Mumbai, also features among the top 10 cities in terms of billionaire population
Representational Picture
India's financial capital Mumbai, with a total wealth of USD 950 billion, has been named among the top 15 wealthiest cities globally, while New York topped the list, says a report. 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 USD 944 billion, Frankfurt (14th, USD 912 billion) and Paris (15th, USD 860 billion).
ADVERTISEMENT
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. Government funds are excluded from the figures. Mumbai, also 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. Regarding Mumbai, 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".
Going forward, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years), it added. The list of 15 wealthiest cities was topped by New York with a total wealth of USD 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.
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).
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. Notable cities that just missed out on top 15 include: Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas, it added.
Catch up on all the latest Mumbai, National and International news here
Download the new mid-day Android and iOS apps to get updates on all the latest and trending stories on the go
The content/reporting displayed on our website www.mid-day.com is provided "AS-IS," "AS AVAILABLE, by us from third party, agencies, sources, without any verification from our side. It may contain error, bugs and other limitations. The reader's can rely on the content at their own will. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability, data, text, images, video, messages, or any other material whatsoever or for any claims/loss/action that the reader may suffer as a result of relying on the content on our site. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.
Trending Video
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
