In 2024, India has witnessed an unprecedented surge in the number of billionaires, with 94 new individuals joining the ranks of the ultra-wealthy. This remarkable growth has solidified India’s position as one of the fastest-growing hubs for billionaires globally, second only to the United States. As a result, India’s billionaires now collectively hold a staggering wealth of approximately US$ 1 trillion, contributing to 7% of the world’s total wealth. This expansion in wealth is reshaping India’s urban landscape, particularly in its major cities.
Top 10 Richest Cities in India 2024
Mumbai: The Billionaire Capital of Asia
Mumbai, the financial capital of India, continues to dominate as the richest city in the country. With 386 billionaires as of 2024, Mumbai has surpassed Beijing to become the “billionaire capital of Asia” and the third richest city in the world. This surge in wealth is attributed to Mukesh Ambani and his family, the richest residents in Mumbai, who have played a pivotal role in the city’s financial success.
In 2024 alone, Mumbai saw an addition of 58 new billionaires, reflecting a 47% surge in wealth. The city’s rise to prominence is in stark contrast to Beijing, which experienced a 28% decline in its billionaire population. Mumbai’s wealth is fueled by its status as India’s financial and business hub, housing numerous multinational corporations, banking giants, and the thriving Bollywood film industry.
New Delhi: The Political and Corporate Powerhouse
Following Mumbai, New Delhi has cemented its position as the second richest city in India. With 217 billionaires, New Delhi has emerged as a key destination for India’s wealthiest individuals. The capital city is home to a number of high-profile billionaires, with Shiv Nadar and his family leading the charge as the richest individuals in tRecap 2024:he city.
New Delhi’s economy thrives on its role as the political epicenter of India, along with its thriving service sector, including industries like technology, finance, and real estate. The city has seen the addition of 18 new billionaires in 2024, contributing significantly to its economic growth and further establishing it as a key player in India’s wealthy landscape.
Hyderabad: A Fast-Rising Hub of Wealth
Hyderabad has seen remarkable growth, surpassing Bengaluru for the first time in terms of the number of billionaires. With 104 billionaires, the city ranks third among India’s wealthiest cities in 2024. The city’s rise has been driven by its burgeoning technology and pharmaceutical sectors, with Murali Divi and his family being the wealthiest residents in the city.
The addition of 17 new billionaires has helped Hyderabad secure its position as a wealth hub in India. The city is home to several multinational IT companies, along with a rapidly growing biotech industry, positioning it as a major player in both national and global markets.
Bengaluru: The IT Capital of India
Bengaluru, India’s technology capital, remains one of the wealthiest cities, although it now holds the fourth spot in terms of billionaires, with 100 billionaires. Despite a slight slip in rankings, Bengaluru continues to be a powerhouse for India’s tech industry. Azim Premji and his family, recognized for their vast wealth, are the richest individuals in the city.
Bengaluru is known for being the Silicon Valley of India, housing numerous IT companies and startups. The city has consistently attracted both domestic and international investments, leading to a steady increase in its billionaire population. In 2024, Bengaluru added several new billionaires to its ranks, contributing to its continued wealth generation.
Chennai: A Stronghold of Industry and Culture
Chennai, with a population of 82 billionaires in 2024, ranks fifth in India’s wealthiest cities. Known for its manufacturing industries, including automobile and electronics, Chennai is home to Venu Srinivasan, the city’s wealthiest individual.
Chennai has experienced steady growth, with its industries bolstering both its local and national economy. The city’s prominence in the automobile sector, along with its expanding tech and healthcare industries, has contributed significantly to its economic prosperity.
Kolkata: A Hub of Commerce and Heritage
Kolkata, historically a major center for trade and commerce, ranks sixth in India with 69 billionaires. The city has been the home of industrialists such as Benu Gopal Bangur and his family, who top the wealth list in Kolkata. Known for its cultural heritage and stronghold in industries like jute production, engineering, and finance, Kolkata continues to be an important economic hub.
Ahmedabad: Gujarat’s Industrial Powerhouse
Ahmedabad, with 67 billionaires, ranks seventh in India in 2024. The city is the birthplace of Gautam Adani and his family, who are among the richest individuals in the country. Ahmedabad has flourished due to its dominance in textile manufacturing, pharmaceuticals, and diamond processing industries.
Gujarat, the state in which Ahmedabad is located, has long been a powerhouse of industry and commerce, and its thriving business environment has made it a preferred destination for India’s wealthiest individuals.
Pune: A Growing IT and Educational Hub
Pune, with 53 billionaires, ranks eighth in India in 2024. The city’s growth can be attributed to its expanding information technology sector, along with its prominence as an educational and automobile manufacturing center. The city’s wealthiest individual is Cyrus S Poonawalla, known for his significant contributions to the pharmaceutical industry.
Surat: The Diamond Capital of the World
Surat, known as the diamond capital of the world, ranks ninth with 28 billionaires. The city’s wealth comes from its dominance in diamond polishing and textile manufacturing. Ashwin Desai and his family are the richest residents in Surat.
Surat’s rapid industrialization and increasing number of billionaires highlight its growing significance in India’s wealth landscape.
Gurugram: The Emerging Financial Hub
Gurugram, with 23 billionaires, rounds out the top 10 richest cities in India in 2024. Known for its modern infrastructure, proximity to New Delhi, and status as a hub for IT, finance, and real estate, Gurugram has seen a rise in ultra-wealthy individuals, including Nirmal Kumar Minda and his family.
The Top 10 Richest States in India in 2024
India’s wealth distribution is also noteworthy, with certain states leading the charge in terms of the number of billionaires. Maharashtra stands at the top with 470 billionaires, followed by Delhi with 213 and Gujarat with 129 billionaires. These states have seen rapid industrialization, coupled with thriving financial and tech sectors, contributing significantly to India’s overall wealth.