India’s financial hub Mumbai, with a population of 21.6 million, now holds the highest number of billionaires in Asia and ranks third behind New York and London in the world ranking, according to Hurun Research Institute’s global rich list.

Mumbai overtook Beijing to become Asia’s leading billionaire hub for the first time with 92 billionaires. South Korea’s Seoul places 19th globally with 31 billionaires.

In country rankings, China was still at the top of the list with 814 billionaires, followed by the US and India. South Korea was in 17th place with 37.

There are currently 3,279 billionaires globally, a 5 percent increase from 2023, the report said.