India's financial capital Mumbai has been ranked 12th in a list of wealthiest global cities compiled by New World Wealth. With a total wealth of
USD 950 billion, India's financial capital was named the richest city in India. 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.