Not just in India, Mumbaikars were among the wealthiest people in the world in 2017. The latest report by New World Wealth finds that Mumbai was the 12th wealthiest city in the world.
Mumbaikars held total wealth of US$950 billion (nearly Rs 6.11 lakh crore as on today). Total wealth refers to the private wealth held by all individuals living in each city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report has excluded government funds in the calculation.
The New World Wealth report claimed, “Total wealth held in the city amounts to US$950 billion. Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange (BSE), the 12th largest stock exchange in the world. Major industries in the city include financial services, real estate and media.”
New York, London and Tokyo were in the first three positions in terms of wealth.
In terms of number of billionaires, Mumbai is the 10th largest city with a billionaire population of 28.
Overall, India ranks third in terms of billionaire population with 119 such persons. USA and China are in the first and second positions with 737 and 249 billionaires, respectively.