Mumbai has overtaken Beijing to become Asia’s billionaire capital for the first time.

Go ahead, Beijing.

According to the Huron Research Institute, Mumbai is now the Asian capital with the most billionaires, overtaking Beijing. World Rich List.

This is the first time that India’s most populous city has bagged the top spot in Asia.

The 2024 global rich list for cities is topped by New York (119), followed by London (97). In Asia, Mumbai — India’s financial capital — led the way with 92 billionaires, according to Huron. It is followed by Beijing (91) and Shanghai (87).

According to the report, there are currently 3,279 billionaires worldwide, a 5 percent increase from 2023.

According to the country rankings, China still tops the list with 814 billionaires even though the country lost 155 billionaires from a year ago. America is second with 800 billionaires while India is third with 271.

“China had a bad year,” the research firm noted. “Wealth creation in China has undergone profound changes over the past few years, with real estate and renewables reducing the wealth of billionaires.”

China’s Zhong Shanshan, founder and chairman of bottled water giant Nongfu Spring, maintains his position as China’s richest man. Colin Huang, founder of e-commerce player Pindodo, edged out Tencent CEO Ma Huateng to take second place this year.

According to Huron, the U.S. — which is expected to add 109 billionaires in 2023 — is only 14 billionaires short of China.

Artificial intelligence was a major driver of the rise in the number of ultra-rich people in the US, the report said.

“During [Nvidia CEO] Jenson Huang grabbed a lot of headlines as Nvidia broke the $2 trillion mark and made it into the top 30, leading the billionaires behind Microsoft, Google, Amazon, Oracle and Meta to bet on investors. But saw a significant increase in his wealth. on the value generated by AI,” the report said.

Bloomberg Billionaires Index Amazon founder Jeff Bezos and Tesla CEO Elon Musk are the top two billionaires in the US, with net worths of $201 billion and $190 billion, respectively, it revealed.

Taylor Swift joined Huron Research’s list with a net worth of $1.2 billion after kicking off her Eras Tour in March and performing in the US, South America, Australia, Singapore and Tokyo so far.

“More than half of his fortune comes from royalties and touring, including US$190 million from the first leg of the Eras Tour and US$35 million from his concert film. The rest comes from the value of his music catalog, especially After his first six albums sold to Shamrock. 300 million US dollars in capital in 2020,” the report said.

After the US, India ranks second in its super-rich list with 84 new members.

The South Asian country is now the world’s fastest growing economy after GDP growth of 8.4 percent in the October-December period.

In December, India’s stock market overtook Hong Kong’s to become the world’s seventh largest, and is now valued at more than $4 trillion, data from Refinitiv shows.

Mukesh Ambani, chairman of India’s Reliance Industries, is the richest person in Asia, and the 11th richest person in the world, with a net worth of $110 billion, according to Bloomberg’s index.

In January, Adani Group founder and chairman Gautam Adani briefly overtook Ambani, but is now three places behind with a net worth of $97.9 billion, according to Bloomberg data.