Mumbai beats Beijing to emerge as the new billionaire hub of Asia, Hurun Research's list shows

Mumbai has swiftly emerged as Asia's billionaire hub, surpassing Beijing for the first time, according to Hurun Research's 2024 Global Rich List, TOI has reported.

The financial capital of India now boasts 92 billionaires, edging past Beijing's 91, despite China having a higher overall count of 814 billionaires compared to India's 271.

This places Mumbai third globally in terms of billionaires, with New York leading with 119 billionaires, followed by London with 97.

The Maharashtrian city's rise is attributed to the addition of 26 new billionaires over the past year, driving its total billionaire wealth to $445 billion, marking a 47 per cent increase from the previous year. In contrast, Beijing's total billionaire wealth amounts to $265 billion, experiencing a 28 per cent decrease.

The sectors driving Mumbai's wealth surge include energy and pharmaceuticals, with notable gains seen by business tycoons like Mukesh Ambani.

Among Mumbai's billionaire elite, real estate magnate Mangal Prabhat Lodha and family experienced the most significant percentage increase in wealth at 116%.

On the global front, Indian billionaires have witnessed varied movements in rankings.

Mukesh Ambani retains his strong position at 10th place, largely attributed to Reliance Industries' success. Gautam Adani has climbed eight spots to 15th place, propelled by a remarkable surge in wealth.

Sun Pharmaceuticals' Dilip Shanghvi and Kumar Mangalam Birla also contributed to India's dynamic billionaire cohort.

HCL's Shiv Nadar and family also saw a notable ascent in wealth and global ranking, moving up 16 places to 34. In contrast, Serum Institute's Cyrus S Poonawalla slipped down nine places to 55th position with a total wealth of $82 billion.

Meanwhile, Radhakishan Damani's steady wealth growth fueled by DMart's success has also pushed him up eight places to rank 100 globally, showcasing India's evolving landscape in the billionaire sphere.

(With inputs from TOI)