MUMBAI, India – India’s financial powerhouse, Mumbai, has officially dethroned Beijing as the city with the most billionaires in Asia. According to the 2024 Hurun Global Rich List released Tuesday, Mumbai now boasts 92 billionaires compared to Beijing’s 91.
This marks a significant milestone for Mumbai, which has been dubbed the “fastest-growing billionaire capital in the world” by the Hurun Report. The coastal city added an impressive 26 new billionaires in 2024, propelling it to third place globally amongst cities with the highest concentration of billionaires. New York leads the list with 119 billionaires, followed by London with 97.
India’s capital, New Delhi, also made a remarkable debut in the top ten billionaire cities, ranking ninth with 57 billionaires. The country experienced a surge in its billionaire population, adding 84 new billionaires in 2024 for a total of 271.
Mukesh Ambani, chairman of Reliance Industries, continues to reign as India’s and Asia’s wealthiest individual with an estimated net worth of $115 billion. Ambani’s company made headlines with its transformative $8.5 billion merger with Walt Disney, combining their television and streaming assets in India.
Gautam Adani, India’s second-richest person, saw a $33 billion boost to his wealth this year, reaching $86 billion in assets. This increase comes after India’s Supreme Court declined to investigate charges of stock price manipulation levied against his company, Adani Group. Adani’s fortune had previously suffered a setback following a report by US short-seller Hindenburg Research in January 2023.
