Mumbai is said to be India’s financial capital which is the abode to 46000 millionaires and 28 billionaires, is the richest Indian city with a whole wealth of 820 billion dollars as per the report. According to new World Wealth, Mumbai is the richest city of India pursued by Delhi and Bengaluru in the second and third place respectively. The dream city Mumbai has once again confirmed that why it attracts populace who want to become well-heeled.
Delhi is home to 23000 millionaires and 18 billionaires with a total wealth of 450 billion USD while Bengaluru with a total wealth of 320 billion USD houses 7700 millionaires and 8 billionaires. This catalog also comprises Hyderabad with an overall wealth of 310 billion USD. Hyderabad is home to 9000 millionaires and 6 billionaires.
Kolkatta domicile to 9600 millionaires and 4 billionaires and has overall possessions of 290 billion USD, Pune with a total wealth of 180 billion USD has 4500 millionaires and 5 billionaires, and Chennai with 150 billion USD and 6600 millionaires and 4 billionaires, Gurgaon also has 110 billion USD with 4000 millionaires and 2 billionaires. Several of the other up-and-coming cities in terms of entirety wealth comprise Surat, Ahmadabad, Vishakhapatnam, Chandigarh, Goa, Vadodara and Jaipur.
The total prosperity held in the country amounts to 6.2 trillion USD as of till 2016 December in all. As per reports, ‘over the next decade, India is predictable to benefit from strapping expansion in the local financial services, real estate, media sectors. In particular, the local hospital services and health insurance sectors are expected to nurture strongly. Pune, Hyderabad and Bangalore are projected to lead the pack in terms of wealth growth’.
Millionaires of High net Worth Individuals i.e. HNWIs refer to individuals with net assets of 1 million USD or more. The report also jotted down a number of the affluent environs in the country. In Mumbai localities like Juhu, Bandra, Goregaon, Parel, Worli and Palm beach road were named as the richest and in Delhi, it was Dera Mandi, Westerned greens, Greater Kailash and Lutyens, similarly in Kolkata Alipore and Ballygunge and in Chennai Poes Garden and Boat Club Road.
Officials who composed the data, on the other hand, dispersed fears of wealth migration from India and notified times of India in an interview that ‘ the outflow of high net value individuals from India is not predominantly regarding as India is still producing far more new millionaires than they are trailing. Also once the standard of living in India improves we look forward to quite a lot of wealthy people to move back’.
India is now the sixth richest country in the world valued 6200 billion dollars much richer that European giants like Italy and France and also Canada and Australia. India recorded the second highest growth in overall wealth between the years 2015 and 2016 approximately 12 percent while China’s wealth during this time increased by 10 percent, Japan 6 percent and US 5 percent. Globally as many as 82000 millionaires migrated in 2016 contrasted to just 64000 in 2015 with Australia becoming the prevalent gainers.
Australia seems the most favorite country for super rich immigrants as it received 11000 millionaires recoated in 2016 closely chased by the US where 10000 millionaires landed up for migration. UAE, New Zealand and UAE were other foremost countries where millionaires relocated in 2016. As per the new wealth report, it does not list India’s migration of millionaires as a most important problem because India is one of those countries where pre millionaires are being created measured up to those who are leaving.