Mumbai is world’s 7th largest billionaire city: Forbes

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Press Trust of India Posted: May 07, 2008 at 2231 hrs IST

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New York, May 6 : The country’s financial capital, Mumbai, is the world’s seventh largest city in terms of billionaire population, according to 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 magazine’s 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.

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

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“Moscow knocked off New York from its perennial No 1 position since 2001,” the magazine said. New York’s 71 billionaires have an average net worth of $3.3 billion. 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 may be housing the largest number of billionaires, but when it comes to the degree of affluence, the Indian city of Mumbai transcends the Russian capital with an average wealth of around $7.6 billion.

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.

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