Mumbai, India’s financial capital is the 12th richest city in the world with a total wealth of $950 billion, says a report by New World Wealth which ranks New York as the richest city in the world.
Total wealth refers to the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities and business interests) less any liabilities. Government funds are excluded from the figures.
According to the New World Wealth report, Mumbai is followed by Toronto with a total wealth of $944 billion, Frankfurt ($912 billion) and Paris ($860 billion).
The report further said that Mumbai also features among the top 10 cities in terms of billionaire population as the city is home to 28 billionaires, individuals with $1 billion or more in net assets.
“Total wealth held in the city amounts to $950 billion. Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange, the 12th largest stock exchange in the world. Major industries in the city include financial services, real estate and media,” The Times of India quoted the report as saying.
Further, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years), the report added.
The list of 15 wealthiest cities was topped by New York with a total wealth of $3 trillion. “Home to the two largest stock exchanges in the world, areas around New York such as Connecticut and Long Island also contain a large amount of wealth that is not included in this figure,” the report said.
London ranked second in the list with $2.7 trillion, followed by Tokyo ($2.5 trillion), and San Francisco Bay area ($2.3 trillion).