11 Oct 2019
Mumbai is world's 12th richest city, is worth $960 billion
India's financial capital, Mumbai, has been named among the top 20 wealthiest cities in the world, says a report.
Mumbai ranked 12th and was the only Indian city to feature on the list, which was topped by New York City in the United States.
Meanwhile, Delhi, Bengaluru and Hyderabad were mentioned among cities expected to grow strongly over the next decade.
Report estimates Mumbai's wealth at Rs. 68.15 lakh crore
The report was published on Thursday by New World Wealth, a global market research group based in Johannesburg, South Africa.
Citing financial services, real estate, and media as the city's major industries, the report estimated Mumbai's total worth at $960 billion (Rs. 68.15 lakh crore).
The report noted that Mumbai is also home to the world's 10th-largest stock exchange, the Bombay Stock Exchange (BSE).
Here are the top 10 wealthiest cities in the world
With an estimated wealth of $3 trillion, NYC topped the list. According to the report, NYC is home to 65 billionaires and 380,000 millionaires.
NYC is followed by Tokyo ($2.5 trillion), San Francisco Bay Area ($2.4 trillion), London ($2.4 trillion), Beijing ($2.1 trillion), Shanghai ($1.9 trillion), Los Angeles ($1.4 trillion), Hong Kong ($1.2 trillion), Sydney ($1.1 trillion), Singapore ($1.0 trillion).
Delhi, Bengaluru, and Hyderabad 'cities to watch'
India's capital and second-wealthiest city Delhi took the 22nd spot on the list.
Furthermore, the report goes on to list Delhi, Bengaluru, and Hyderabad under the "Cities to Watch" category as they are "expected to grow strongly over the next 10 years."
How was this 'total wealth' calculated?
The New World Wealth report calculates total wealth as a sum of the private wealth held by all the people living in the city. This includes their assets namely property, cash, equities, business interests less any liabilities.