Mumbai has fallen from fourth to sixth place on Forbes’ 2025 World’s Billionaires List, with 67 billionaires worth a collective $349 billion. Despite the slip, Mukesh Ambani remains Mumbai and Asia’s richest business man, with a fortune of $92.5 billion, even after a $20 billion dip in the past year. Six newcomers joined the list from Mumbai. Read on to know details.
Fewer billionaires, but new names emerge
Mumbai’s list welcomed six new billionaires this year. Including four members of the Doshi family—brothers Viren ($1.4 billion), Kirit ($1 billion), Pankaj ($1.2 billion) and Hitesh ($1.2 billion) Doshi—whose solar manufacturing firm, Waaree Industries, went public in 2024. Also new to the list are Rajesh Mehra, associated with bathroom fittings giant Jaquar Group, and Zerodha co-founder Nikhil Kamath, whose wealth has grown with India’s retail investment boom.
The world’s billionaire hubs
While Mumbai ranks sixth, five cities continue to dominate the global billionaire map:
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New York City retains its crown with 123 billionaires worth $759 billion. It welcomed 15 newcomers, including public figures like Jerry Seinfeld and corporate heavyweights like Michael Bloomberg ($105 billion).
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Moscow surged to second place with 90 billionaires, adding 16 in just one year. The city’s elite are now worth $409 billion, led by oil magnate Vagit Alekperov.
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Hong Kong dropped to third with 72 billionaires and a collective wealth of $309 billion. Despite losing two members, it welcomed crypto entrepreneur Justin Sun.
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London rebounded to fourth, boasting 71 billionaires worth $355 billion, including cruise heir Peter Wilhelmsen. Len Blavatnik remains the UK’s richest resident.
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Beijing holds fifth place with 68 billionaires worth $273 billion. Tech tycoon Lei Jun of Xiaomi leads the pack, as the city slowly recovers from its 2021 peak.
