Mumbai emerges at top richest Indian city with total wealth net-worth of $820 billion; Delhi takes second spot at $450 billion

According to New World Wealth report, Mumbai recorded total wealth net-worth of $820 billion which homes 46,000 millionaires and 28 billionaires.

Waves hit walls near Gateway of India in Mumbai, Maharashtra, India, on June 23, 2016. Image Source: IANS

Highlights:

1. According to New World Wealth report, Mumbai recorded total wealth net-worth of $820 billion which homes 46,000 millionaires and 28 billionaires

2. Delhi registered a total wealth of $450 billion and is home to 23,000 millionaires and 18 billionaires

3. Bengaluru recorded a total wealth of $320 billion and it houses 7,700 millionaires and eight billionaires

India's commercial capital Mumbai has emerged as the richest Indian city with total wealth net-worth of $820 billion (nearly Rs 54,552,55 crore), PTI reported citing a latest report by the New World Wealth.

The city based out of Maharashtra state in the Western part of India is home to 46,000 millionaires and 28 billionaires, it said.

According to the New World Wealth report, Delhi and Bengaluru took the second and third spot, respectively into its list of top richest Indian city.

Delhi is home to 23,000 millionaires and 18 billionaires with a total wealth of $450 billion (nearly Rs 29,937,38 crore), while Bengaluru with a total wealth of $320 billion (nearly Rs 21,288,80 crore) houses 7,700 millionaires and eight billionaires,cited the PTI report.

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The New World Wealth's report list also included Hyderabad with a total wealth of $310 billion (nearly Rs 20,62,353 crore). The city in Andhra Pradesh is home to 9,000 millionaires and six billionaires.

Kolkata, which is home to 9,600 millionaires and four billionaires, has a total wealth of $290 billion (nearly Rs 19,292,98 crore) , followed by Pune (which has a total wealth of $180 billion (nearly Rs 11,974,95 crore), with 4,500 millionaires and five billionaires), Chennai (which has a total wealth of $150 billion (nearly Rs 9,979,13 crore) , with 6,600 millionaires and four billionaires) and Gurgaon (which has a total wealth of $110 billion (nearly Rs 7,318,03 crore), with 4,000 millionaires and two billionaires), it said.

Besides, the list also included some of the other emerging cities of total wealth namely 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 264,000 millionaires and 95 billionaires in total.

"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," cited the New World Wealth report.

Millionaires or High Net Worth Individuals (HNIs) refer to individuals with net assets of $1 million (nearly Rs 6.7 crore) or more.

Moreover, the report also listed some of the affluent suburbs in Mumbai and other cities of India.

In Mumbai, localities like Bandra, Juhu, Goregaon, Parel, Worli and Palm Beach Road were named as the richest while 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, the report added.

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