Mumbai Among 15 Global Cities In Terms Of Total Wealth Held: Report

New Delhi: Mumbai has been named among top 15 cities globally in terms of total wealth held while London tops the list, says a report by wealth research firm New World Wealth.

According to New World Wealth, the wealthiest city in the world is London with $2.7 trillion of total wealth, followed by New York City ($2.6 trillion) and Tokyo ($2.2 trillion) at the second and third places, respectively.

Mumbai - India's financial hub - featured on the 14th place in the list with a total wealth worth $820 billion held in the city.

"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 also said that among the 15 cities, Beijing, Shanghai, Mumbai and Sydney were 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 added.

Others in the list include San Francisco Bay area at the fourth place with a total wealth of $1.9 trillion; Beijing (5th, $1.8 trillion); Shanghai (6th, $1.6 trillion); Los Angeles (7th, $1.2 trillion); Hong Kong (8th, $1.1 trillion); Singapore (9th, $870 billion) and Chicago (10th, $860 billion).

Sydney at the 11th place has a total wealth of $850 billion; followed by Toronto (12th, $850 billion); Frankfurt (13th, $830 billion) and Paris (15th, $800 billion).

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

'Total wealth' refers to the private wealth held by all individuals in a country. It includes all their assets (property, cash, equities, business interests) less any liabilities. Government funds are from the figures.