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Mumbai with 92 billionaires overtakes Beijing to emerge as Asia's new billionaire hub

According to the news, the total wealth of Mumbai's billionaires is $445 billion, which is 47% more than last year.

Nivedita Dash Edited By: Nivedita Dash @Nivedita0503 Mumbai Updated on: March 26, 2024 12:21 IST
Picture for representational purposes
Image Source : PTI Picture for representational purposes

Mumbai has become the billionaire capital of Asia for the first time, overtaking the Chinese metropolis Beijing. More billionaires now live in the 603 square kilometers city of Mumbai as compared to than 16,000 square kilometers of Beijing. According to Hurun Research's 2024 Global Rich List, while China has 814 billionaires compared to India's 271, Mumbai has 92 billionaires as against 91 in Beijing. According to news report, Mumbai now ranks third in the world in terms of billionaires after New York, which has regained its top position after seven years with 119 billionaires, followed by London with 97 billionaires.

Total wealth of Mumbai's billionaires

According to the news, the total wealth of Mumbai's billionaires is $445 billion, which is 47% more than last year, while the total wealth of Beijing's billionaires is $265 billion, which shows a decrease of 28 percent. Mumbai's wealthiest sectors include energy and pharmaceuticals, including billionaires like Mukesh Ambani. Real estate player Mangal Prabhat Lodha (and family) was the highest-earning billionaire in Mumbai. A growth of 116% was seen in his wealth.

Mumbai moved ahead with addition of 26 new billionaires

Mumbai has managed to overtake Beijing as the political and cultural capital of China with the addition of 26 new billionaires in a year. At the same time, Beijing has seen 18 former billionaires removed from the list on net grounds. There has been a slight decline in the global ranking of Indian billionaires in the list of the richest people in the world. Mukesh Ambani has retained the 10th position with a substantial increase in wealth. Similarly, the significant increase in Gautam Adani of the Adani conglomerate wealth took him eight places up to 15th position globally.

These Indian billionaires also shine

HCL's Shiv Nadar and his family saw a significant rise in both wealth and global ranking (up 16 places to 34). Additionally, Serum Institute's Cyrus S Poonawalla saw a marginal decline (falling 9 places to 55th) with a net worth of $82 billion. Sun Pharmaceuticals' Dilip Shanghvi (61st) and Kumar Mangalam Birla (100th) also contributed. A modest but steady increase in Radhakishan Damani's wealth, driven by the success of DMart, has taken him up eight places to the 100th position.

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