New York Becomes Capital of Billionaires, Mumbai Ranks 6th Globally
According to Forbes' 2025 World's Billionaires List, New York City has retained its position as the city with the most billionaires. Home to 123 billionaires with a combined net worth of $759 billion, New York has remained at the top for the past 12 years—except in 2021 when Beijing briefly overtook it.
Globally, nearly a quarter of the world’s 3,028 billionaires reside in just 10 cities across six countries. These cities continue to attract wealth due to robust business ecosystems, investor-friendly policies, and thriving industries.
While India doesn't lead in the overall billionaire count, Mumbai stands out as the country’s richest city. With 67 billionaires worth a combined $349 billion, it ranks 6th globally—above Delhi and Bengaluru.
Mumbai's rank dropped from 4th to 6th this year due to the exit of two billionaires and being surpassed by London and Beijing. Still, the city gained six new billionaires in 2025, including four from the Doshi family—Virendra, Kirit, Pankaj, and Hitesh Doshi—whose company, Waaree Industries, went public in October 2024. It is a leading solar energy firm.
Despite a $20 billion dip in wealth, Reliance Industries chairman Mukesh Ambani remains Mumbai’s and Asia’s richest man with a net worth of $92.5 billion.
Top 10 Cities with Most Billionaires in 2025
- New York City – 123 billionaires ($759 billion)
- Moscow – 90 billionaires ($409 billion)
- Hong Kong – 72 billionaires ($309 billion)
- London – 71 billionaires ($355 billion)
- Beijing – 68 billionaires ($273 billion)
- Mumbai – 67 billionaires ($349 billion)
- Singapore – 60 billionaires ($259 billion)
- San Francisco – 58 billionaires ($217 billion)
- Shanghai – 58 billionaires ($198 billion)
- Los Angeles – 56 billionaires ($243 billion)
Why is Mumbai Attractive to the Wealthy?
Mumbai’s strong financial infrastructure, easy access to capital, and the dominance of family-owned businesses make it India’s top destination for the ultra-rich. It houses the headquarters of top companies and stock exchanges like the Bombay Stock Exchange and National Stock Exchange.
Prominent business families like Ambani, Birla, Godrej, and Piramal have long operated from Mumbai. The city is also seeing the rise of billionaires in technology, energy, and manufacturing sectors.