Mumbai becomes the 12th richest city in the world; Houses 28 billionaires

The city, with a total wealth of $950 billion is also expected to be one of the fastest growing cities in terms of wealth over the next 10 years

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With a total wealth of $950 billion, the financial capital of India — Mumbai — is now among the top 15 richest cities in the world. Standing on number 12 in a report by New World Wealth, Mumbai also features among the top ten cities in terms of billionaire population. The city is home to 28 billionaires, individuals with $1 billion or more in net assets.

The report read, 

Total wealth held in the city amounts to $950 billion. Mumbai is the economic hub of India. 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. Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years).

New York City tops the list with $3 trillion total wealth. London ranked second in the list with $2.7 trillion, followed by Tokyo ($2.5 trillion), and San Francisco Bay area ($2.3 trillion).

Over the past 10 years, San Francisco, Beijing, Shanghai, Mumbai, and Sydney were the fastest growing cities in terms of wealth among the total 15 cities listed. Others in the list include Beijing ($2.2 trillion), Shanghai ($2 trillion), Los Angeles ($1.4 trillion), Hong Kong ($1.3 trillion), Sydney ($1 trillion), Singapore ($1 trillion) and Chicago ($988 billion).

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