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Mumbai Named Richest Indian City with Total Wealth of $820 bn According to New World Wealth Report

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According to the New World Wealth report released on February 21, 2017, Mumbai, the financial capital of India has been named as the Richest Indian city with a total wealth of $ 820 billion.

  • The South Africa-based market research group, New World Wealth has reported that Mumbai is home to 46,000 millionaires and 28 billionaires
  • Mumbai is followed by Delhi at second place with a total wealth of $ 450 billion and having 23,000 millionaires and 18 billionaires.
  • Besides, Bengaluru stands at third place with a total wealth of $ 320 billion and houses 7,700 millionaires and 8 billionaires.

Key highlight of the Report

The report pointed out that India is the sixth richest country in the world with the total wealth amounting to $ 6.2 trillion (as of December 2016) and the country is home to 264,000 millionaires and 95 billionaires in total.

  • As per the report, in Mumbai the highest wealth keeping group resides in localities like Bandra, Juhu, Goregaon, Parel, Worli and Palm Beach Road.
  • In Delhi it was Westend Greens, Dera Mandi, Greater Kailash and Lutyens.
  • The list also includes Hyderabad with a total wealth of $ 310 billion and home to 9,000 millionaires and 6 billionaires.New World Wealth Report
  • Among others, Kolkata home to 9,600 millionaires and 4 billionaires has a total wealth of $ 290 billion, Pune with a total wealth of $ 180 billion, has 4,500 millionaires and 5 billionaires, Chennai has a total wealth of $ 150 billion and home to 6,600 millionaires, 4 billionaires and Gurgaon having $ 110 billion with 4,000 millionaires and 2 billionaires.
  • In Kolkata the richest resides in Ballygunge and Alipore while in Chennai it was Boat Club Road and Poes Garden.
  • As per the report, some of the other emerging cities in terms of total wealth include, Surat, Ahmedabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara.
    It stated that over the next decade, the wealth inflow in India is expected to grow due to the benefit from strong growth in the local financial services, IT, real estate, healthcare and media sectors.
  • Particularly, the local hospital services and health insurance sectors are expected to grow strongly. Hyderabad, Pune and Bangalore are expected to lead the in terms of wealth growth.
  • The report said that India recorded the second highest growth of almost 12 percent in overall wealth between the years 2015-16.

Other Nations in the Report

As per the report, almost 82,000 global millionaires (HNWIs) migrated in 2016, compared to just 64,000 in 2015. The highest migrants went to Australia.

  • The report estimated about 11,000 millionaires moved to Australia in 2016 which marks the highest such inflow in any country. Besides, 10,000 moved to the US and 3,000 moved to the UK.
  • Australia’s location makes it a good base for doing business in emerging Asian countries such as China, Hong Kong, Korea, Singapore, Vietnam and India.
  • China’s wealth during 2016 increased by 10% while that of United States grew by 5% and Japan’s by 6%.
  • On the other hand, UK’s wealth growth fell by 5%, France’s fell by 10%, Italy’s by 10% and Germany by 6%.
  • Of all the countries, France was one of the biggest losers mainly facing wealth outflow due to recent terrorist attacks and political turmoil.
  • The report stated that France saw a large outflow of over 12,000 millionaires in 2016. It also said that the outflow is expected to further increase in future
  • Among other European countries where religious tensions are starting to emerge such as Belgium, Germany, Austria, the UK, Holland and Sweden will also be negatively affected in the near future.

About Mumbai

Mumbai is the capital city of the Indian state of Maharashtra. It was officially known as Bombay until 1995.

  • It is the most populous city in India and the ninth most populous agglomeration in the world, with an estimated city population of 18.4 million.
  • Mumbai is known as the financial, commercial and entertainment capital of India.
  • It is also one of the world’s top ten centers of commerce in terms of global financial flow
  • The city headquarters has some of the most important financial institutions such as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India, the Securities Exchange Board of India. 

About the New World Wealth

New World Wealth is a global wealth intelligence and market research group based in Johannesburg, South Africa.

  • This report provides a comprehensive review of the wealth sector in the India, including HNWI trends, wealth management trends and luxury trends in the country.
  • The New World Wealth 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.
  • Millionaires or High Net Worth Individuals refer to individuals with net assets of $1 million or more.
  • The New World Wealth interview over 800 HNWIs every year in order to determine their preferences.​