Mumbai to be among the top 20 wealthiest cities globally by 2030


Mumbai, India’s financial capital, is one of three cities that will enter the top 20 cities with the most millionaires by 2030, according to London-based Henley and Partners’ Global Citizens Report for Q3 (July-September) 2022.

The other two cities are Dubai, the most populous city in the UAE, and Shenzhen, China’s tech hub, according to the report.

What does the most recent Global Citizens Report have to say about Mumbai?

Henley and Partners ranked Mumbai 25th in the report, two spots behind Dubai. According to the study, the Maharashtra Capital is home to up to 60,600 millionaires, 243 centi-millionaires, and 30 billionaires. The report also mentioned the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in Mumbai, which is two of the world’s ten largest stock exchanges by market capitalization.

Financial services, media, and real estate are among the fast-growing sectors in the financial hub, according to the report.

In contrast, Dubai has 67,900 millionaires, 202 centi-millionaires, and 13 billionaires, while Shenzhen, ranked 30th, has 43,600 millionaires, 135 centi-millionaires, and 17 billionaires.

World’s wealthiest cities:

New York topped the list, and it was joined by four other American cities in the top ten (San Francisco-3, Los Angeles-6, Chicago-7, and Houston-8). Dallas-Fort Worth was the sixth and final American city in the top 20 at number 18.

The top 20 were Tokyo (2), London (4), Singapore (5), Beijing (9), Shanghai (10), Sydney (11), Hong Kong (12), Frankfurt (13), Toronto (14), Zurich (15), Seoul (16), Melbourne (17), Geneva (19), and Paris (20).