Mumbai Beats Delhi and Bengaluru to Be Ranked Richest Indian City
India's financial capital Mumbai – home to 45,000 millionaires and 28 billionaires – is the wealthiest city in the country with total wealth of $950 billion, according to a report by New World Health. The city ranks at the 12th place among the top 15 wealthiest cities globally, a Times of India report noted.
Total wealth refers to the private wealth held by all individuals. The report defines 'wealth' as the net assets of a person. It includes all their assets (property, cash, equity, business interests) less any liabilities. The report excludes government funds from its figures.
In India, Mumbai is followed by Delhi and Bengaluru at the second and third place, respectively.
While Delhi, home to 22,000 millionaires and 18 billionaires has total wealth of $450 billion, Bengaluru boasts of a total wealth of $320 billion. The city is home to 7,500 millionaires and 8 billionaires.
As per the report, the total wealth held in the country amounts to $5.6 trillion (as of June 2016). The country is home to 2,64,000 millionaires and 95 billionaires in total.
Other emerging cities in the country include Surat, Ahmadabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara, the report said.
It noted that 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, 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," it said.
Millionaires or high net worth individuals (HNWIs) refer to individuals with net assets of $1 million or more. Billionaires refer to individuals with net assets of $1 billion or more.
Other wealthiest cities include Hyderabad (total wealth of $310 billion, has 8,200 millionaires, 7 billionaires); Kolkata ($290 billion, has 8,600 millionaires and 10 billionaires); Pune ($180 billion, has 3,900 millionaires and 5 billionaires); Chennai ($150 billion and has 6,200 millionaires and 4 billionaires) and Gurgaon ($110 billion and home to 3,600 millionaires and 2 billionaires).