Mumbai Is India’s Wealthiest City But Delhi, Kolkata Catching Up Fast; 50% More Millionaires Left India In 2016
Mumbai, the City of Dreams, has once again proved why it attracts people who want to become wealthy. With $820 billion wealth, 46,000 Millionaires and 28 Billionaires, Mumbai is India’s most wealthiest city as per a recent report by New World Wealth.
But the City of Joy, Kolkata, is fast catching up as the city reported 9,600 millionaires, thereby beating major cities such as Bengaluru (7700 millionaires); Hyderabad (9000 millionaires); Pune (4500 millionaires) and Chennai (6600 millionaires).
If we talk about only wealth, other major cities are right now way behind Mumbai in generating wealth. While Kolkata only managed $290 billion wealth last year, Delhi is at #2 position with $450 billion wealth, 23,000 millionaires and 18 billionaires.
Here is the breakdown of wealth accumulated by the biggest 7 Indian cities:
- Mumbai: $820 billion
- Delhi: $490 billion
- Bengaluru: $320 billion
- Hyderabad: $310 billion
- Kolkata: $290 billion
- Pune: $180 billion
- Chennai: $150 billion
The report also mentions some of the richest areas within these cities, from where maximum number of millionaires and billionaires were found:
- Mumbai: Bandra, Juhu, Goregaon, Parel, Worli and Palm Beach Road
- New Delhi: Westend Greens, Dera Mandi, Greater Kailash and Lutyens
- Kolkata: Ballygunge and Alipore
- Hyderabad: Jubilee Hills and Banjara Hills
- Bengaluru: Indiranagar and Sadashivanagar
- Chennai: Boat Club Road and Poes Garden
- Gurgaon: Golf Course Road
Overall, India is right now world’s 6ht richest country with wealth of $6200 billion, 2.64 lakh millionaires and 95 billionaires.
But.. Exodus Of Super-Rich Continues
The report presented an alarming fact: 50% more millionaires left India in 2016, compared to 2015. Total of 6000 millionaires left India in 2016, which was 4000 in 2015.
This way, India is 4th largest country in terms of exodus of millionaires for better pastures abroad. Globally, 82,000 millionaires left their mother country to settle abroad.
Here are the top countries from where millionaires migrated to other countries:
- France: 12,000 millionaires (due to ethnic, racial tensions)
- China: 9000 millionaires (due to better education, business)
- Brazil: 8000 millionaires (due to better business environment)
- India: 6000 millionaires (that is an open question..)
- Turkey: 6000 millionaires
European countries like Belgium, Germany, Austria, the UK, Holland and Sweden are also witnessing heavy migration, and in the coming months, these would top the charts.
Australia seems the most favourite country for super-rich immigrants, as it welcomed 11,000 millionaires from other countries in 2016, closely followed by US where 10,000 millionaires landed up for migration.
Canada, UAE and New Zealand were other major countries where millionaires relocated in 2016.
Interestingly, New Wealth World report doesn’t list India’s migration of the millionaires as a major problem, because India is one of those countries where more millionaires are being created, compared to those who are leaving.
You can get the complete report here.