India’s financial capital Mumbai surpasses Beijing in Billionaires count
New Delhi, 26 March 2024
Mumbai has clinched the title of Asia’s premier billionaire capital, overtaking Beijing in terms of billionaire count. Fresh data from Hurun Research’s 2024 Global Rich List has unveiled Mumbai’s ascent, with the city now boasting 92 billionaires, surpassing Beijing’s tally of 91. This landmark achievement highlights India’s burgeoning influence in the global economic landscape.
Despite China maintaining a lead in overall billionaire count with 814 billionaires compared to India’s 271, Mumbai’s surge in billionaire numbers has propelled it to the third spot globally. This places Mumbai just behind New York, with 119 billionaires, and London, with 97, marking a significant milestone for India’s financial hub.
The collective wealth of Mumbai’s billionaires has witnessed a remarkable upsurge, soaring to $445 billion, reflecting a substantial 47% increase from the previous year. Meanwhile, Beijing has experienced a downturn, with its total billionaire wealth shrinking to $265 billion, marking a significant 28% decline.
Key sectors driving Mumbai’s billionaire boom include energy and pharmaceuticals, where industry titans like Mukesh Ambani have amassed considerable fortunes. Notably, real estate mogul Mangal Prabhat Lodha emerges as Mumbai’s biggest wealth gainer, witnessing an impressive 116% surge in wealth.
In the global billionaire rankings, India’s representation has seen a slight dip, but prominent figures like Mukesh Ambani maintain their stronghold. Ambani retains his position at number ten, while others like Gautam Adani and Shiv Nadar climb up the ranks to fifteenth and thirty-fourth spots, respectively. However, Cyrus S. Poonawalla of the Serum Institute experiences a minor setback, slipping nine spots to rank fifty-five with a total fortune of $82 billion.
Prateeksha Kumari is a journalist and strategic communications professional specialising in digital journalism, political reporting, and public affairs. Her work focuses on grassroots issues, governance, and civic developments, with an emphasis on clarity, accuracy, and narrative-driven reporting.
She holds a Master’s degree in Journalism and Mass Communication from Himachal Pradesh University, Shimla and has qualified the UGC-NET examination, reflecting her academic grounding in media studies and communication research. Her reporting spans politics, public policy, health, education, and socio-economic issues, and she is experienced in bilingual (Hindi and English) content creation tailored to diverse audiences.
Alongside her journalistic work, she brings experience in political communication and public relations, where she has contributed to campaign messaging, media outreach, and narrative building. She has worked on integrated communication strategies across print and digital platforms, combining editorial judgment with audience insight and data-led content approaches.