Mumbai dethrones Beijing as Asia's new billionaire capital; New Delhi makes it to the top ten in a first

In a major boost to Mumbai, with 92 billionaires, India's western city has overtaken Beijing to become Asia's new billionaire capital.

As per the latest Hurun Research Institute report, India ranks third in the world with 271 billionaires.

"Mumbai was the fastest-growing billionaire capital in the world, adding 26 in the year and taking it to third in the world and Asia's billionaire capital. New Delhi broke into the Top 10 for the first time," the report read.

There has been a significant surge in India's overall billionaire population as well with a whopping 94 new billionaires added this year, second to only the United States.

"India has had a super strong year, adding almost 100 billionaires. Confidence in the economy grew to record levels," Hurun Report chairman and chief researcher Rupert Hoogewerf remarked.

The number of billionaires residing in India are almost double the ones in the United Kingdom.

Eight of the top ten in the Hurun Global Rich List were from the US while Mukesh Ambani and Bernard Arnault represented India and France respectively.

Despite his rising wealth, Ambani dropped a place to land in the tenth spot. The report also made note of the "lavish pre-wedding" of Anant Ambani.

While Elon Musk maintained his richest person title for the third time, Mukesh Ambani held on to his 'Richest person in Asia' title. Gautam Adani made it to rank 15 on the list with a 62 per cent rise in his wealth.

"Gautam Adani (US$86bn), 61, & family of the Adani Group energy conglomerate, witnessed a US$33bn surge in wealth this year, attributed to a rally in their companies' shares following a Supreme Court hearing on Hindenburg report-related issues," it read.

Industries that the report attributed India's growth in rank to were Pharmaceuticals (39) and Automobile & Auto Components (27).

The landmark merger announced between Reliance Industries of India and Walt Disney made it to the list of most significant transactions in the world.

"This strategic consolidation aims to create a dominant force in the global entertainment industry," the reported noted.

Overall, 167 new billionaires were added in the world this year, taking the total to 3279.