Hurun Research Institute, located in Shanghai, claims that Mumbai has overtaken Beijing as Asia's billionaire capital for the first time.
The Maximum City ranks third with 92 billionaires, after New York's 119 and London's 97.
Gautam Adani has $86 billion in assets, while Mukesh Ambani leads the Indian pack with $115 billion. According to the study, India welcomed 94 new members to its list of 271 billionaires, the most since 2013.
Shanghai-based Hurun Research Institute claims that Mumbai has overtaken Beijing as Asia's capital of billionaires for the first time. The Maximum City comes in third place with 92 millionaires, behind only New York (119) and London (97).
With $115 billion in assets, Mukesh Ambani leads the Indian pack, followed by Gautam Adani with $86 billion. According to the study, India gained 94 individuals, the most since 2013, to its list of 271 billionaires.
The amount that foreign companies invested in China rose last year was the least since the early 1990s, highlighting Beijing's difficulties in boosting the country's economy. In order to reduce the dangers associated with US-China tensions, Apple and other American companies are starting to locate new capacity in countries ranging from India to Southeast Asia. This means that it must also deal with a constantly increasing outflow of production.
