Cities with highest number of Indian millionaires 2019

In 2019, Mumbai was home to the highest number of millionaires, followed by India’s capital New Delhi, and the IT capital - Bengaluru. This comes as no surprise since all three cities have the largest share of high net worth households along with a booming economic outlook. Overall, India had around 104 billionaires in 2019, and ranked fifth globally in terms of its ultra-net-worth individuals.

A growing wealth gap

Despite this, India also has a very high wealth inequality with millions of people living below the poverty line. In fact, according to the last census, the state of Maharashtra (with Mumbai as its capital city) had the highest number of slums across the country with over 2.5 million households. Furthermore, according to a 2015 study on the geography of the super-rich, Bangalore was ranked first in terms of the inequality between its rich and poor, with the wealth of the city’s billionaires being 646,407 times that of the average per capita GDP in the city. Mumbai came second in this listing, while Delhi was ranked fifth.

It's a rich man's world

As of 2018, the richest 10 percent of Indians owned 77.4 percent of the country’s wealth. The Indian economy was also seen to be one of the fastest growing economies across the world, second to only China in the recent years. This indicates the level of unequal distribution of wealth in the country. This is a matter of grave concern and has several implications in terms of the country’s development and progress.

Cities with the highest number of Indian millionaires in 2019

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Sources

Release date

September 2019

Region

India

Survey time period

as of September 2019

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