Explained: Why Mumbai Is Among Top Emerging Wealthiest Cities In The World

Mumbai is among 3 cities that will enter the list of top 20 cities with the most millionaires by 2030, revealed London-based Henley and Partners in the investment advisory firm's Global Citizens Report for Q3 (July-September) of 2022.

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Dubai (UAE) and the Chinese city Shenzhen are the other two names on the list.

Mumbai is home to 60+ thousand millionaires

Presently positioned at 25, Mumbai is home to around 60,600 millionaires, 243 centi-millionaires, and 30 billionaires. The Mumbai-based Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), are among the world’s 10 largest stock exchanges by market cap, said the report.

Mumbai is among the most populous city in India, in which sectors such as financial services, media, and real estate are growing rapidly. 

Who topped the list?

New York topped the list and 4 American cities including San Francisco Bay area, Los Angeles, Chicago and Houston are also in the top 10.

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With 304,900 millionaires Tokyo is the second wealthiest city in the world and London placed in the fourth position. Two Chinese cities Beijing and Shanghai with 131,500 and 130,100 millionaires are also in the top 10. 

The other countries on the list are Sydney (11), Hong Kong (12), Frankfurt (13), Toronto (14), Zurich (15), Seoul (16), Melbourne (17), Geneva (19), and Paris (20).

Mumbai, a city that never sleeps

The Capital of Maharashtra, Mumbai lies on the Konkan coast on the west coast of India and has a deep natural harbour. 

With the highest number of millionaires and billionaires, Mumbai is the wealthiest city in India and was also named an alpha world city in 2008.

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In 1661, Charles II of England married Catherine of Braganza and received Bombay as part of her dowry and this is how came under the control of the East India Company.

According to Mumbaicity.gov, “during the early 20th century it became a strong base for the Indian independence movement. Upon India’s independence in 1947 the city was incorporated into Bombay State. In 1960, following the Samyukta Maharashtra Movement, a new state of Maharashtra was created with Bombay as the capital.”

Millionaire migration 2022

According to millionaire migration trends for 2022, India is likely to be in the top 10 countries that will witness a net outflow of High Net Worth Individuals this year. The other countries on the list are Russia, China, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia.

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Around 8,000 high-net-worth individuals are expected to migrate from India to other countries this year, according to a survey report.

“The top 10 destinations for net inflows of HNWIs individuals in 2022 are projected to be the UAE, Australia, Singapore, Israel, Switzerland, the USA, Portugal, Greece, Canada, and New Zealand. Large numbers of millionaires are also expected to move to ‘the three Ms’: Malta, Mauritius, and Monaco. On the flip side, the 10 countries where the highest net outflows of high-net-worth individuals are predicted are Russia, China, India, Hong Kong, Ukraine, Brazil, the UK, Mexico, Saudi Arabia, and Indonesia,” the report added.