Mumbai richest city in India, 12th in global ranking: Report

A report by New World Wealth says Mumbai, which is the economic hub of India, is the 12th wealthiest city globally.

Mumbai: Mumbai, the country's financial capital, has been named the richest city in India. With a total wealth of USD 950 billion, Mumbai has been named among the top 15 wealthiest cities globally.

With a total wealth of USD 3 trillion, New York is the richest city on the global list.

A report by New World Wealth says Mumbai, which is the economic hub of India, is the 12th wealthiest city, followed by Toronto with a total wealth of USD 944 billion, Frankfurt (14th, USD 912 billion) and Paris (15th, USD 860 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, business interests) less any liabilities. 

However, government funds are excluded from the figures. 

Mumbai also interestingly features among the top 10 cities in terms of billionaire population. 

The city is home to 28 billionaires, individuals with USD 1 billion or more in net assets, the report said.

"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 about Mumbai, also known as the Maximum city. 

Going forward, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years), the report added.

"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 about New York.

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).

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

Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas were among the notable cities that just missed out on the top 15 list, it added.

(With PTI inputs)