Mumbai, often described as the New York of India, is India's most populous city, with an estimated city proper population of 12.5 million (1.25 crore), and is the financial centre and commercial capital of the country, generating 6.16% of the total national GDP. The city is also the entertainment, cultural, fashion, and commercial centre of South Asia. Mumbai hosts the largest urban economy of any South Asian city, contributing the largest GDP share out of a US$4 trillion total Indian economy in nominal GDP terms. According to recent estimates, Mumbai Metro's nominal GDP is estimated to be US$277.98 billion, and its GDP (PPP) is estimated to be US$400 billion, Mumbai's GDP (PPP) per capita rounds up to around US$23,000. It is the richest Indian city and the 12th richest city in the world, with a net wealth of approximately US$1 trillion, with 46,000 millionaires and 92 billionaires. Mumbai accounts for 10% of Indian factory employment, 30% of Indian income tax collections, 45% of entertainment tax, 60% of customs duty collections, 20% of central excise tax collections, 40% of foreign trade, 100% of Indian stock market assets, and contributes 1,60,000 crore rupees in corporate taxes to the Indian economy.