Mumbai Overtakes Beijing As Asia's Billionaire Capital For First Time, Delhi Debuts In Top 10 Globally

Despite a slight decline in global rankings, Indian billionaires have continued to make waves on the international stage

Digital Desk: Mumbai has emerged as Asia's premier billionaire destination, surpassing Beijing in both number and total wealth. With 92 billionaires calling Mumbai home, the city now boasts a total wealth of $445 billion, marking a significant 47% increase from the previous year. 

This rise is fueled by key sectors such as energy and pharmaceuticals, with notable figures like Mukesh Ambani leading the charge. Real estate tycoon Mangal Prabhat Lodha and his family clinched the top spot among Mumbai's billionaires, witnessing an impressive 116% surge in their wealth.

The city's climb to the top was further strengthened by the addition of 26 new billionaires within a year. In contrast, Beijing, once a titan in the billionaire landscape, experienced a decline, shedding 18 billionaires from its log. This shift signifies Mumbai's growing prominence as a global economic powerhouse, particularly in the Asian region.

Despite a slight decline in global rankings, Indian billionaires have continued to make waves on the international stage. Mukesh Ambani, with his conglomerate Reliance Industries, retained the 10th position globally, showcasing a substantial increase in wealth. Similarly, Gautam Adani's conglomerate saw a remarkable surge, pushing him eight places up to the 15th position globally.

Other Indian billionaires also left their mark, with figures like Shiv Nadar of HCL witnessing a significant rise in both wealth and global ranking, climbing 16 places to the 34th position. 

However, not all saw gains, as Cyrus S Poonawalla of the Serum Institute experienced a marginal decline, falling nine places to the 55th position with a net worth of $82 billion. Nonetheless, figures like Dilip Shanghvi of Sun Pharmaceuticals and Kumar Mangalam Birla continued to contribute to India's billionaire landscape.

The country included 94 new billionaires, a figure outperformed only by the United States, increasing the total to 271. This portrays the most significant increase in the nation's billionaire count since 2013.