Indian Mumbai became Asia's billionaire capital
The Indian metropolis of Mumbai, located in the central state of Maharashtra, became the leader among Asian cities in terms of the number of billionaires living there, TASS reports
According to the Indian rating agency Hurun India, Mumbai became the capital of Asian billionaires for the first time, surpassing the Chinese capital Beijing. Mumbai hosts 92 billionaires, while Beijing has 91. Nevertheless, in terms of the total number of residents with a fortune of over $1bn, the Chinese capital is still ahead of India: there are 814 billionaires in China, while there are 271 in India.
Globally, the Indian metropolis has the third highest number of billionaires after New York that has 119 billionaires and London with 97, according to the study.
It is also noted that 26 new billionaires have been added to Mumbai since the beginning of 2024. At the same time, in Beijing, their number has decreased by 18. Mumbai's total billionaire wealth stands at $445bn.
The spheres that have brought multimillion-dollar fortunes to Indian citizens are energy, pharmaceuticals, and the real estate market.
