Mumbai has emerged as Asia’s new billionaire capital, surpassing Beijing, the Hurun Research Institute report said on Tuesday.

The report tiled 360 ONE Wealth Hurun India Rich List 2023 said Mumbai now boasts of 92 billionaires, overtaking Beijing’s count and solidifying its status as a thriving center for wealth creation.

The city remained the fastest-growing billionaire capital in the world, adding 26 in the year and taking it to third in the world and Asia’s billionaire capital. New Delhi broke into the Top 10 for the first time, it said.

Mumbai is the preferred city for India’s biggest wealth creators as it accommodates 25 per cent of the entrants in the list followed by New Delhi and Bengaluru.

As per the Hurun report, Mumbai registered a net increase of 14 individuals followed by Hyderabad which registered a net increase of 23.

With 391 and 199 entrants respectively, Maharashtra and Delhi are the preferred states of residence for individuals in 360 ONE Wealth Hurun India Rich List 2023.

The report highlighted the dominance of specific industries in contributing to India’s billionaire boom, with the pharmaceutical sector leading the pack with 39 billionaires, followed by the automobile and auto components industry (27), and the chemicals sector (24).

Wealth of Indian billionaires amounts to a staggering $1 trillion, accounting for 7 per cent of the global billionaire wealth, emphasizing the nation’s substantial economic influence.

Mukesh Ambani surpasses Gautam Adani:

Reliance Industries chief Mukesh Ambani surpassed Adani Group’s Gautam Adani as richest Indian with a wealth of Rs 8,08,700 crore.

In 2022, Adani was ahead of Ambani by Rs 3 lakh crore while in 2023, Ambani is ahead of Adani by Rs 3.3 lakh crore.

Mukesh Ambani with a staggering net worth of $115 billion was closely following by Gautam Adani with assets valued at $86 billion, marking a $33 billion surge in wealth attributed to a rally in his companies’ shares.

Real estate player Mangal Prabhat Lodha was Mumbai’s biggest wealth gainer in percentage terms at 116%.

HCL’s Shiv Nadar and family saw a significant rise in wealth and global ranking, climbing 16 spots to reach 34th place.

Serum Institute’s Cyrus S Poonawalla with a total wealth of $82 billion experienced a slight decline of nine positions and is now placed at the 55th position.

Significantly, the Indian billionaires collectively possess a remarkable $1 trillion in wealth, constituting 7% of the total global billionaire wealth, underscoring India’s significant economic impact.

From Tata to Birla, India has fostered some of the world’s most esteemed family business dynasties. Nearly 60% of the 360 ONE Wealth Hurun India Rich List is poised for intergenerational wealth transfer within the next decade.

With the backing of professional managers and investors, the emerging leaders in these families are set to accelerate wealth creation in these businesses, it said.