Tuesday, May 6, 2008

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

Country's financial capital Mumbai is the worlds' 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 website of Forbes.

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 dollars.

The Russian capital city 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.

"Moscow knocked off New York from its perennial No 1 position since 2001," the magazine said. New York is home to 71 billionaires with 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 dollars.


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