Home is where the uber-rich reside

It comes as no surprise as to which city or state is home to India's wealthiest. With 217 individuals that comprise 27% of the rich list, Mumbai is the residential capital of India's wealth creators, followed by New Delhi and Bengaluru. According to IIFL Wealth Hurun India Rich List 2020, with 248 and 128 entrants, respectively during the year, Maharashtra and Delhi are the preferred places of residence for high net worth individuals in India. With 11 new entrants the western state of Gujarat has also booked a spot in the Top 5 this year. While with 58 new entrants and 17 dropouts, Mumbai saw a net increase of 41 individuals, for the first time, the national capital saw a net loss of five individuals as 21 fell off the list even as 17 new entrants made the list. The report also states that over half of the new additions in the 2020 list are from the Top 3 cities - a growth of 36% over the previous year. Though the pandemic has hit businesses across the country, the fact that the list features people from 111 cities is enough evidence that India's wealth creation story is not going to end anytime soon.

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