Mumbai, the financial capital of India, ranked 12th among the richest cities of the world amounting for a total wealth of $950 billion. Home to 28 billionaires, Mumbai is currently among the top 10 cities in terms of the number of billionaires residing in the city.
Mumbai surpassed Paris, Frankfurt and Toronto to settle at the 12th position in the list of the Top 15 Wealthiest Cities globally published by New World Wealth.
The fastest growing cities in terms of wealth growth over the past decade included Mumbai, Shanghai, Beijing and San Francisco, ranking among the top 15.
According to the New World Wealth report, the total wealth held in Mumbai amounts to $950 billion. The total wealth is an account of the private wealth held by the billionaires such as property, business interests, cash, minus liabilities.
Being the economic hub of India, Mumbai is also home to the Bombay Stock Exchange (BSE). BSE is the 12th largest stock exchange globally. Major industries such as financial services, media and real estate thrive in the city.
The number one wealthiest city in the list was taken by New York City with a total wealth of $3 trillion. The report stated that New York is the home to two of the largest stock exchanges globally. London followed in second place with a total wealth of $2.7 trillion and Tokyo grabbed the third place with wealth of $2.5 trillion. San Francisco Bay area followed in the fourth position with wealth of $2.3 trillion.
Other cities in the Top 15 Wealthiest list included Chicago ($988 billion), Singapore ($1 trillion), Sydney ($1 trillion), Hong Kong ($1.3 trillion), Los Angeles ($1.4 trillion), Shanghai ($2 trillion), and Beijing ($2.2 trillion). Among this list, Sydney, Mumbai, Shanghai, Beijing and San Francisco ranked among the highest in terms of fastest growth of wealth over the last decade.
Some other notably wealthy cities that missed the Top 15 includes Dallas, Zurich, Melbourne, Shenzhen, Seoul, Osaka, Geneva, and Houston.