Bottom Line Up Front: 

Mumbai has surpassed Beijing as the Asian capital with the highest number of billionaires, according to the Hurun Research Institute's global rich list. 

This milestone marks the first time that Mumbai, India's financial hub, has claimed the top spot in Asia. Meanwhile, China still leads the global rich list with 814 billionaires, followed by the United States with 800 billionaires and India with 271.

Mumbai Takes the Lead: 

Mumbai, India's bustling financial capital, has overtaken Beijing to become the city with the most billionaires in Asia. With 92 billionaires, Mumbai now leads the pack in the region, followed closely by Beijing with 91 billionaires and Shanghai with 87 billionaires.

Global Billionaire Landscape: 

The global billionaire population has seen a 5% increase from the previous year, reaching a total of 3,279 billionaires. China still dominates the list with 814 billionaires, despite a decrease of 155 billionaires compared to the previous year. The United States follows closely with 800 billionaires, while India ranks third with 271 billionaires.

China's Wealth Creation Challenges: 

The Hurun Research Institute noted that China had a challenging year in terms of wealth creation, with significant changes in the billionaire landscape. The wealth generated from real estate and renewables has declined, contributing to the decrease in China's billionaire count.

Shifting Wealth Rankings: 

Zhong Shanshan, founder and chairman of Nongfu Spring, remains China's richest person. However, Colin Huang, founder of Pinduoduo, has surpassed Tencent CEO Ma Huateng to claim the second spot. In the United States, artificial intelligence has played a significant role in wealth creation, with billionaires associated with companies like Microsoft, Google, Amazon, Oracle, and Meta experiencing substantial increases in their fortunes.

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