Mumbai pipped Beijing as Asia’s billionaire capital for the first time, according to Shanghai-based Hurun Research Institute.
With 92 billionaires, the Maximum City is third after New York (119) and London (97).
Leading the Indian pack is Mukesh Ambani with $115 billion in assets, followed by Gautam Adani with $86 billion.
India added 94 people to its list of 271 billionaires, the report state, highest since 2013.
“Confidence in the [Indian] economy grew to record levels,” Rupert Hoogewerf, the institute’s chairman and chief researcher of the report, told Nikkei Asia.
China tops the overall list 814 billionaires but its number has shrunk by 155 from 2022 as the country’s real estate and renewable energy sectors struggled to grow, and its stock markets remained weak, the report added.
US closed in last year, adding 109 to take second place with a total of 800 billionaires.
Foreign businesses’ direct investment into China last year increased by the lowest amount since the early 1990s, underscoring Beijing’s challenges to spur its economy. It also has to contend with a steadily accelerating outflow of manufacturing as Apple and other American brands begin to position new capacity in countries from India to Southeast Asia to mitigate risks from US-China tensions.
