The New World Wealth report looked at wealth migration trends in 2016, have done an extensive study of Indian cities and found that the total wealth held in Kolkata, the City of Joy amounts to nearly $290 billion. The New World Wealth revealed that Kolkata has more millionaires than Bangalore, Hyderabad, Pune, Chennai or Gurgaon.
While Kolkata is home to 9,600 millionaires, Hyderabad boasts of 9,000 such high net worth people, Bangalore 7,700, Pune 4,500, Gurgaon 4,000 and Chennai 6,600 millionaires.
However, when it comes to billionaires, Kolkata falls behind as it records only four such individuals along with Chennai. Bangalore, on the other hand, has eight billionaires, Hyderabad six and Pune five. Gurgaon has only two billionaires.
Mumbai still continues to be India’s richest city with its total wealth expected to be around $820 billion. The city is home to 46,000 millionaires and 28 billionaires. Delhi stands second with wealth worth $450 billion.It is also home to 23,000 millionaires and 18 billionaires. Bangalore and Hyderabd’s total wealth are also higher than Kolkata at $320 billion and $310 billion. The wealth held in Pune has been found to be $180 billion while that in Chennai is $150 billion; in Gurgaon it is around $110 billion.
Officials who collated the data however allayed fears of wealth migration from India. The outflow of high net worth individuals from India is not particularly concerning as India is still producing far more new millionaires than they are losing. Also, once the standard of living in India improves, they expect several wealthy people to move back.
India is now the sixth richest country in the world worth $6200 billion -much richer that European giants like France and Italy and also Australia and Canada. It is home to 2,64,000 millionaires and 95 billionaires.
Besides Alipore and Ballygunge, India’s richest suburbs are Bandra, Juhu, Goregaon, Parel, Worli and Palm Beach Road in Mumbai; Westend Greens, Dera Mandi, Greater Kailash and Lutyens in New Delhi; Jubilee Hills and Banjara Hills in Hyderabad; Indiranagar and Sadashivanagar in Bangalore; Boat Club Road and Poes Garden in Chennai and Golf Course Road in Gurgaon.