Mumbai: World’s 7th largest billionaire city

India‘s financial capital Mumbai is the world’s seventh largest city in terms of billionaire population, says Forbes, the American business magazine famous for its annual list of richest people on the globe.

Mumbai is ranked seventh ahead of San Francisco, Dallas and Tokyo, according to a list of top 10 cities for billionaires available on the Forbes’ website. In terms of average wealth of resident billionaires, Mumbai comes on top of all the 10 cities with an average net worth of $7.6 billion.

With an estimated population of thirteen million, it is the second most populous city in the world.Along with the neighbouring suburbs of Navi Mumbai and Thane, it forms, at nineteen million, the world’s fifth most populous metropolitan area.

Mumbai is one of the world’s top ten centers of commerce by global financial flow, home to such important financial institutions as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India and the corporate headquarters of many Indian companies and numerous multinational corporations.

The Russian capital city Moscow has bagged the numero uno position in terms of billionaire population. Moscow houses the largest number of billionaires, as many as 74, while New York and London are home to 71 and 36 billionaires respectively.

The other cities, which find a place for themselves in the league of top 10 billionaire cities in the world, include Istanbul which boasts of 34 billionaires, Hong Kong (30) and Los Angeles (24).

Moscow is home to as many as 74 billionaires with an average net worth of $5.9 billion while Mumbai boasts of 20 billionaires, with an average worth of $7.6 billion, says Forbes.

Hong Kong is the most popular city for billionaires in Asia.

As many as 30 billionaires live in this former British colony. But "Mumbai earns bragging rights as the city on our list with the richest billionaires," the magazine added.

"Mumbai’s 20 billionaires, including two of the world’s 10 richest (brothers Mukesh and Anil Ambani), are worth an average $7.6 billion, handily besting Moscow‘s $5.9 billion average," the magazine added.

The US has more cities in the top 10 than any other country: four including New York, Los Angeles, Dallas and San Francisco. London houses just 36 billionaires whose primary residence is the UK capital. But interestingly 18 of them are citizens of other countries. Leading that list is Indian steel tycoon Lakshmi Mittal, who ranked fourth in Forbes’ March wealthiest billionaires list (he was worth $45 billion then).

Other notable foreigners calling London home include Iceland‘s richest citizen Thor Bjorgolfsson and shipping tycoon John Fredriksen, who switched his citizenship from Norway to Cyprus recently but chooses to live in London.

Meanwhile, New York City has just one foreign billionaire who claims residence there, and Moscow is home only to Russian billionaires. The attributes that make a city particularly attractive to billionaires include gourmet restaurants, world-class nightclubs, favourable tax breaks and proximity to the world’s financial centres.