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Mumbai 12th Richest City Globally With $950 Billion Total Wealth: Report

NEWS WORLD INDIA | 0
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| February 12 , 2018 , 13:24 IST

Mumbai ranked 12th among the 15 wealthiest cities in the world as per a report of global market research group New World Wealth. While New York tops the list with total wealth of $3 trillion, the total wealth of Mumbai is $950 billion.

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

The report from the South Africa-based 'New World Wealth' was based on the total private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities and business interests) minus any liabilities. Government funds were excluded from the figures.

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Providing details on the rank of Mumbai, the report said, "Total wealth held in the city amounts to $950 billion. It is also home to the Bombay Stock Exchange, the 12th largest stock exchange in the world. Major industries in the city include financial services, real estate and media."
 
The report further added, Mumbai is expected to be the fastest growing city as per the wealth growth over the next 10 years.

Mumbai also features among the top 10 cities in terms of billionaire population. The city is home to 28 billionaires, referring to individuals with $1 billion or more in net assets.

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Regarding the position of New York City at the top of the list, the report said, "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 New World Wealth situated in Johannesburg, South Africa specialises in rating surveys, country reports and wealth statistics.