India’s economic hub – Mumbai, political hub – Delhi and IT hub – Bengaluru are also the three richest cities in the country accounting for US$1.91 trillion in wealth, which translates to 23% of the total assets in the country.
Mumbai leads the pack by a huge margin with US$950 billion of assets held. Globally, Mumbai ranks 14th in terms of total wealth. Major wealth generating industries in the city are financial services, real estate and media.
Following Mumbai is the capital of India, Delhi with US$554 billion in private wealth. Key industries in the city are construction, retail and manufacturing.
In the third position is Bengaluru, India’s Silicon Valley, with US$410 billion in assets. IT, business process outsourcing and biotechnology are its core industries. The city also has several research and development centres of international companies.
In the last 10 years, Bengaluru and Pune have recorded the largest growth in wealth, with assets rising by more than 170% during the period compared to 160% total increase in wealth in India.
Apart from the eight wealthiest cities (see table below) Kochi, Chandigarh, Surat, Ahmedabad, Visakhapatnam, Goa (state), Jaipur and Vadodara are growing in terms of individual wealth.
In terms of total wealth held, India ranks sixth world over after USA, China, Japan, Germany and UK. Indians hold US$8.2 trillion in assets as on December 2017.
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India: City trends: Wealth-wise |
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|
City / Area |
Total wealth (US$bn) |
Wealth growth %, 2007 – 2017 |
Major Industries |
|
Mumbai |
950 |
155% |
Financial services, real estate and media |
|
Delhi |
554 |
154% |
Construction, retail and manufacturing |
|
Bengaluru |
410 |
175% |
IT, business process outsourcing and biotechnology |
|
Kolkata |
357 |
148% |
Manufacturing, basic materials, pharmaceuticals and food processing |
|
Hyderabad |
320 |
163% |
Pharmaceuticals, IT and business process outsourcing |
|
Pune |
236 |
172% |
IT and manufacturing (automobiles) |
|
Chennai |
185 |
142% |
Healthcare, manufacturing (automobiles), financial services and tourism |
|
Gurgaon |
135 |
160% |
IT and manufacturing |
|
Total |
8230 |
160% |
|
Note: HNWI numbers rounded to nearest 100. Only includes people living in each area
Source: New World Wealth
Looking at city-wise concentration of wealthy individuals, we found that Mumbai, Delhi and Bengaluru are home to 29% of India’s HNWIs. The combined total of HNWIs in the three cities is 95,400 with more than 60% or 57,600 HNWIs residing in Mumbai.
Of the world total of 15.2 million HNWIs, India is home to 3,30,400 while amongst the 2,252 billionaires world over, 119 live in India. This high concentration of billionaires pegs India third after USA and China in terms of nation-wide billionaire concentration.
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India: City trends: Wealth concentration-wise |
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|
City / Area |
Total wealth (US$bn) |
HNWIs ($1m+) |
Multi-millionaires ($10m+) |
Billionaires |
|
Mumbai |
950 |
57 600 |
3 780 |
28 |
|
Delhi |
554 |
27 900 |
1 890 |
14 |
|
Bengaluru |
410 |
9 900 |
670 |
5 |
|
Kolkata |
357 |
11 800 |
790 |
6 |
|
Hyderabad |
320 |
9 300 |
640 |
5 |
|
Pune |
236 |
5 900 |
410 |
3 |
|
Chennai |
185 |
6 200 |
390 |
4 |
|
Gurgaon |
135 |
4900 |
310 |
2 |
|
Total India |
8 230 |
330 400 |
20 730 |
119 |
Note: HNWI numbers rounded to nearest 100. Only includes people living in each area
Source: New World Wealth
