Mumbai has made history by dethroning Beijing as Asia’s billionaire capital, marking the first time India’s bustling metropolis has clinched the top spot on the continent. With an impressive tally of 92 billionaires, Mumbai now ranks third globally, trailing behind New York and London but leading the pack in Asia, according to the latest data from the Hurun Research Institute.

The rise of Mumbai as a billionaire hotspot underscores India’s growing economic prowess and the city’s emergence as a hub for wealth creation. Mumbai’s ascendancy is part of a broader trend in which global billionaire numbers have surged to 3,279 individuals, representing a 5% increase from the previous year.

While China maintains its lead in the country ranking with 814 billionaires, the nation experienced a setback, losing 155 billionaires compared to the previous year. Conversely, the United States added 109 billionaires in 2023, narrowing the gap with China to just 14 individuals.

The surge in ultra-wealthy individuals in the U.S. was largely fueled by advancements in artificial intelligence, with tech luminaries like Jeff Bezos and Elon Musk dominating the top ranks. Meanwhile, India witnessed significant growth in its ultra-rich segment, adding 84 new members to its ranks.

India’s economic momentum is palpable, with the country emerging as the world’s fastest-growing economy and its stock market surging past Hong Kong’s to become the seventh-largest globally, valued at over $4 trillion. Mukesh Ambani, Chairman of Reliance Industries, retains his status as Asia’s wealthiest individual, with Gautam Adani, founder of the Adani Group, closely trailing behind.

As Mumbai basks in its newfound billionaire status, the city’s rise symbolizes India’s economic dynamism and its increasing influence on the global stage. With opportunities abound, Mumbai’s ascent underscores the country’s ongoing transformation and its potential to shape the future of global prosperity.

Source: cnbc.com