In a significant shift, Mumbai has dethroned Beijing as Asia’s billionaire capital, marking a historic milestone in the latest Hurun Global Rich List 2024. With 271 billionaires, India now stands third globally in terms of billionaire count.

The report unveils a total of 3,279 billionaires globally, with 167 additions in the past year. While China maintained its lead with 814 billionaires, India added nearly 100 new billionaires, while China saw a decline of 155.

This meteoric rise in India’s billionaire count reflects economic confidence, with Mumbai emerging as a symbol of the country’s growing prosperity. Moreover, New Delhi’s entry into the top 10 cities for billionaires underscores India’s rising prominence on the global wealth map.

Among the global elite, Reliance Industries Chairman Mukesh Ambani secures the 10th position. Elon Musk retains his position as the wealthiest person, with new entrants like Mark Zuckerberg and Larry Page making waves in the top 10 rankings.

The report also highlights the entry of musician Taylor Swift into the billionaire club, her wealth amounting to $1.2 billion, is attributed primarily to her music royalties and touring revenue.

The top 10 cities with billionaires include, New York, London, Mumbai, Beijing, Shanghai, Shenzhen, Hong Kong, Moscow, New Delhi, and San Francisco.

The report said, “India has had a super strong year, adding almost 100 billionaires. Confidence in the economy grew to record levels. Mumbai overtook Beijing to become Asia’s billionaire capital (for the first time in the history of Hurun list) and the Top 3 cities globally.”

The top 10 nations with billionaires include, China, the US, India, the UK , Germany, Switzerland, Russia, Italy, France and Brazil.

The top 10 global billionaires include, Elon Musk (Tesla), Jeff Bezos (Amazon), Bernard Arnault (LVMH), Mark Zuckerberg (Meta), Larry Ellison (Oracle), Warren Buffet (Berkshire Hathaway), Steve Ballmer (Microsoft), Bill Gates (Microsoft), Larry Page (Alphabet), Mukesh Ambani (Reliance industries).