Mumbai has achieved a milestone by becoming Asia's billionaire capital, overtaking Beijing, according to the Shanghai-based Hurun Research Institute. The Maximum City boasts 92 billionaires, positioning it as the third city globally with the highest number of billionaires, following New York with 119 and London with 97. Leading the Indian contingent are business tycoons Mukesh Ambani, with assets worth $115 billion, and Gautam Adani, with $86 billion, showcasing the growing wealth accumulation in India.
India's billionaire count has seen a significant boost, with 94 new individuals joining the elite club, bringing the total to 271 billionaires. This surge is the highest increase since 2013 and reflects a positive trend in the country's economic landscape. The Hurun Research Institute's chairman, Rupert Hoogewerf, noted a surge in confidence in the Indian economy, which has contributed to this remarkable growth in billionaire numbers. On the global front, China still leads with 814 billionaires, although its count has decreased by 155 from the previous year due to challenges in sectors like real estate and renewable energy, alongside weak stock markets. In contrast, the US added 109 billionaires in the same period, securing the second position with a total count of 800 billionaires.
Despite China's overarching lead in billionaire count, the country is grappling with economic challenges, evident in a notable decrease in foreign businesses' direct investment. This decline, the lowest since the early 1990s, emphasizes Beijing's struggles to stimulate its economy and attract overseas investments. The report highlights a trend of manufacturing outflow from China, with American companies like Apple diversifying their production capacities across countries in Southeast Asia and India, as a strategic move to mitigate risks arising from US-China tensions. This evolving economic landscape underscores the dynamic shifts in wealth distribution and global investment patterns.