With $310-Bn Wealth, Hyderabad is Home to 8,200 Millionaires, 7 Billionaires

New Delhi: India's financial capital Mumbai is the top wealthiest city in the country as it emerges home to 45,000 millionaires and 28 billionaires with total wealth of $820 billion. Hyderabad has been ranked at fourth position with a total wealth of $310 billion as the City of Nawabs has 8,200 millionaires and seven billionaires, according to a latest report by New World Wealth.

Though the list officially didn't declare the names of seven billionaires from Hyderabad, it's expected that promoters of listed companies Amararaja Batteries, Divi's Labs, Dr Reddy's Lab and Apollo Hospitals. Promoters of privately-held entities Ramoji Group and Navayuga Group are also expected to be billionaires.

Nityananda Reddy, Ramprasad Reddy, promoters of Arabindo Pharma, hold 47.74 percent in the group valuing Rs24,255 crore. Galla Ramachandra Naidu family holds 52 percent stake in Amararaja Batteries and value of the holding is Rs9,139 crore. Family of Late Dr Anji Reddy holds 30.73 percent stake in Dr Reddy's Lab valuing Rs6,500 crore.

Though the list officially didn’t declare the names of seven billionaires from Hyderabad, it’s expected that promoters of listed companies Amararaja Batteries, Divi’s Labs, Dr Reddy’s Lab and Apollo Hospitals. Promoters of privately-held entities Ramoji Group and Navayuga Group are also expected to be billionaires.

Mumbai city is followed by Delhi and Bengaluru at the second and third place respectively. While Delhi, home to 22,000 millionaires and 18 billionaires has total wealth of $450 billion, Bengaluru boasts of a total wealth of $320 billion. The city is home to 7,500 millionaires and 8 billionaires.

Total wealth refers to the private wealth held by all individuals. The report defines 'wealth' as the net assets of a person. It includes all their assets (property, cash, equity, business interests) less any liabilities. The report excludes government funds from its figures. As per the report, the total wealth held in the country amounts to $5.6 trillion (as of June 2016).

The country is home to 264,000 millionaires and 95 billionaires in total. Other emerging cities in the country include, Surat, Ahmadabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara, the report said. It noted that over the next decade, India is expected to benefit from strong growth in local financial services, IT, real estate, healthcare and media sectors.

Hyderabad, Pune and Bengaluru are expected to lead the pack in terms of wealth growth, it said. Millionaires or high net worth individuals (HNWIs) refer to individuals with net assets of $1 million or more. Billionaires refer to individuals with net assets of $1 billion or more.

In particular, the local hospital services and health insurance sectors are expected to grow strongly.

Hyderabad, Pune and Bengaluru are expected to lead the pack in terms of wealth growth, it said. Millionaires or high net worth individuals (HNWIs) refer to individuals with net assets of $1 million or more. Billionaires refer to individuals with net assets of $1 billion or more.

Other wealthiest cities include Kolkata with $290 billion and has 8,600 millionaires and 10 billionaires. Pune has $180 billion and has 3,900 millionaires and 5 billionaires. Chennai with $150 billion and has 6,200 millionaires and 4 billionaires and Gurgaon with $110 billion and home to 3,600 millionaires and 2 billionaires.

With inputs from PTI