Mumbai is ranked seventh ahead of San Francisco, Dallas and Tokyo, according to a list of top 10 cities for billionaires available on the website of Forbes.

In terms of average wealth of resident billionaires, Mumbai comes on top of all the 10 cities with an average net worth of 7.6 billion dollars.

The Russian capital city Moscow has bagged the numero uno position in terms of billionaire population. Moscow houses the largest number of billionaires, as much as 74, while New York and London are home to 71 and 36 billionaires respectively.

"Moscow knocked off New York from its perennial No 1 position since 2001," the magazine said. New York is home to 71 billionaires with an average net worth of 3.3 billion.

The other cities, which find a place for themselves in the league of top 10 billionaire cities in the world, include Istanbul which boasts of 34 billionaires, Hong Kong (30) and Los Angeles (24).

Moscow may be housing the largest number of billionaires, but when it comes to the degree of affluence, the Indian city of Mumbai transcends the Russian capital with an average wealth of around 7.6 billion dollars.

Moscow is home to as many as 74 billionaires with an average net worth of 5.9 billion dollar while Mumbai boasts of 20 billionaires, with an an average worth of 7.6 billion dollar, says Forbes.

Hong Kong is the most popular city for billionaires in Asia. As many as 30 billionaires live in this former British colony. But "Mumbai, earns bragging rights as the city on our list with the richest billionaires," the magazine added.

"Mumbai's 20 billionaires, including two of the world's 10 richest (brothers Mukesh and Anil Ambani), are worth an average 7.6 billion dollar, handily besting Moscow's 5.9 billion dollar average," the magazine added.

The US has more cities in the top 10 than any other country: four including New York, Los Angeles, Dallas and San Francisco.

London houses just 36 billionaires whose primary residence is the UK capital. But interestingly 18 of them are citizens of other countries.

Leading that list is Indian steel tycoon Lakshmi Mittal, who ranked fourth in our March wealthiest billionaires list (he was worth 45 billion dollar then).

Other notable foreigners calling London home include Iceland's richest citizen Thor Bjorgolfsson and shipping tycoon John Fredriksen, who switched his citizenship from Norway to Cyprus recently but chooses to live in London.

Meanwhile, New York City has just one foreign billionaire who claims residence there, and Moscow is home only to Russian billionaires.