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Mumbai has surpassed Beijing to become the Asian capital with the most billionaires, ranking third globally behind New York and London. According to the Hurun Research Institute’s global rich list, Mumbai now has 92 billionaires, ahead of Beijing and Shanghai. The increase in billionaires globally continues to rise, with a total of 3,279 billionaires in 2024, a 5% increase from the previous year.

The top 10 cities with the most billionaires include New York, London, Mumbai, Beijing, Shanghai, Shenzhen, Hong Kong, Moscow, New Delhi, and San Francisco. China still leads in the number of billionaires with 814 individuals, although it experienced a decline of 155 billionaires from the previous year. The United States follows closely behind with 800 billionaires, while India ranks third with 271 billionaires.

Despite a challenging year for China’s wealth creation, Zhong Shanshan, founder of Nongfu Spring, remains China’s richest person. Colin Huang, founder of Pinduoduo, has overtaken Tencent CEO Ma Huateng to claim the second spot. The U.S. has added 109 billionaires in 2023, bringing it within 14 billionaires of China. Artificial intelligence has played a significant role in the increase of ultra-wealthy individuals in the U.S., with notable figures like Amazon’s Jeff Bezos and Tesla’s Elon Musk leading the pack.

Music sensation Taylor Swift has joined Hurun Research’s list of billionaires with a net worth of $1.2 billion, largely stemming from royalties, touring, and the sale of her music catalogue. India has seen the second-largest new additions to its ultra-rich list, with 84 new members. The country’s economy continues to grow rapidly, with a GDP growth of 8.4% in the October-December period. India’s stock market has also surpassed Hong Kong’s, becoming the seventh largest in the world, valued at over $4 trillion.

Mukesh Ambani, Chairman of Reliance Industries, remains the wealthiest person in Asia and the eleventh richest in the world with a total net worth of $110 billion. Gautam Adani, founder of the Adani Group, briefly overtook Ambani but currently ranks three spots behind with a net worth of $97.9 billion. India’s economic growth and the success of its billionaires have solidified its position as a key player in the global economy, with Mumbai emerging as a hotspot for billionaire wealth in Asia.

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