India’s financial capital Mumbai City has become Asia’s leading city for billionaires. Mumbai has overtaken Beijing but is still below global leaders New York and London.
Mumbai’s 92 billionaires reflect India’s strong economic growth of 7.5% in 2023. In which influential personalities like Gautam Adani and Mukesh Ambani have played important roles. The number of billionaires in the country reached a new high with 271, an increase of 94 from last year.
China has the world’s largest number of billionaires (814) but due to real estate and renewable energy challenges, it saw a decline of 155 billionaires.
The United States is also right behind China, adding 109 billionaires to now reach its total of 800.
Family-owned enterprises in India, often multi-generational, provide a strong foundation for this prosperity. Emerging sectors like artificial intelligence, semiconductors and new energy are reshaping the wealth landscape, moving away from traditional sectors like real estate.
