India's financial capital Mumbai becomes 12th richest city globally
What's the story
Mumbai, the financial capital of India, with a total wealth of $950 billion, became the 12th wealthiest city in the world, said a report by New World Wealth. While New York topped the list, Mumbai was recorded among the 15 wealthiest cities around the globe. Mumbai was followed by Toronto with a total wealth of $944 billion, Frankfurt ($912 billion) and Paris ($860 billion).
Wealth growth
Total wealth in Mumbai amounts to $950 billion
The report said, "Total wealth in Mumbai amounts to $950 billion. It is home to the Bombay Stock Exchange, the 12th largest stock exchange in the world. Major industries here include financial services, real estate, and media." Additionally, going forward, Mumbai is also expected to be the fastest growing city in terms of wealth growth over the next 10 years, it added.
Details
Total wealth of $950 billion refers to private wealth
According to a report, the total wealth of $950 billion refers to the wealth held by all the individuals in the city and not the figures from government funds. It includes private assets like property, cash, equities, etc. Mumbai is home to at least 28 billionaires (individuals with $1 billion or more) and also features among top 10 cities in terms of billionaire population.