Mumbai leapfrogs Beijing to become Asias capital of billionaires
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Mumbai leapfrogs Beijing to become Asias capital of billionaires

THE WHAT? The healthy competition between India and China just stepped up a gear as Mumbai has been announced as the Asian capital with the highest number of billionaires. The Indian finance center now houses 92 billionaires, compared to Beijings 91 and Shanghais 87.

THE DETAILS According to a report published by CNBC, the Hurun Research Institutes Global Rich List names New York as the global hotpost for billionaires with 119, followed by London with 97; Mumbai places third worldwide. However, China still tops the country ranking with 814 billionaires to its name, versus Indias 271.

THE WHY? China lost 155 billionaires in the last 12 months, presumably a result of the countrys continuing struggle following extended COVID-19 lockdowns combined with hits from subdued real estate and renewables, CNBC reveals. In contrast, India gained 84 billionaires.