Mumbai has emerged as Asia’s new billionaire capital, surpassing Beijing, with 92 billionaires, according to the latest Hurun Research Institute report. India added 94 new billionaires in 2023, totaling 271, collectively holding $1 trillion in wealth. Mumbai’s surge is attributed to robust economic performance, strong stock markets, and dominance in industries like pharmaceuticals, automobiles, and chemicals. Reliance Industries’ Mukesh Ambani remains Asia’s richest, with a 40% wealth increase. Government initiatives support Mumbai’s growth, including the NITI Aayog’s Growth Hub Program. Foreign investment in India reached $17.96 billion in FY 2023-24, with Maharashtra leading with 30% of FDI equity inflows. Mumbai’s ascent underscores India’s economic influence and attractiveness for investment, marking a significant shift in Asia’s wealth landscape.