According to a report by ‘NW Wealth – a South Africa-based global market research group’, the financial capital of India, Mumbai, has featured in the list of top 20 wealthiest cities in the world. The report shows that Mumbai has a total private wealth of $960 billion and it is the financial centre of India. Mumbai is also the home to Bombay Stock Exchange, which is the tenth-largest stock exchange in the world. Apart from this, Mumbai also houses big industries such as real estate, financial services, and media.
According to the heat map provided by the research website, the wealthiest areas in the city lie along the coastline of Mumbai. These areas are home to the country’s HNWIs (High Net Worth Individuals). Areas such as Colaba/Cuffe Parade, Churchgate, Malabar Hill, Altamount Road, Breach Candy, Worli Sea Face, Bandra West, Juhu, and, Andheri West have become a high HNWI concentration zone.
The other cities from India that have not featured in the top 20 list but come in the ‘cities to watch’ list of the report are Delhi, Bengaluru, and Hyderabad. The report shows that these cities are expected to grow strongly over the span of the next ten years. According to the ‘NW Wealth’ report, Delhi, “Unlike the rest of India, it [Delhi] is home to a large number of well-established affluent residential neighbourhoods. It has a well-diversified economy and is strong in a large number of sectors.”
The report describes Bengaluru as one of the fast-growing hubs of IT in India and reiterates that Hyderabad is famous for its pharmaceutical industry. As per the report, “Fast-growing Bengaluru is known as the ‘Garden City’ and the ‘Silicon Valley of India’. Major industries in the city include: IT, business process outsourcing and biotech.
Bengaluru is also home to several research and development centers for international companies.” “Hyderabad has a reputation as the ‘Pharmaceutical Capital of India’. Major sectors include: pharmaceuticals, IT and business process outsourcing. Notably, contains a large number of special economic zones, which help encourage new business formation.”