India’s financial capital Mumbai, which is home to 46,000 millionaires and 28 billionaires, is the richest Indian city with a total wealth of $820 billion, says a report.
According to New World Wealth, Mumbai is the richest city in the country followed by Delhi and Bengaluru in the second and third place, respectively.
Delhi is home to 23,000 millionaires and 18 billionaires with a total wealth of $450 billion, followed by Bengaluru with a total wealth of $320 billion, and which houses 7,700 millionaires and 8 billionaires.
The list also includes Hyderabad with a total wealth of $310 billion. The city is home to 9,000 millionaires and 6 billionaires.
Kolkata follows it with 9,600 millionaires and 4 billionaires at a total wealth of $290 billion. Then come Pune ($180 billion, with 4,500 millionaires and 5 billionaires), Chennai ($150 billion, with 6,600 millionaires, 4 billionaires) and Gurgaon ($110 billion with 4,000 millionaires and 2 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 the country amounts to $6.2 trillion (as of December 2016) and the country is home to 2,64,000 millionaires and 95 billionaires.
“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 Bengaluru are expected to lead the pack in terms of wealth growth,” the report said.
Millionaires or High Net Worth Individuals (HNWIs) refer to individuals with net assets of $1 million (or about Rs 6.66 crore) or more.
The report also jotted down some of the affluent suburbs in the country. In Mumbai, localities like Bandra, Juhu, Goregaon, Parel, Worli, Palm Beach Road were named as the richest, while in Delhi it was Westend Greens, Dera Mandi, Greater Kailash, and Lutyens. The richest areas in Kolkata were Ballygunge, and Alipore, whereas in Chennai, it was Boat Club Road, and Poes Garden.