26 March 2024 – Currently, Mumbai’s 603 sq km has more millionaires than Beijing’s more than 16,000 sq km. Mumbai has become the first billionaire capital of Asia, surpassing the megalopolis in China. Hurun Research’s 2024 Global Rich List revealed that although Beijing has 91 billionaires, Mumbai has 92, and China has 814 billionaires compared to India’s 271. Mumbai is now the third-richest city in the world behind New York, which reclaimed the top spot after seven years, with 119 billionaires, and London, with 97.
The 26 millionaires that The Maximum City has attracted in only a single year have allowed it to surpass China’s political and cultural capital. At the same time, Beijing saw the nett removal of eighteen former billionaires off the list. Beijing now has $265 billion in total billionaire wealth, a 28% decline from the previous year, whereas Mumbai now has $445 billion in total, up 47% from the previous year.
Conclusion
Energy and pharmaceuticals are two of Mumbai’s wealthiest industries, where billionaires like Mukesh Ambani are seeing notable returns. With a percentage of 116%, real estate tycoon Mangal Prabhat Lodha (and family) was Mumbai’s greatest wealth gainer.