Mumbai’s total wealth makes it the 12th richest country in the world

This is the most wonderful news which we would want to hear for so long. Mumbai is stated to have the richest Municipal Corporation in the country; it is also the city of opportunities. India's financial capital Mumbai, with a total wealth of USD 950 billion, as per reports now it has been named among the top 15 wealthiest cities globally, while New York topped the list.


According to a report, 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). The total wealth refers to the private wealth held by each individual living in the city, property, cash, equities, business interests less any liabilities. Government funds are excluded from the figures, 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.


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.”


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). The reports also said that 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. But the cities that just missed out on top 15 include: Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich, and Dallas.