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Mumbai Becomes Asia's New Billionaire Capital, Get the List of Top 10 Cities with the Highest Number of Billionaires

Let’s see how Mumbai becomes Asia's New Billionaire Capital in this article and learn more about the way to success.

 

by P Nandhini

Updated Mar 30, 2024

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Mumbai Becomes Asia's New Billionaire Capital, Get the List of Top 10 Cities with the Highest Number of Billionaires

Mumbai Becomes Asia's New Billionaire Capital

The city of Mumbai in India has become Asia's New Billionaire capital. This indicates that there are more billionaires in Mumbai than in any other city in Asia. It has dominated Beijing, which used to have the most billionaires before Mumbai. This is a huge accomplishment for Mumbai and appears that it is getting to be an enormously wealthy and important city in the world.

The number of billionaires in Mumbai has expanded a lot in recent times. Presently, there are 92 billionaires living in Mumbai. This is more than any other city in Asia. They have businesses in multiple industries, like finance, real estate, and technology. This has made Mumbai to become quite wealthy.

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Mumbai Way To Success

Mumbai's travel to victory has been checked by different variables contributing to its rise as Asia's new billionaire capital. One vital viewpoint is its grasp of rising advances like artificial intelligence (AI) and ventures in start-ups.

Mumbai's billionaires haven't fully centered on traditional sectors like telecom and vitality. With youthful and tech-savvy people, Mumbai is well-positioned to ride the wave of development, possibly making more billionaires in the long time to come.

This forward-looking approach has impelled Mumbai's worth essentially, displaying its potential to compete on a worldwide scale. Moreover, Mumbai's strong financial execution can be credited to solid stock markets, adequate openings for commerce creation, and investor confidence.

With sectors like automobiles, pharmaceuticals, and chemicals driving the billionaire's boom, Mumbai has differentiated its financial portfolio, guaranteeing maintained development.

As Mumbai proceeds to advance as a budgetary and mechanical center, its story of victory highlights its development as a key player in the worldwide economy, showing new openings and challenges for its residents and financial professionals alike.

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Why Mumbai Became Asia's New Billionaire Capital?

Mumbai has become Asia's new billionaire capital because it added 26 new billionaires in just one year. Mumbai's add-up to billionaire wealth has moreover expanded by 47% to $445 billion, whereas Beijing's riches reduced by 28% to $265 billion. Businesses like energy and pharmaceuticals in Mumbai have contributed to these riches, with very billionaires like Mukesh Ambani seeing essential gains.

Real estate developer Mangal Prabhat Lodha and his family were the greatest riches gainers in Mumbai, with their riches expanding by 116%. Mukesh Ambani, who is the wealthiest person in India, kept up his position as the 10th wealthiest person in the world with a vast increase in wealth. Gautam Adani also saw an exceptional increase in wealth, moving up eight positions to become the 15th richest person globally.

Others like Shiv Nadar and Cyrus S Poonawalla have seen changes in their wealth and rankings as well. These dynamics, along with the steady growth of businesses like DMart, owned by Radhakishan Damani, have contributed to Mumbai's rise as Asia's new billionaire capital.

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Ranking of the Top 10 Cities with the Highest Number of Billionaires

The below table shows the top 10 cities with the Highest Number of Billionaires City

Rank

City

Number of Billionaires

1

New York

119

2

London

97

3

Mumbai

92

4

Beijing

91

5

Shanghai

87

6

Shenzhen

84

7

Hong Kong

65

8

Moscow

59

9

New Delhi

57

10

San Francisco

52

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