Capital, Ranks Third Globally

Mumbai has outstripped Beijing to become Asia’s billionaire hub for the first time, with 92 billionaires compared to Beijing’s 91, according to the 2024 Global Rich List by Hurun Research. While China boasts 814 billionaires overall, India follows with 271.

Globally, Mumbai now ranks third in billionaire count, trailing behind New York with 119 billionaires and London with 97.

This year, Mumbai gained 26 billionaires while Beijing saw a net loss of 18, as per the list. Mumbai’s total billionaire wealth surged to $445 billion, a 47% increase from the previous year. In contrast, Beijing’s total billionaire wealth plummeted to $265 billion, marking a 28% decline.

Mangal Prabhat Lodha, a real estate magnate, emerged as Mumbai’s top wealth gainer, with a staggering 116% increase. While Indian billionaires saw a slight drop in world ranking, Mukesh Ambani retained his 10th position, attributed to Reliance Industries’ strong growth momentum. Gautam Adani climbed to the 15th rank, up eight positions, and HCL’s Shiv Nadar and family surged 16 places to 34. However, Serum Institute’s Cyrus S Poonawalla experienced a modest decrease, dropping nine places to 55, with a total wealth of $82 billion.

Other notable Indian billionaires in the list include Sun Pharmaceuticals’ Dilip Shanghvi (61st position), Kumar Mangalam Birla (100th position), and Radhakishan Damani, who also moved up eight places to the 100th position.