Mumbai is the capital city of the Indian state of Maharashtra. Mumbai is the centre of the Mumbai Metropolitan Region. Mumbai lies on the Konkan coast on the west coast of India and has a deep natural harbour. It has the highest number of millionaires and billionaires among all cities in India. Mumbai is home to three UNESCO World Heritage Sites: the Elephanta Caves, Chhatrapati Shivaji Maharaj Terminus, and the city's distinctive ensemble of Victorian and Art Deco buildings.
The seven islands that constitute Mumbai were originally home to communities of Marathi language speaking Koli people. For centuries, the seven islands of Bombay were under the control of successive indigenous rulers before being ceded to the Portuguese Empire, and subsequently to the East India Company. In 1960, following the Samyukta Maharashtra Movement, a new state of Maharashtra was created with Bombay as the capital.
Mumbai is the financial, commercial, and the entertainment capital of India. It is also one of the world's top ten centres of commerce in terms of global financial flow, generating 6.16% of India's GDP, and accounting for 25% of industrial output, 70% of maritime trade in India (Mumbai Port Trust and JNPT), and 70% of capital transactions to India's economy. Mumbai has the eighth-highest number of billionaires of any city in the world, and Mumbai's billionaires had the highest average wealth of any city in the world. The city houses important financial institutions and the corporate headquarters of numerous Indian companies and multinational corporations. It is also home to some of India's premier scientific and nuclear institutes. The city is also home to Bollywood and Marathi cinema industries. Mumbai's business opportunities attract migrants from all over India.
Mumbai serves as an economic hub of India, contributing 10% of factory employment, 25% of industrial output, 33% of income tax collections, 60% of customs duty collections, 20% of central excise tax collections, 40% of India's foreign trade and ₹40 billion (US$560 million) in corporate taxes. Cheif drivers are finance, IT, export, services and out-sourcing. Many of India's numerous conglomerates (including Larsen & Toubro, State Bank of India (SBI), Life Insurance Corporation of India (LIC), Tata Group, Godrej and Reliance), and five of the Fortune Global 500 companies are based in Mumbai. This is facilitated by the presence of the Reserve Bank of India (RBI), the Bombay Stock Exchange (BSE), the National Stock Exchange of India (NSE), and financial sector regulators such as the Securities and Exchange Board of India (SEBI).
The local economy of Mumbai includes textile mills and the seaport, finance, engineering, diamond-polishing, gems & jewellery, leather processing, ,healthcare and information technology, IT and ITES, textiles, and entertainment. Nariman Point and Bandra Kurla Complex (BKC) are Mumbai's major financial centres. Despite competition from Bangalore, Hyderabad and Pune, Mumbai has carved a niche for itself in the information technology industry. The Santacruz Electronic Export Processing Zone (SEEPZ) and the International Infotech Park (Navi Mumbai) offer excellent facilities to IT companies.
State and central government employees make up a large percentage of the city's workforce. Mumbai also has a large unskilled and semi-skilled self-employed population, who primarily earn their livelihood as hawkers, taxi drivers, mechanics and other such blue collar professions. The port and shipping industry is well established, with Mumbai Port being one of the oldest and most significant ports in India. Dharavi, in central Mumbai, has an increasingly large recycling industry, processing recyclable waste from other parts of the city; the district has an estimated 15,000 single-room factories.
Mumbai has been ranked sixth among top ten global cities on the billionaire count with 28 and 46,000 millionaires, with total wealth of around $960 billion. It is the richest Indian city and 12th richest city in the world. and seventh in the list of "Top Ten Cities for Billionaires" by Forbes magazine , and first in terms of those billionaires' average wealth. Mumbai is the third most expensive office market in the world, and was ranked among the fastest cities in the country for business startup in 2009.
Mumbai is rated Alpha by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Alpha level cities are linked to major economic states and regions and into the world economy.
Mumbai is the #35 city in the world according to the Global Financial Centres Index (GFCI) which evaluates and ranks the competitiveness of the major financial centres of the world according to a wide range of criteria – Human Capital, Business, Finance, Infrastructure and Reputation.
Mumbai is the #48 city in the world according to the Global Power City Index (GPCI) which evaluates and ranks the major cities of the world according to their magnetism, or their comprehensive power to attract people, capital, and enterprises from around the world. It does so through measuring six key functions: Economy, Research and Development, Cultural Interaction, Liveability, Environment, and Accessibility.
Mumbai is rated C+ by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. C+ cities are strong international gateway cities. Mumbai was ranked #100 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Mumbai has a population of over 3,085,411 people. Mumbai also forms part of the wider Mumbai metropolitan area which has a population of over 20,411,000 people.