A booming population center, the Asian continent is home to over 3.5 billion people, about equivalent to the residents of all the other areas of the world combined.

(A) equivalent to the residents of
(B) the equivalent of those residing in
(C) equal to those who reside in
(D) as many as the residents of
(E) as many as reside in

Yes the answer is indeed E.
In a similar example, look at OG’s reasoning (OG 10 SC Q 132 )

According to a study by the Carnegie Foundation for the Advancement of Teaching, companies in the United States are providing job training and general education for nearly eight million people, about equivalent to the enrollment of the nation's four-year colleges and universities.
(A) equivalent to the enrollment of
(B) the equivalent of those enrolled in
(C) equal to those who are enrolled in
(D) as many as the enrollment of
(E) as many as are enrolled in

OG’s OE

The phrases equivalent to in A, the equivalent of in B, and equal to in C have too broad a range of meanings to be used precisely here: that is, they can suggest more than merely numerical equality. Also, as quantitative expressions, equivalent and equal often modify nouns referring to uncountable things, as in "an equivalent amount of resistance" or "a volume of water equal to Lake Michigan." To establish numerical comparability between groups with countable members, the phrase as many as is preferable. Choice D, however, uses this phrase improperly in comparing eight million people to enrollment, not to other people. The comparison in E, the best choice, is logical because people is understood as the subject of are enrolled.
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daagh:
Could you please discuss, why the the comparison in D (of the Original post) is incorrect.
it sounds like comparing "3.5 billion people" to "residents" and that is logical.

Nice one. Got confused between D and E but finally understood with the explanation given.
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