A total wealth of $950 billion, over 28 billionaires, and 12th largest stock exchange BSE make India's financial capital Mumbai 12th richest city in the world. And the news as good as it may sound, it does have a big challenge. Find out what it is.
A total wealth of $950 billion, over 28 billionaires, and 12th largest stock exchange BSE make India’s financial capital Mumbai 12th richest city in the world. And the news as good as it may sound, it does have a big challenge: the liveability level of the city, as flagged by NITI Aayog CEO Amitabh Kant.
According to a new World Wealth report, Mumbai has become the 12th richest city of the world leaving behind cities like Toronto and Paris. Mumbai’s total wealth is $950 billion, while Toronto’s wealth is $944 billion and Paris’ $860 billion at 14th and 15th spot respectively.
The city of dreams, in terms of billionaire population, in fact, finds a mention in the top 10. Mumbai has 28 individuals whose net assets are worth more than $1 billion. The report hailed the city as the economic hub India with world’s 12th largest stock exchange Bombay Stock Exchange (BSE), many financial services, media and real estate. Mumbai was also called the fastest growing city by the report.
However, Amitabh Kant isn’t much impressed with the news and said in a tweet, “It’s not wealth, it’s liveability. Challenge: How do we make Mumbai the most liveable city in the world? Mumbai is 12th richest city globally with total wealth at $90 bn.”
It’s not wealth, it’s liveability. Challenge: How do we make Mumbai the most liveable city in the world? Mumbai is 12th richest city globally with total wealth at $90 bn https://t.co/4FcUqEQwca
— Amitabh Kant (@amitabhk87) February 11, 2018
The concern flagged by the NITI Aayog chief is right. While Mumbai performed impressively on the wealth index, its performance on liveability index is poor. Mumbai, as per the Mercer 2017 Quality of Living Index, ranks 154th in the world, while other cities like Hyderabad, Pune and Bangluru too rank badly but still better than Mumbai at 139, 145 and 146 respectively. India’s national capital performs even worse, at the lowest rank of 161 among the total surveyed cities.
The report took into consideration infrastructure, electricity, drinking water, telephone and mail services, and public transportation as well as traffic congestion and the range of international flights available from local airports.
Home to world’s two largest stock exchanges — New York Stock Exchange and NASDAQ — United States’ New York with a wealth of $3 trillion is the richest city in the world, followed by London with $2.7 trillion, Tokyo $2.5 trillion at the second and third spot.