The financial capital of the country, Mumbai is also now the 12th richest city in the world. As per the New World Wealth report, Mumbai is at number 12 and houses 28 billionaires with the total wealth amounting to some $950 billion!

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Mumbai is followed by Toronto which accounts for a total wealth of $944 billion, then Frankfurt ($912 billion) and Paris ($860 billion). The wealth is calculated on the private wealth of individuals that includes their wealth, shares and assets. Mumbai being on the list actually makes sense since the Ambanis reside in the city.

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The report states that “Mumbai is the economic hub of India. It is also home to the Bombay Stock Exchange, the 12th largest stock exchange in the world. Major industries in the city include financial services, real estate and media."  New York tops the list with $3 trillion followed by London on second rank with an estimated wealth of $2.7 trillion followed by Tokyo on the 3rd rank. Besides these, Shanghai, San Francisco and Sydney also made it to the list.