Is India’s economy unstoppable? The country’s GDP was the world’s fastest growing at the end of last year. Now its financial capital is the third biggest billionaire hub in the world. Soon Indian teenagers will be backpacking around the US trying to ‘find themselves’.

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Mumbai becomes Asia’s billionaire capital

Mumbai has overtaken Beijing to become the Asian city with the most billionaires, according to Hurun Research Institute’s global rich list. It’s the first time the city – India’s financial capital – has taken the top spot in Asia.

Mumbai now has 92 billionaires, putting it third globally behind London (97) and New York (119). But China is still the country with the most billionaires. It has 814, compared to 800 in the US and 271 in India.

India had the second largest number of new additions, adding 84 new billionaires last year. The boost comes as the country’s GDP surges – it was the world’s fastest growing economy in the fourth quarter. India’s stock market also overtook Hong Kong to become the seventh largest in December, according to Refinitiv.

India’s richest man is still Reliance Industries Chairman Mukesh Ambani. He’s also the wealthiest person in Asia and the eleventh richest in the world, with a net worth of $110 billion, according to the Bloomberg Billionaires index.

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