Mumbai among 15 global cities
India's financial hub Mumbai has been named among top 15 cities globally in terms of total wealth held, while
London topped the list, says a report. According to New World Wealth, the wealthiest cities in the world are London with $2.7 trillion of total wealth, followed by New York City ($2.6 trillion) and Tokyo ($2.2 trillion) in the second and third place respectively.
- Mumbai featured on the 14th place in the list with a total wealth held in the city worth $820 billion.
- Home to 45,000 millionaires and 28 billionaires, Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange (BSE).
- Among the 15 cities, Beijing, Shanghai, Mumbai and Sydney were the fastest growing in terms of wealth over the past decade (2006-2016).
- Going forward, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years).
- Others in the list include San Francisco Bay area at the fourth place with a total wealth of $1.9 trillion; Beijing (5th, $1.8 trillion); Shanghai (6th, $1.6 trillion); Los Angeles (7th, $1.2 trillion); Hong Kong (8th, $1.1 trillion); Singapore (9th, $870 billion) and Chicago (10th, $860 billion).
- Sydney at 11th place has a total wealth of $850 billion; Toronto (12th, $850 billion); Frankfurt (13th, $830 billion) and Paris (15th, $800 billion).
- Meanwhile, total wealth held worldwide amounts to $185 trillion (as of June 2016). Globally, there are 13,300,000 millionaires and 1,940 billionaires in total.
- Total wealth' refers to the private wealth held by all individuals in a country.
- It includes all their assets (property, cash, equities, business interests) less any liabilities. Government funds are from the figures.