Mumbai, is the financial centre and the most populous city of India with an estimated city proper population of 12.5 million (1.25 crore).[1] The city is the entertainment, fashion, and commercial centre of India. Mumbai hosts the largest urban economy of any city in India as it is the financial capital of an almost US$ 4 trillion Indian economy in nominal terms. According to recent estimates Mumbai Metro's nominalGDP is estimated to be US$277.98 billion,[2][3][4][5]and GDP (PPP) is estimated to be US400 billion,[6][7][8][9] Mumbai's GDP (PPP) per capita rounds up to around US$23,000.[10][11] It is the richest Indian city and 12th richest city in the world with a net wealth of around US$1 trillion with 46,000 millionaires and 92 billionaires.[12][13][14][15] Mumbai accounts for slightly more than 6.16% of India's economy, contributing 10% of factory employment, 30% of income tax collections, 45% of entertainment tax, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade, 100% of stock market assets and rupees 1,60,000 crore (US$20 billion) in corporate taxes to the Indian economy.[16]
The headquarters of several Indian financial institutions, such as the Bombay Stock Exchange, the Reserve Bank of India, the National Stock Exchange, the Mumbai Mint, as well as numerous Indian companies such as the Tata Group, Essel Group and Reliance Industries, are located in Mumbai. Most of these offices are located in downtown South Mumbai, which is the nerve centre of the Indian economy. Dalal Street, nicknamed the Wall Street of Mumbai,[17] is home to the Bombay Stock Exchange and several financial institutions. Many foreign corporations also have their branch headquarters in the South Bombay area. Mumbai is also home to some of India's richest people, including Mukesh Ambani.[18]
Mumbai is the world's 17th largest city by GDP.[6][19] Mumbai was ranked among the fastest cities in India for business startup in 2009.[20] Mumbai has a nominal GDP per capita of around US$11,200.[21]