The financial capital of India, Mumbai has been named among the top 15 wealthiest cities in the world. It is no mean achievement, considering most of the cities above Mumbai in the list are from the high income nations. Mumbai is ranked in the 12th position among the wealthiest cities of the world by report published by New World Wealth.
Mumbai’s total wealth has been calculated as 950 billion USD, according to the report. Mumbai is followed by Toronto with a total wealth of USD 944 billion, Frankfurt (14th, USD 912 billion) and Paris (15th, USD 860 billion).
By total wealth, the report refers to the private wealth of the individuals living in these cities. It is calculated by subtracting their liabilities from the assets (business interests, equities, cash, and property). The government funds are not included in the figures. Among the billionaire population also, Mumbai has found its place among the top 10 cities. There are 28 billionaires in the city, which is defined as individuals with USD 1 billion or more in net assets.
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Regarding Mumbai, the report said, “Total wealth held in the city amounts to USD 950 billion. Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange (BSE), the 12th largest stock exchange in the world. Major industries in the city include financial services, real estate and media”.
Going forward, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years), it added. New York has topped the list with a total wealth of 3 trillion USD. “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 USD 2.7 trillion, followed by Tokyo (USD 2.5 trillion), and San Francisco Bay area (USD 2.3 trillion). Others in the list include Beijing (USD 2.2 trillion), Shanghai (USD 2 trillion), Los Angeles (USD 1.4 trillion), Hong Kong (USD 1.3 trillion), Sydney (USD 1 trillion), Singapore (USD 1 trillion) and Chicago (USD 988 billion).