India’s financial capital Mumbai has been ranked the 12th richest city in the world with a total wealth of $950 billion (approximately Rs 61.11 lakh crore) and is home to 28 individuals with net assets worth $1 billion (approximately Rs 6,433 crore) or more. Total wealth of a city includes the private wealth of all individuals in the city. The government funds are excluded from the figures.

According to a report by New World Wealth, New York – with a total wealth of $3 trillion (approximately Rs 192 lakh crore) – topped the list of 15 wealthiest cities globally. London was ranked second on the list with $2.7 trillion wealth, followed by Tokyo and San Francisco Bay area. Other cities in the list include Beijing, Shanghai, Los Angeles, Hong Kong, Sydney, Singapore and Chicago.

Mumbai was followed by Toronto, Frankfurt and Paris. “Total wealth held in the city [Mumbai] amounts to $950 billion,” the report said. “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”.

The country’s financial capital is expected to be one of the fastest growing cities over the next 10 years, the report said.

However, NITI Aayog Chief Executive Officer Amitabh Kant said livability factor of the city is the biggest challenge. “How do we make Mumbai the most liveable city in the world?” he said on Twitter.

In March 2017, Mercer Quality of Living Index, Mumbai was ranked 154 for its poor quality of living. New Delhi was ranked the lowest Indian city on the list, at 161.