Mumbai remains India's richest city with total wealth of $820 bn

news
27 February 2017

Mumbai, not surprisingly, remains India's richest city, with total wealth of $820 billion. Delhi is a distant second at $450 billion, according to the latest New World Wealth report.

India's financial capital is home to 46,000 millionaires and 28 billionaires, and is followed in terms of wealth by Delhi in second place and Bengaluru in third place.

Delhi is home to 23,000 millionaires and 18 billionaires with total wealth of $450 billion, while Bengaluru has 7,700 millionaires and eight billionaires and an aggregate wealth of $320 billion.

Hyderabad, home to 9,000 millionaires and six billionaires, is next with a total wealth of $310 billion.

Kolkata, which is home to 9,600 millionaires and four billionaires, has a total wealth of $290 billion, followed by Pune (total wealth of $180 billion, with 4,500 millionaires and five billionaires), Chennai (total wealth of $150 billion, with 6,600 millionaires and four billionaires) and Gurgaon (total wealth of $110 billion, with 4,000 millionaires and two billionaires).

Some of the other emerging cities in terms of total wealth include Surat, Ahmedabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara.

The total wealth held in India amounts to $6.2 trillion (as of December 2016) and the country is home to 264,000 millionaires and 95 billionaires in total, the report says..

"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, 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 said.

Millionaires or high net worth individuals (HNIs) refers to individuals with net assets of $1 million or more.

The report also jotted down some of the affluent suburbs in the country. In Mumbai, localities like Bandra, Juhu, Goregaon, Parel, Worli and Palm Beach Road were named as the richest. In Delhi, it was Westend Greens, Dera Mandi, Greater Kailash and Lutyens. In Kolkata, it was Ballygunge and Alipore, while in Chennai, it was Boat Club Road and Poes Garden





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