New York Current Affairs - 2019

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Mumbai 12th richest city globally: Report

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.

Key Facts

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.

Month: Categories: Business, Economy & Banking


World’s most expensive train station opened in New York at 9/11 site

The world’s most expensive train station opened at the 9/11 site in New York, United States. It has been named World Trade Center Transportation Hub.

It is built next to the site of the Twin Towers in New York which were destroyed in the terror attacks in 2001.

Key facts

  • The station was constructed at whooping cost of 3.85 billion dollars making it most expensive station in the world.
  • It has been designed by the Spanish-Swiss architect Santiago Calatrava who has called it a gift of love to the city.
  • The station building is called Oculus and made up of steel ribs and glass laid out in elliptical shape, reaching for the sky like wings of a bird.
  • The station space measures 107 metres (350 feet) long by 35 metres (115 feet) at its widest point.
  • It is expected eventually to serve more than 2 lakhs commuters daily. Initially it was budgeted at 2 billion dollars and lagged 7 years behind schedule.

Month: Categories: Places in News