HomeCurrent AffairsMumbai, world’s 12th richest city, has total wealth worth $950 billion

Mumbai, world’s 12th richest city, has total wealth worth $950 billion


Mumbai is the 12th richest city globally with total wealth worth $950 billion. Featuring among the top 10 cities in terms of billionaire populations, Mumbai makes its way to the 12th richest city all over the world; while New York tops the list!

Mumbai is home to 28 billionaires, individuals with $1 billion or more in net assets.

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Regarding Mumbai, the report said, “Total wealth held in the city amounts to $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”.

Moving forward, it is expected that Mumbai is supposed to be the fastest growing city. (in terms of wealth growth over the next 10 years).

The list of 15 wealthiest cities was topped by New York with a total wealth of $3 trillion.

Home to the two largest stock exchanges in the world. Areas around New York such as Connecticut and Long Island also contain a large amount of wealth that is not included in this figure,” the report said.

According to a report by New World Wealth, the economic hub of India is the 12th wealthiest city, followed by Toronto with a total wealth of $944 billion, Frankfurt (14th, $912 billion) and Paris (15th, $860 billion).

London is said to have bagged the second position 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 are the following: 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).

In terms of wealth growth over the past 10 years, San Francisco, Beijing, Shanghai, Mumbai and Sydney were the fastest growing among the 15, cities listed, the report said.

Notable cities that apparently just missed out on the list of the top 15 include: Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas.

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