Move over, Beijing. Mumbai has now emerged as the Asian city with the highest number of billionaires, surpassing Beijing, according to the latest global rich list published by Hurun Research Institute.

This milestone marks the first time that India's most populous city has secured the top spot in Asia, underscoring its growing economic influence and wealth accumulation.

Billionaire Rankings by City

Leading the 2024 global rich list for cities is New York, home to 119 billionaires, followed by London with 97. In Asia, Mumbai takes the lead with 92 billionaires, closely followed by Beijing with 91 and Shanghai with 87.

Top 10 Cities with the Most 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

Global Billionaire Count

Globally, there are now 3,279 billionaires, representing a 5% increase from 2023, according to the report.

Country Rankings by Number of Billionaires

China continues to lead the country rankings with 814 billionaires, despite a decrease of 155 from the previous year. The United States follows closely with 800 billionaires, while India ranks third with 271.

Top 10 Countries with the Most Billionaires:

1. China - 814

2. United States - 800

3. India - 271

4. United Kingdom - 146

5. Germany - 140

6. Switzerland - 106

7. Russia - 76

8. Italy - 69

9. France - 68

10. Brazil - 64

Key Highlights and Trends

China's Zhong Shanshan, founder and chairman of Nongfu Spring, retains his position as the richest person in China. Colin Huang, founder of Pinduoduo, has advanced to second place, surpassing Tencent CEO Ma Huateng.

The United States added 109 billionaires in 2023, significantly narrowing the gap with China to just 14 billionaires. The growth of artificial intelligence has notably contributed to the increase in ultra-wealthy individuals in the U.S., bolstering the fortunes of tech giants such as Nvidia, Microsoft, Google, Amazon, Oracle, and Meta.

Notable Billionaires and New Entrants

Amazon founder Jeff Bezos and Tesla CEO Elon Musk lead the U.S. billionaire list with net worths of $201 billion and $190 billion, respectively, according to Bloomberg’s Billionaires Index.

Singer Taylor Swift made her debut on Hurun Research’s list with a net worth of $1.2 billion, driven largely by the success of her Eras Tour and the sale of her music catalogue.

India added 84 new members to its ultra-rich list, second only to the U.S. The South Asian nation, now the world's fastest-growing economy with a GDP growth of 8.4% in the last quarter, has witnessed significant wealth creation. India's stock market surpassed Hong Kong's in December, becoming the seventh largest globally, valued at over $4 trillion.

Mukesh Ambani, chairman of Reliance Industries, remains the wealthiest person in Asia and the eleventh richest globally, with a net worth of $110 billion. Gautam Adani, founder and chairman of the Adani Group, briefly overtook Ambani in January but now ranks three spots behind with a net worth of $97.9 billion.