Mumbai surpasses Beijing to be the billionaire capital of Asia, ranks no. 3 globally

Mumbai has surpassed all other cities in Asia to become the continent’s billionaire capital, marking its position as the third globally for hosting the maximum number of billionaires, right after New York and London. This developmental milestone is marked by the city’s remarkable addition of new billionaires, propelling it ahead of its global counterparts and establishing it as a central hub of wealth and influence.

A Historic Leap Forward

Mumbai’s ascent to the top of Asia’s billionaires list is a first in history. The city, spanning just 603 square kilometers, now boasts more billionaires than Beijing’s much larger area of over 16,000 square kilometers. With 92 billionaires, Mumbai beats Beijing, which hosts 91, according to the 2024 Global Rich List by Hurun Research. This puts Mumbai in a prestigious third position globally, trailing only behind New York, with 119 billionaires, and London, with 97.

The Wealth Surge in Mumbai

Mumbai’s billionaire wealth has witnessed a staggering increase, with the total wealth of its billionaires reaching $445 billion, marking a 47% growth from the previous year. This growth is in sharp contrast to Beijing, where total billionaire wealth has seen a 28% decrease to $265 billion. The primary sectors fueling Mumbai’s wealth surge are energy and pharmaceuticals, showcasing significant gains by industry titans such as Mukesh Ambani and a remarkable rise in wealth for real estate mogul Mangal Prabhat Lodha and his family, by 116% in percentage terms.

Global Rich List Dynamics

While Mumbai celebrates its newfound status in Asia, Indian billionaires have seen mixed movements in the global rich list. Mukesh Ambani continues to dominate, maintaining his 10th position with a notable increase in wealth, attributed mainly to the successes of Reliance Industries. Gautam Adani’s wealth has also seen a remarkable upturn, moving him up eight positions to rank 15th globally.

The landscape of India’s billionaire cohort is further enriched by the likes of HCL’s Shiv Nadar and his family, who have climbed 16 places to rank 34th. Conversely, Serum Institute’s Cyrus S Poonawalla has experienced a decrease, moving down nine places to 55th with a total wealth of $82 billion. Additionally, steady growth in wealth for Sun Pharmaceuticals’ Dilip Shanghvi and DMart’s Radhakishan Damani has contributed to their significant standings in the global rankings.

Mumbai’s Unprecedented Rise

This achievement not only highlights Mumbai’s economic vitality but also positions it as a critical player on the global stage, outshining Beijing to become the new billionaire hub of Asia. The city’s rise is particularly notable given the overall higher count of billionaires in China compared to India. However, Mumbai’s focused growth in key sectors and the addition of 26 new billionaires in just a year have been pivotal in its climb to the top.

Mumbai’s emergence as Asia’s billionaire capital is a testament to the city’s dynamic economic environment and its capacity to attract and cultivate wealth. As the city continues to thrive, it sets new benchmarks for wealth creation, not just in Asia but across the world, underscoring its critical role in shaping global economic landscapes.