Mumbai Surpasses Beijing as Asia’s Billionaire Capital

• In a landmark shift, Mumbai has overtaken Beijing as Asia’s billionaire capital, according to the latest report from the Shanghai-based Hurun Research Institute. This monumental achievement reflects Mumbai’s burgeoning economic landscape and underscores India’s rising prominence in global wealth distribution.
• Mumbai boasts 92 billionaires, securing its position as Asia’s third billionaire capital, trailing behind New York (119) and London (97).
• Notable figures driving Mumbai’s billionaire status include Mukesh Ambani of Reliance Industries and Gautam Adani of Adani Group.
• India’s robust economy, growing at 7.5% in 2023, facilitated the addition of 94 billionaires, marking the country’s highest count since 2013.
• Despite maintaining the top spot with 814 billionaires, China experienced a decline in ultra-rich individuals, with 155 fewer billionaires compared to 2022.
• Struggles in China’s real estate and renewable energy sectors, coupled with weak stock markets, contributed to the decrease in billionaire numbers.

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