Dubai: Asian cities are emerging as the major wealth capitals in the world, with places like Mumbai, Singapore and Hong Kong now hosting some of the biggest private wealth on earth.
People living in the Mumbai metro area now own $950 billion (Dh3.4 trillion) worth of property, cash, equities and business interests, according to the latest report from New World Wealth, a company that tracks the assets of millionaires and billionaires. The value of combined private wealth in the Indian city is the 12th biggest in the world.
Mumbai, as well as Tokyo, Beijing, Shanghai, Hong Kong and Singapore, is among the 15 cities considered to be the wealthiest today, based on the amount of wealth held by residents as of December 2017. Overall, New York took the crown as the richest.
Here’s a closer look at the 15 cities where the biggest amount of private wealth can be found, according to New World Wealth:
1. New York City
People living in the city hold private wealth worth $3.0 trillion. The commercial centre of New York is home to the two largest stock exchanges in the world, Dow Jones and NASDAQ. The areas around New York such as Connecticut and Long Island also contain a large amount of wealth that is not included in this figure.
When combined, the private fortunes of Londoners amount to $2.7 trillion. The city is home to the sixth largest stock exchange in the world. Small towns around London such as Windsor, Ascot, Virginia Water, Leatherhead, Weybridge, Henley, Marlow and Bray also host a large amount of wealth that is not included in this figure.
Residents of Japan's capital hold private wealth worth $2.5 trillion. Tokyo is home to the third largest stock exchange in the world.
4. San Francisco Bay area
Total wealth held in the area amounts to $2.3 trillion. Figures include: San Francisco, Silicon Valley, San Jose, Oakland, Palo Alto, Los Altos, Redwood City, Moraga, San Mateo and Mountain View.
Total wealth held in the city amounts to $2.2 trillion. Beijing is the official capital city of China and is home to the head offices of most of China’s largest companies.
Total wealth held in the city amounts to $2.0 trillion. Shanghai is considered to be the “financial capital of China” and is home to the Shanghai stock exchange, the largest stock exchange in China and the fourth largest in the world.
7. Los Angeles
Total wealth held in the city amounts to $1.4 trillion. Figures for Los Angeles include wealth held in Los Angeles, Malibu and Beverley Hills.
8. Hong Kong
Total wealth held in the city-state amounts to $1.3 trillion. Hong Kong is considered to be the gateway between Europe and Asia and it is home to the seventh largest stock exchange in the world.
Total wealth held in the city amounts to $1.0 trillion. Sydney is one of the top financial centers in Asia and has become one of the most sought after destinations for the world’s super-rich due to its lifestyle, safety and climate. Major industries include financial services, real estate, IT, tourism, retail and media.
Total wealth held in the city-state amounts to $1.0 trillion. Singapore is known to be one of the most business friendly countries in the world and has particularly low tax rates.
Total wealth held in the city amounts to $988 billion. Strong in a large number of sectors. Major industries include transportation, financial services (insurance), FMCG and manufacturing.
Total wealth held in the city amounts to $950 billion. Mumbai is the economic hub of India and has 28 resident billionaires. It 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.
Total wealth held in the city amounts to $944 billion. Toronto is home to the 9th largest stock exchange in the world. Major industries include financial services, real estate, IT, media and telecoms.
Total wealth held in the city amounts to $912 billion. Frankfurt is home to the 11th largest stock exchange in the world and is the financial capital of mainland Europe. Major industries include financial services and professional services.
Total wealth held in the city amounts to $860 billion. Major industries include financial services, real estate and manufacturing (automotive, luxury consumables).