India’s financial capital Mumbai, with a total wealth of $950 billion, has been named among the top 15 wealthiest cities globally, while New York topped the list, says a report.

According to a report by New World Wealth, the economic hub of India is the 12th wealthiest city, followed by Toronto with a total wealth of $944 billion, Frankfurt (14th, $912 billion) and Paris (15th, $860 billion).

Total wealth, refers to the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities, business interests) less any liabilities. Government funds are excluded from the figures.

Mumbai, also features among the top 10 cities in terms of billionaire population. The city is home to 28 billionaires, individuals with $1 billion or more in net assets.

Regarding Mumbai, the report said, “Total wealth held in the city amounts to $950 billion. Mumbai is the economic hub of India. 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”.

Going forward, Mumbai is expected to be the fastest growing city (in terms of wealth growth over the next 10 years), it added.

The list of 15 wealthiest cities was topped by New York with a total wealth of $3 trillion.

“Home to the two largest stock exchanges in the world. Areas around New York such as Connecticut and Long Island also contain a large amount of wealth that is not included in this figure,” the report said.

London ranked second in the list with $2.7 trillion, followed by Tokyo ($2.5 trillion), and San Francisco Bay area ($2.3 trillion).

Others in the list include Beijing ($2.2 trillion), Shanghai ($2 trillion), Los Angeles ($1.4 trillion), Hong Kong ($1.3 trillion), Sydney ($1 trillion), Singapore ($1 trillion) and Chicago ($988 billion).

Among the 15 cities listed, San Francisco, Beijing, Shanghai, Mumbai and Sydney were the fastest growing in terms of wealth growth over the past 10 years, the report said.

Notable cities that just missed out on top 15 include: Houston, Geneva, Osaka, Seoul, Shenzhen, Melbourne, Zurich and Dallas, it added.