According to New World Wealth, Mumbai is followed by Delhi and Bengaluru at the second and third place respectively.
While Delhi, home to 22,000 millionaires and 18 billionaires has total wealth of USD 450 billion, Bengaluru boasts of a total wealth of USD 320 billion. The city is home to 7,500 millionaires and 8 billionaires.
Total wealth refers to the private wealth held by all individuals. The report defines 'wealth' as the net assets of a person.
It includes all their assets (property, cash, equity, business interests) less any liabilities. The report excludes government funds from its figures.
As per the report, the total wealth held in the country amounts to USD 5.6 trillion (as of June 2016). The country is home to 264,000 millionaires and 95 billionaires in total.
Other emerging cities in the country include, Surat, Ahmadabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara, the report said.
It noted that over the next decade, India is expected to benefit from strong growth in local financial services, IT, real estate, healthcare and media sectors.
"In particular, the local hospital services and health insurance sectors are expected to grow strongly. Hyderabad, Pune and Bengaluru are expected to lead the pack in terms of wealth growth," it said.
Millionaires or high net worth individuals (HNWIs) refer to individuals with net assets of USD 1 million or more.
Billionaires refer to individuals with net assets of USD 1 billion or more.
Other wealthiest cities include:
Hyderabad (total wealth of USD 310 billion, has 8,200 millionaires, 7 billionaires)
Kolkata (USD 290 billion, has 8,600 millionaires and 10 billionaires)
Pune (USD 180 billion, has 3,900 millionaires and 5 billionaires)
Chennai (USD 150 billion and has 6,200 millionaires and 4 billionaires) and
Gurgaon (USD 110 billion and home to 3,600 millionaires and 2 billionaires).