Mumbai

2023: Mumbai overtakes Beijing for the first time to lead by billionaires in Asia

Mumbai has become the leader among all cities in Asia in the number of billionaires living in the city. This was announced on March 26, 2024 by TASS with reference to research data from the Hurun India agency.

In Mumbai, experts estimate that 92 billionaires lived by the end of 2023, and in Beijing, which previously ranked first, 91. For the year, the number of billionaires in Mumbai increased by 26 people, while in Beijing the number of billionaires increased by 18 people.

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In total, 814 billionaires live in China, and 271 in all of India. Globally, Mumbai is the third city in the world by the number of billionaires living, after New York (119 billionaires) and London (97 billionaires). In addition to Mumbai, the top ten cities with the most billionaires included the city of New Delhi, the capital of India. The top ten billionaires with the largest fortune included one Indian citizen - Mukesh Ambani, CEO of Reliance Industries, the largest private company in India. He is the richest man in Asia.

The total capital of billionaires living in Mumbai in 2023, according to Hurun India, amounted to $445 billion, which is 47% more than in 2022. In Beijing, the total capital of billionaires decreased by 28% to $265 billion.

The main sectors of the economy in which the capital of the billionaires of the city of Mumbai is kept are power, the auto industry and the pharmaceutical industry. The highest capital growth among Mumbai billionaires is among real estate entrepreneur Mangal Prabhat Lodh, his fortune grew by 116%.

The Hurun India study marks a rise in billionaires around the world. In 2023, there were 167 more billionaires in the world. The total number of billionaires at the end of the year was 3279 people. Experts note a large capital gain in connection with artificial intelligence technologies.^[1]

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