In the late American motivational speaker, Jim long said “Time is more valuable than money”, you can get more money but you cannot get more time. Certainly, those words cannot be disputed but there are some regions in the world where people had enough time to accumulate so much wealth that those regions and now the world’s wealthiest.
So which cities are the wealthiest in the world and how many Indian cities make it to that list? Let’s find out!
The top three spots are held by New York City Tokyo and San Francisco Bay Area, in particular, New York City is home to more billionaires and millionaires than any other city in the world. Sixty-five billionaires and over 380,000 millionaires live in New York City.
It is also home to the two largest stock exchanges in the world and total wealth held in the city amounts to 3 trillion US dollars.
The next three positions are held by London Beijing and Shanghai. Beijing is home to the head offices of most of China’s largest companies. Shanghai is the financial capital of China and its stock exchange is the fourth largest in the world.
Los Angeles with its 1.4 trillion US dollars of total wealth. Hong Kong with its 1.2 trillion US dollars and Sydney with its 1.1 trillion US dollars take the next three places.
The tenth position is held by Singapore which is known to be one of the most business-friendly places in the world and Chicago this total wealth of 980 billion US dollars comes next.
India’s financial capital Mumbai is the 12th wealthiest city in the world. Total wealth held in the city amounts to nine hundred and sixty billion US dollars.
It is also home to the Bombay Stock Exchange – the tenth-largest Stock Exchange in the world. Mumbai ranks higher than cities like Paris, Frankfurt, Toronto, and Geneva.
Taking a closer look at the map of Mumbai reveals where exactly those wealthy zones are located.
It is not just Mumbai even other Indian cities like Delhi, Bangalore and Hyderabad are listed in the cities to watch category as they are expected to grow strongly over the next 10 years.
According to the report, wealth is a far better measure of the financial health of an economy than GDP. The report cites a few reasons for this.
The first reason is that in many developing countries a large portion of GDP flows to the government and therefore has little impact on private wealth creation.
Secondly, GDP counts items multiple times. For instance, if someone has paid hundred dollars for a product or service and they didn’t pay someone else that hundred dollars for another product or service then that adds two hundred dollars to a country’s GDP even though only a hundred dollars has been produced at the start.
The third reason is that GDP disregards income levels in a country.
The fourth reason is that GDP ignores the efficiency of the local banking sector and the local stock market at retaining wealth in a country. Also, GDP largely ignores the impact of property and stock market moves. These two factors obviously have a massive impact on wealth.
And finally, GDP is quite a static measure it tends to only move slightly year-on-year. As a result, it is not a great gauge of the performance of an economy well figures, on the other hand, do not have any of these limitations making them a far better gauge of the financial health of an economy than GDP figures. This list of the wealthiest cities in the world was repaired by ‘New World Wealth’ which is a global market research group based in Johannesburg, South Africa.