Mumbai is the city with the most billionaires in Asia.

According to the Hurun Global Rich List 2024 report, Mumbai has surpassed Beijing as the city with the most billionaires in Asia.

As India's financial hub, Mumbai now has 92 billionaires, more than Beijing (91) and Shanghai (87). As the city with the most billionaires in Asia this year, Mumbai also entered the top 3 cities with the most billionaires in the world for the first time.

With a fortune of 115 billion USD, Asia's richest man and the 10th richest man in the world - billionaire Mukesh Ambani also lives in Mumbai, in a 26-story house worth billions of USD. Currently, the group of 1% richest people in India accounts for 40% of the country's total assets. Last year, the country's stock market grew by 7.5%, contributing to the prosperity of the super-rich.

"India had a super strong year with nearly 100 new billionaires. Confidence in the economy rose to a record high," said Hurun Chairman and Chief Research Officer Rupert Hoogewerf.

According to Hurun's list, New York has reclaimed the title of "Billionaire Capital of the World" for the first time in seven years, with 119 billionaires, while London is in second place. Last year, Beijing took the top spot but has now slipped to fourth place.

Beijing's drop in the rankings comes as China has lost 155 billionaires (40%) in the past two years. "There have been profound changes in wealth accumulation in China, with the wealth of real estate and renewable energy billionaires declining," the report said.

Still, the world's second-largest economy added 120 billionaires last year, helping it retain its position as the country with the most billionaires, with 814. The US and India ranked second and third, with 800 and 271 billionaires, respectively.

There are now 3,279 billionaires globally, up 167 from last year, with a combined wealth of $15 trillion, up 9% from 2023. Hurrun said artificial intelligence (AI) was the main driver of wealth growth, creating more than half of all new wealth last year.

“While Jensen Huang has grabbed the headlines as Nvidia crossed the $2 trillion mark, catapulting him into the Hurun Top 30, the billionaires behind Microsoft, Google, Amazon, Oracle and Meta have also seen their fortunes rise significantly as investors bet on the value created by AI,” said Rupert Hoogewerf.

Formerly an advisor to the audit and tax consulting firm Arthur Andersen, Rupert Hoogewerf, 53, from Luxembourg, settled in Shanghai in 1999 and founded Hurun. For more than 20 years, the Hurun Global Rich List has become a reference for the super-rich, alongside rankings by Forbes and Bloomberg.

Phien An ( according to Hurun )

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