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Hyderabad 4th richest city in India
Hyderabad emerged as the fourth richest city in the country, with a total wealth of $310 billion (or Rs 2,061,190 crore).
​Hyderabad: Hyderabad emerged as the fourth richest city in the country, with a total wealth of $310 billion (or Rs 2,061,190 crore).
The city of pearls is home to 8,200 millionaires and seven 7 billionaires, according to a report by New World Wealth, a global wealth intelligence and market research company.
Millionaires or high net worth individuals (HNWIs) refer to individuals with net assets of $1 million or more. Billionaires refer to individuals with net assets of $1 billion or more.
Total wealth refers to the private wealth held by all individuals. The 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. According to the report, India’s financial capital Mumbai, home to 45,000 millionaires and 28 billionaires, is the wealthiest city in the country with total wealth of $820 billion, followed by Delhi and Bengaluru at the second and third place respectively.
While Delhi, home to 22,000 millionaires and 18 billionaires, has a total wealth of $450 billion, Bengaluru boasts of a total wealth of $320 billion. The city is home to 7,500 millionaires and eight billionaires.
Other wealthiest cities include Kolkata ($290 billion, has 8,600 millionaires and 10 billionaires), Pune ($180 billion, has 3,900 millionaires and five billionaires), Chennai ($150 billion and has 6,200 millionaires and four billionaires) and Gurugram ($110 billion and home to 3,600 millionaires and two billionaires).
As per the report, the total wealth held in the country amounts to $5.6 trillion (as of June 2016). The country is home to 264,000 millionaires and 95 billionaires in total. Other emerging cities in the country include Surat, Ahmadabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara, the report said.
It noted that over the next decade, India is expected to benefit from strong growth in 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
Bengaluru are expected to lead the pack in terms of wealth growth,” it said.
(With inputs from PTI)
