Mumbai, the financial capital of India, now ranks 16th among the top 20 costliest cities in the world. The survey was conducted by the Knight Frank Wealth Report 2018.

The index is drawn from the four major indicators. They are wealth, investments, lifestyle and future.

The rise of Mumbai's city to 16th position on this count is supported by the rapid wealth creation in the country.

The square feet price in Mumbai has gone up drastically over a period. The city of Mumbai was at the 15th position during 2016.

Monaco, the sovereign city-state in Western Europe ranks first among the top 20 costliest cities in the world, followed by Hongkong which has secured the second position.

The New York City secures the third position and London stands at the fourth position.

India is expected to be the third largest contributor in Asia concerning wealthy population after China and Japan by 2022.