India's Richest Cities: Nasty surprise for Keralites

None of Kerela's cities makes it to this year's richest cities list

The latest list of India's richest cities and suburbs is out, and it has a nasty surprise for Dubai's Malayali community.

Despite the more than Rs75,000-crore that Keralites in the Gulf remit every year to their home cities, none of the state's cities makes it to this year's richest cities list - no, not even Kochi.

Until about a couple of years ago, Kochi did figure - prominently - among the Top 10 Richest Indian Cities, and it was all thanks to the generous remittances from Keralite migrants here in the Gulf, especially the UAE.

To make matters even more striking, Gurgaon, a satellite township on the outskirts of Delhi and with a population one-third that of some of Kerala's big cities (Thiruvananthapuram and Kochi), makes it to the rich list.

The list, published by New World Wealth as part of its wealthiest cities in the world 2016 report, shows that Mumbai tops this year's list with total wealth held in the city amounting to $820 billion (Dh3 trillion). There are a total of 45,000 millionaires and 26 billionaires in Mumbai, the report shows.

Total wealth held in INDIA amounts to $5.6 trillion (as of June 2016),the report shows, with 264,000 millionaires and 95 billionaires.

With $450 billion (Dh1.65 trillion) in wealth, India's capital city Delhi is second on the list, and boasts of 22,000 millionaires and 18 billionaires.

Following it are Bangalore, Hyderabad, Kolkata, Pune, Chennai and Gurgaon, in that order.

What Makes India's Richest Cities Rich

MUMBAI

Total wealth: $820 billion

Millionaires: 45,000

Billionaires: 28

Affluent suburbs: Bandra, Juhu, Goregaon, Parel, Worli, Palm Beach Road

Major industries: Financial services, real estate and media.

DELHI

Total wealth: $450 billion

Millionaires: 22,000

Billionaires: 18

Affluent suburbs: Westend Greens, Dera Mandi, Greater Kailash, Lutyens

Major industries: Construction, retail and manufacturing.

BANGALORE

Total wealth: $320 billion

Millionaires:



7,500

Billionaires: 8

Affluent suburbs: Indiranagar, Sadashivanagar

Major industries: IT, business process outsourcing and biotechnology.

HYDERABAD

Total wealth: $310 billion

Millionaires: 8,200

Billionaires: 7

Affluent suburbs: Jubilee Hills, Banjara Hills

Major industries: Pharmaceuticals, IT and business process outsourcing.

KOLKATA

Total wealth: $290 billion

Millionaires: 8,600

Billionaires: 10

Affluent suburbs: Ballygunge, Alipore

Major industries: Manufacturing, basic materials, pharmaceuticals and food processing.

PUNE

Total wealth: $180 billion

Millionaires: 3,900

Billionaires: 5

Affluent suburbs: Boat Club Road, Kalyani Nagar, Koregaon Park

Major industries: IT and manufacturing (automobiles).

CHENNAI

Total wealth: $150 billion

Millionaires: 6,200

Billionaires: 4

Affluent suburbs: Boat Club Road, Poes Garden

Major industries: Healthcare, manufacturing (automobiles), financial services and tourism.

GURGAON

Total wealth: $110 billion

Millionaires: 3,600

Billionaires: 2

Affluent suburbs: Golf Course Road

Major industries: IT and manufacturing.

Emerging Indian Cities

· Surat

· Ahmedabad

· Visakhapatnam

· Goa

· Chandigarh

· Jaipur

· Vadodara

Growth prospects:

Over the next decade, India is expected to benefit from strong growth in the local financial services, IT, real estate, healthcare and media sectors (10 year growth forecast: 150 per cent).

In particular, the local hospital services and health insurance sectors are expected to grow strongly. Hyderabad, Pune and Bangalore are expected to be lead the pack in terms of wealth growth.