London/Mumba: India's financial capital Mumbai has been included in the latest list of 15 richest cities of the world. The list had been released by New World Wealth Sunday.
Mumbai with a total of wealth of $950 billion has been placed at 12th position in the list of 15 richest cities which is topped by New York City $3.0 trillion wealth followed by London ($2.7 trillion wealth) and Tokyo ($2.5 trillion wealth) placed at second and third position respectively.
Other cities included in the list are San Francisco Bay Area, Beijing, Shanghai, Los Angeles, Hong Kong, Sydney, Singapoer and Chicago. Tornto, Frankfurt and Paris have been placed after Mumbai.
"Mumbai is the economic hub of India, and home to the Bombay Stock Exchange (BSE), the 12th largest stock exchange in the world. They city is expected to be one of top growth cities for wealth over the next decade as well", New World Wealth said in its report.
According to New World Wealth, wealth is a measure that differs from a GDP indicator, which is another common metric used to gauge economic power. The research firm revealed that Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas had just missed out on the top 15, Reuters reported.
The data gathered by the researchers reflects the total amount of private wealth held by all the individuals living in each of the cities on the list. Unlike traditional ratings, this top 15 is not based on Gross Domestic Product (GDP), but reflects analysis that covers all assets, such as property, cash, equities and business interests, excluding liabilities. Government funds are included.
Interestingly, Boston, Calgary, Perth and Macau – all associated with material wealth – have failed to make this list of the 15 richest cities in the world.
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