India’s financial capital Mumbai, with a total wealth of US $950 billion was ranked 12th richest city globally in the report published by New World Wealth.
In the report, total wealth, refers to private wealth held by all individuals living in each city. It includes all their assets (cash, equities, property, business interests etc.) less any liabilities. Government funds are excluded from it.
The list of 15 wealthiest cities was topped by New York with total wealth of US $3 trillion. New York is home the two largest stock exchanges in the world. London was ranked second ($2.7 trillion) followed by Tokyo (3rd, $2.5 trillion), San Francisco Bay area (4th, $2.3 trillion), Beijing (5th, $2.2 trillion), Shanghai (6th, $2 trillion), Los Angeles (7th, $1.4 trillion), Hong Kong (8th, $1.3 trillion), Sydney (9th, $1 trillion), Singapore (10th, $1 trillion) and Chicago (11th, $988 billion), Toronto (13th, $944 billion), Frankfurt (14th, $912 billion) and Paris (15th, $860 billion). Among the 15 richest cities listed, San Francisco, Beijing, Shanghai, Mumbai and Sydney are fastest growing in terms of wealth growth over the past 10 years,
According to report, Mumbai is economic hub of India. It is home to Bombay Stock Exchange (BSE), the 12th largest stock exchange in the world. It houses major industries which include financial services, real estate and media. It is expected to be the fastest growing city (in terms of wealth growth over the next 10 years). Mumbai also features among top 10 cities in terms of billionaire population. The city is home to 28 billionaires, individuals with US $1 billion or more in net assets.