Mumbai has emerged as the new “Billionaire Capital of Asia,” surpassing Beijing in the 2024 Hurun Rich List. With 92 billionaires, Mumbai now ranks as the third richest city in the world, following New York and London. India’s financial hub added 26 new ultra-rich individuals over the past year, bringing its total to 92 billionaires, while Beijing saw a decline, losing 18 billionaires and dropping to 91.

Mumbai’s rise isn’t just about overtaking Beijing; it reflects a broader trend of wealth accumulation in India’s urban centers. The city alone accounts for 25% of all entries in the Hurun India Rich List, making it the most preferred city for the country’s wealthy, followed by New Delhi and Hyderabad.

Delhi, which added 18 new billionaires, now hosts 217 ultra-rich individuals. Hyderabad has surpassed Bengaluru for the first time, securing the third spot with 104 billionaires, boosted by 17 new additions. Bengaluru closely follows with 100 billionaires. Other cities in the top 10 include Chennai (82), Kolkata (69), Ahmedabad (67), Pune (53), Surat (28), and Gurugram (23).

With a total wealth of $445 billion among its billionaires, Mumbai’s status as Asia’s “Billionaire Epicentre” signifies a growing concentration of wealth in India’s financial capital, positioning it as a global hotspot for economic power and influence.