Mumbai has surpassed Beijing as Asia’s billionaire capital for the first time, according to the Shanghai-based Hurun Research Institute.
With 92 billionaires, the Maximum City ranks third after New York (119) and London (97).
Leading the Indian contingent is Mukesh Ambani with $115 billion in assets, followed by Gautam Adani with $86 billion.
India saw an addition of 94 individuals to its list of 271 billionaires, the highest since 2013, as stated in the report.
“Confidence in the Indian economy reached record levels,” Rupert Hoogewerf, the chairman of the institute and chief researcher of the report, told Nikkei Asia.
While China leads the overall list with 814 billionaires, its numbers have decreased by 155 from 2022 due to struggles in the real estate and renewable energy sectors, as well as weak stock markets, as mentioned in the report.
The US closed in last year, adding 109 billionaires to take second place with a total of 800.
Foreign direct investment into China saw the lowest increase since the early 1990s, highlighting Beijing’s challenges in boosting its economy. The country also faces a growing outflow of manufacturing as American brands like Apple start setting up new facilities in countries across India and Southeast Asia to mitigate risks from US-China tensions.
