With 28 billionaires & 45,000 millionaires, Mumbai is now the world's 14th wealthiest city

With 28 billionaires & 45,000 millionaires, Mumbai is now the world's 14th wealthiest city

NEW DELHI - India's financial hub Mumbai has been named among top 15 cities globally in terms of total wealth held, while London tops the list, says a report.

According to New World Wealth, the wealthiest cities in the world are London with US$2.7 trillion (S$3.8 trillion) of total wealth, followed by New York City (US$2.6 trillion) and Tokyo (US$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 US$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 notes that, among the 15 cities, Beijing, Shanghai, Mumbai and Sydney are 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 adds.

Others in the list include San Francisco Bay area at the fourth place with a total wealth of $1.9 trillion; Beijing (5th, US$1.8 trillion); Shanghai (6th, US$1.6 trillion); Los Angeles (7th, US$1.2 trillion); Hong Kong (8th, US$1.1 trillion); Singapore (9th, US$870 billion) and Chicago (10th, US$860 billion). Sydney at 11th place has a total wealth of US$850 billion; Toronto (12th, US$850 billion); Frankfurt (13th, US$830 billion) and Paris (15th, US$800 billion).

Meanwhile, total wealth held worldwide amounts to US$185 trillion (as of June 2016). Globally, there are 13,300,000 millionaires and 1,940 billionaires in total, the report said.

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