The financial capital of India, Mumbai has been declared as the richest Indian city with a total wealth of $820 billion, a report states.
As per the latest New World Wealth Report, India’s financial capital houses 46,000 millionaires and 28 billionaires. It is a place where major actors and cricketers dwell, therefore the richest tag was imminent.
Delhi occupies the second place and Bengaluru the third place, in the report as far as wealth numbers are concerned. Hyderabad and Pune follow to occupy the next two consecutive positions.
Delhi is home to 23,000 millionaires and 18 billionaires with total wealth of $450 billion, while Bengaluru has 7,700 millionaires and 8 billionaires and an aggregate wealth of $320 billion.
Hyderabad falls fourth, as it is a home to 9,000 millionaires and 6 billionaires and a total wealth of $310 billion.
Grabbing the fifth position in the list is Pune, which boasts of a total wealth of $180 billion, and has 4,500 millionaires and 5 billionaires.
As of December 2016, India boasts of a total income of $6.2 trillion, while the country is home to 264,000 millionaires and 95 billionaires, the report added.
Not only this, the report also suggested names of areas and suburb localities which boasts of more wealth than others in the city. In Mumbai localities like Bandra, Juhu, Goregaon, Parel, Worli, Palm Beach Road were tagged as the richest.“Over the next decade, India is expected to benefit from strong growth in the 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 Bangalore are expected to lead the pack in terms of wealth growth,” the report suggests.
In Delhi, Westend Greens, Dera Mandi, Greater Kailash, Lutyens were named as the most elite. In Kolkata, Ballygunge, Alipore were the selected localities.
Some of the other emerging cities in terms of total wealth include, Surat, Goa, Chandigarh, Ahmedabad, Visakhapatnam, Jaipur and Vadodara. (in no particular order)
Note: Millionaires or High Net Worth Individuals (HNWIs) refer to individuals with net assets of not less than USD 1 million.
