World's richest cities: Mumbai ranked 14th with $820 billion wealth

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

PTI October 21, 2016 18:01:15 IST
World's richest cities: Mumbai ranked 14th with $820 billion wealth

New Delhi: 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.

Worlds richest cities Mumbai ranked 14th with 820 billion wealth

PTI

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)," the report said.

The report further noted that 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)," the report added.

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, the report said.

'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.

Updated Date:

also read

Kourtney Kardashian announces engagement to Blink-182 drummer Travis Barker
Entertainment

Kourtney Kardashian announces engagement to Blink-182 drummer Travis Barker

Kourtney Kardashian posted two photos on Instagram of the proposal with the caption “forever.”

Value of Bitcoin skyrockets again as US ETF launch enhances investor exposure
World

Value of Bitcoin skyrockets again as US ETF launch enhances investor exposure

The fund, which opened on 19 October, allows investors to speculate on the future value of Bitcoin without actually owning it. It is the first time investors have been able to trade an asset related to Bitcoin on the New York Stock Exchange

US court junks Nirav Modi's plea seeking dismissal of fraud allegations against him
India

US court junks Nirav Modi's plea seeking dismissal of fraud allegations against him

The allegations were made by Richard Levin, the court appointed trustee of three US corporations indirectly owned by Nirav Modi previously