Mumbai, February 12: Mumbai has become the 12th richest city in the world,  beating Toronto, Frankfurt and Paris. According to a recent report by New World Wealth, Mumbai-- with a total wealth of $950 billion is among the top 15 wealthiest cities globally with New York has topped the list- with a total wealth of USD 3 trillion.

Mumbai is followed by Toronto with a total wealth of USD 944 billion, Frankfurt (14th, USD 912 billion) and Paris (15th, USD 860 billion).  The list of 15 wealthiest cities was topped by New York with a total wealth of USD 3 trillion.

According to the report, London made it to the second position in the list with USD 2.7 trillion, followed by Tokyo (USD 2.5 trillion), and San Francisco Bay area (USD 2.3 trillion). The other in the list include Beijing (USD 2.2 trillion), Shanghai (USD 2 trillion), Los Angeles (USD 1.4 trillion), Hong Kong (USD 1.3 trillion), Sydney (USD 1 trillion), Singapore (USD 1 trillion) and Chicago (USD 988 billion).

Here's the list of top 15 Wealthiest Cities Around The Globe

Sr.No Cities Total Wealth
1 New York $3 trillion
2 London $2.7 trillion
3 Tokyo $2.5 trillion
4 San Francisco Bay area $2.3 trillion
5 Beijing $2.2 trillion
6 Shanghai $2 trillion
7 Los Angeles $1.4 trillion
8 Hong Kong $1.3 trillion
9 Sydney $1 trillion
10 Singapore $1 trillion
11 Chicago $988 billion
12 Mumbai $950 billion
13 Toronto $944 billion
14 Frankfurt $912 billion
15 Paris $860 billion

(Source: New World Wealth Report, 2017-18)

It must be noted that the total wealth, refers to the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities, business interests) less any liabilities. According to a PTI report, the government funds are excluded from the figures. India's financial capital Mumbai also features among the top 10 cities in terms of billionaire population. Mumbai which is a home to 28 billionaires, individuals with USD 1 billion or more in net assets.

The report further informed that Mumbai 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.  "The city is expected to be the fastest growing city (in terms of wealth growth over the next 10 years ", the report added. Apart from Mumbai, San Francisco, Beijing, Shanghai, Mumbai and Sydney were the fastest growing in terms of wealth growth over the past 10 years, the report said.

(The above story first appeared on LatestLY on Feb 12, 2018 02:06 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).