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 USD 2.7 trillion of total wealth, followed by New York City (USD 2.6 trillion) and Tokyo (USD 2.2 trillion) in the second and third place respectively.
Mumbai featured on the 14th place in the list with a total wealth held in the city worth USD 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 USD 1.9 trillion; Beijing (5th, USD 1.8 trillion); Shanghai (6th, USD 1.6 trillion); Los Angeles (7th, USD 1.2 trillion); Hong Kong (8th, USD 1.1 trillion); Singapore (9th, USD 870 billion) and Chicago (10th, USD 860 billion).
Sydney at 11th place has a total wealth of USD 850 billion; Toronto (12th, USD 850 billion); Frankfurt (13th, USD 830 billion) and Paris (15th, USD 800 billion).
Meanwhile, total wealth held worldwide amounts to USD 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.