India's financial capital has become the world's 12th richest city, all thanks to a total wealth of $950 billion.
Mumbai surpassed Toronto, Frankfurt and Paris to reach at the 12th spot in New World Wealth's list of top 15 wealthiest cities globally.
According to the report, Mumbai, at present, is home to 28 billionaires and is among the the top 10 cities in terms of billionaire population.
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.
“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,” the report said.
Total wealth refers to the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities, business interests) less any liabilities.
Meanwhile, 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).
The report identifies individuals with $1 billion or more in net assets as billionaires. Notable cities that just missed out the top 15 include: Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas, the report added.
