India's financial hub Mumbai overtook Beijing as Asia's billionaire capital for the first time, according to a global rich list published on Monday by Shanghai-based Hurun Research Institute.

Mumbai's 92 billionaires puts it behind New York which has 119 and London with 97.

Led by business leaders including Mukesh Ambani of Reliance Industries and Gautam Adani of Adani Group, and aided by a robust economy that grew by 7.5% in 2023, India as a whole added 94 people to its list of 271 billionaires, the report showed. That was India's highest number since 2013.

Ambani was the wealthiest person in India, with $115 billion in assets, followed by Adani with $86 billion.