Mumbai has overtaken Beijing to claim the title of the Asian capital, with the highest number of billionaires for the first time, as per the latest Hurun Research Institute's global rich list.
This represents a major milestone for India, positioning Mumbai at the forefront of wealth creation in Asia.
New York leads the global rich list for cities with 119 billionaires, followed closely by London with 97.
Mumbai, India's financial hub, has surged ahead with 92 billionaires, surpassing both Beijing (91) and Shanghai (87) in the Asian rankings, according to the latest Hurun rich list.
Globally, there are now 3,279 billionaires, representing a 5% increase from the previous year.
Despite China still leading the country ranking with 814 billionaires, there has been a notable decline, with 155 billionaires lost compared to the previous year. The United States follows closely behind with 800 billionaires, while India secures the third position with 271 billionaires.
"China had a challenging year," noted the research firm. "Wealth creation in China has undergone significant changes in recent years, with declines observed in billionaires' wealth from real estate and renewables."
Zhong Shanshan, founder and chairman of Nongfu Spring, remains China's richest individual, while Colin Huang, founder of Pinduoduo, climbed to second place, surpassing Tencent CEO Ma Huateng.
In the United States, artificial intelligence played a pivotal role in driving the increase in ultra-wealthy individuals. "Billionaires behind companies such as Microsoft, Google, Amazon, Oracle, and Meta have seen substantial wealth surges as investors bet on the value generated by AI," the report highlighted.
According to Bloomberg's Billionaires index, Jeff Bezos, founder of Amazon, and Elon Musk, CEO of Tesla, hold the top two spots in the US with net worths of $201 billion and $190 billion, respectively.
Music icon Taylor Swift made her debut on Hurun Research's list with a net worth of $1.2 billion, attributed largely to her successful Eras Tour. "Over half her fortune stems from royalties and touring, notably from her concert film and music catalogue's value," the report stated.
Meanwhile, India saw the second-largest number of new additions to its ultra-rich list, with 84 new members. The country's economy has emerged as the world's fastest-growing, with GDP growing by 8.4% in the October-December period.
Reliance Industries Chairman Mukesh Ambani retains his position as Asia's wealthiest individual and the eleventh richest globally, with a net worth of $110 billion.
Meanwhile, Gautam Adani, founder of the Adani Group, briefly overtook Ambani in January but now ranks three spots behind with a net worth of $97.9 billion, according to Bloomberg data.
