Mumbai is the only Indian city in world’s top 20 richest list; Delhi inching closer too

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Published: October 21, 2019 1:01:27 PM

What strikes about Mumbai is the fact that the city is home to one of the largest slum areas in the world -- Dharavi -- in which people are living in abject poverty.

World richest cities, rich cities ranking, MumbaiMumbai has been ranked as the 12th richest city on the planet. (Reuters)

India’s Financial capital Mumbai is among 20 of the world’s richest cities, making it the only Indian candidate in the list. With a total private wealth of $960 billion, Mumbai is also home to most of the country’s HNWIs (High Net Worth Individuals), South Africa-based global market research group, New World Wealth, said in a report recently. Also inhabited by Asia’s richest man Mukesh Ambani, among other individuals with assets worth over Rs 7 crore, Mumbai is the hub of major industries including financial services, real estate and media. However, these rich individuals are concentrated mainly along the coastline of the city, according to a map collated by NW Wealth.

The HNI population of Mumbai is largely concentrated around areas such as Colaba/Cuffe Parade, Churchgate, Malabar Hill, Altamount Road, Breach Candy, Worli Sea Face, Bandra West, Juhu, and, Andheri West. What strikes about Mumbai is the fact that the city is home to one of the largest slum areas in the world — Dharavi — in which people are living in abject poverty. Mumbai’s slum dwellers amount to about 9% of India’s total population. 

However, India’s national capital Delhi is also a strong contender for the future as strong growth is expected from Delhi in the coming decade. “Unlike the rest of India, it [Delhi] is home to a large number of well-established affluent residential neighbourhoods. It has a well-diversified economy and is strong in a large number of sectors,” NW Wealth noted. It is also the second wealthiest city of India, albeit it does not feature in the top 20 richest cities. 

These are the world’s 20 richest cities

The United State based New York City is the world’s richest city with the private wealth in NYC alone soaring to $3 trillion; an amount which is nearly equal to India’s GDP. Other richest cities include Tokyo, San Francisco Bay area, London, Beijing, Shanghai, Los Angeles, Hong Kong, Sydney, Singapore, Chicago, Toronto, Houston, Geneva, Frankfurt, Osaka, Seoul, Paris and Shenzhen. 

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