New Delhi, February 12: India’s financial hub ‘Mumbai’ made to the list of top 15 richest cities in the world. Mumbai ranked 12th richest city with a total wealth of $950 billion while New York shines to be on the top.
According to the report by New World Wealth, Mumbai ranked 12th leaving Toronto, Paris and Frankfurt behind. Mumbai ranked as the richest city in the world with a total wealth of $950 billion.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. Mumbai is also 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. London ranked second in the list with $2.7 trillion, followed by Tokyo ($2.5 trillion), and San Francisco Bay area ($2.3 trillion). Others in the list include Beijing ($2.2 trillion), Shanghai ($2 trillion), Los Angeles ($1.4 trillion), Hong Kong ($1.3 trillion), Sydney ($1 trillion), Singapore ($1 trillion) and Chicago ($988 billion).
Among the 15 cities listed, San Francisco, Beijing, Shanghai, Mumbai and Sydney were the fastest growing in terms of wealth growth over the past 10 years, the report said.