For the first time, Mumbai has clinched the title of Asia’s billionaire capital. Shanghai-based Hurun Research Institute makes the announcement. With 92 billionaires, Mumbai, the Maximum City, is the third billionaire city after New York (119) and London (97).
Two popular business tycoons, Mukesh Ambani, with $115 billion in assets, and Gautam Adani, with $86 billion, contributed to the list of billionaires. According to the reports, India added 94 people to the list of 271 billionaires, the highest number since 2013.Â
“Confidence in the [Indian] economy grew to record levels,” Rupert Hoogewerf, the institute’s chairman and chief researcher of the report, told Nikkei Asia.
Mumbai’s conducive business environment has made it home to several billionaires. The financial capital of India has become a magnet for wealth creation, attracting entrepreneurs, investors, and business tycoons from across the globe.
China tops the list with 814 billionaires, but the number has shrunk by 155 from 2022 as the country’s real estate and renewable energy sectors struggled to grow and witnessed a weak stock last year.
As per the reports, the US ranks second with 800 billionaires, adding 109 new billionaires to the list.
The rise of Mumbai as Asia’s billionaire capital holds immense significance not only for the city but for India as a whole. It highlights the country’s growing economic status on the global stage. With this achievement, Mumbai made a historic achievement and made the country proud.
