THE WHAT? The healthy competition between India and China just stepped up a gear as Mumbai has been announced as the Asian capital with the highest number of billionaires. The Indian finance center now houses 92 billionaires, compared to Beijing’s 91 and Shanghai’s 87.

THE DETAILS According to a report published by CNBC, the Hurun Research Institute’s Global Rich List names New York as the global hotpost for billionaires with 119, followed by London with 97; Mumbai places third worldwide. However, China still tops the country ranking with 814 billionaires to its name, versus India’s 271.

THE WHY? China lost 155 billionaires in the last 12 months, presumably a result of the country’s continuing struggle following extended COVID-19 lockdowns combined with hits from subdued real estate and renewables, CNBC reveals. In contrast, India gained 84 billionaires.