India's Wealthiest Cities of 2024: Top 10 Economic Powerhouses Revealed

Top 10 Richest Cities in India in 2024

Mumbai: Asia’s Billionaire Capital

Mumbai, the financial powerhouse of India, retains its position as the richest city in the country. With 386 billionaires in 2024, it has overtaken Beijing to become the "Billionaire Capital of Asia" and ranks as the third wealthiest city globally. The city’s growth is largely driven by the Ambani family, with Mukesh Ambani being one of the wealthiest individuals in Mumbai.

In 2024 alone, Mumbai added 58 new billionaires, reflecting a 47% surge in wealth. This strong growth contrasts sharply with Beijing’s 28% decline in billionaire numbers. Mumbai’s wealth is supported by its role as India’s business hub, home to numerous multinational corporations, banking giants, and the Bollywood film industry.

New Delhi: Political and Corporate Powerhouse

New Delhi, India’s political and administrative capital, ranks second in wealth, with 217 billionaires. The city is an economic epicentre for the nation, driven by key sectors such as technology, finance, and real estate. Shiv Nadar, one of the wealthiest individuals in India, calls New Delhi home.

In 2024, the city saw 18 new billionaires join its ranks, further solidifying its position as a major wealth centre. New Delhi’s economy benefits not only from its political clout but also from its thriving service sector, making it a central hub for India’s wealthiest.

Hyderabad: A Rising Wealth Hub

Hyderabad has seen impressive growth, surpassing Bengaluru in terms of billionaire count for the first time. With 104 billionaires, the city ranks third among the wealthiest cities in India in 2024. Hyderabad’s rapid rise is fueled by its burgeoning tech and pharmaceutical industries, with Murali Divi and his family being the city’s wealthiest residents.

The addition of 17 new billionaires has helped Hyderabad secure its place as an economic powerhouse. The city is home to several global IT companies and a rapidly expanding biotech sector, making it a key player in both national and international markets.

Bengaluru: India’s IT Capital

Bengaluru, long considered India’s Silicon Valley, remains one of the wealthiest cities, although it now ranks fourth with 100 billionaires. Despite a slight drop in position, Bengaluru continues to be a hub for India’s technology industry, with Azim Premji and his family among its wealthiest residents.

The city’s growing tech sector, combined with its strong startup ecosystem, continues to attract domestic and international investment, contributing to the increasing number of billionaires in Bengaluru.

Chennai: Industrial and Cultural Powerhouse

Chennai, with 82 billionaires in 2024, ranks fifth on the list. The city has established itself as a hub for industries such as automobile manufacturing, electronics, and healthcare. Venu Srinivasan is Chennai’s wealthiest individual.

Chennai’s steady economic growth is driven by its dominant position in the automotive sector and the rise of tech and healthcare industries, making it a significant player in India’s wealth landscape.

Kolkata: Commerce and Heritage Hub

Kolkata ranks sixth with 69 billionaires. Historically an important centre for trade and commerce, the city is home to notable industrialists like Benu Gopal Bangur and his family. Known for its cultural heritage, Kolkata also plays a key role in industries such as jute production, engineering, and finance.

Despite facing competition from other cities, Kolkata remains a vital economic hub, with its long-standing heritage and diversified industries contributing to its wealth.

Ahmedabad: Gujarat’s Industrial Epicenter

Ahmedabad ranks seventh with 67 billionaires. The city is home to Gautam Adani and his family, among the wealthiest individuals in India. Ahmedabad’s economy thrives on its dominance in industries such as textile manufacturing, pharmaceuticals, and diamond processing.

As Gujarat’s industrial heart, Ahmedabad continues to attract businesses, making it a preferred destination for India’s wealthiest citizens.

Pune: Rising IT and Educational Center

Pune, with 53 billionaires, ranks eighth on the list of India’s wealthiest cities. The city’s growth is powered by its booming IT sector, educational institutions, and strong presence in the automobile industry. Cyrus S. Poonawalla, known for his contributions to the pharmaceutical industry, is Pune’s wealthiest resident.

Pune’s increasing prominence as both an educational and IT hub has positioned it as a key player in India’s growing wealth ecosystem.

Surat: Diamond Capital of the World

Surat, known globally as the "Diamond Capital," ranks ninth with 28 billionaires. The city’s wealth is derived primarily from its dominance in diamond polishing and textile manufacturing. Ashwin Desai and his family are the wealthiest individuals in Surat.

Surat’s rapid industrialization, particularly in the diamond industry, continues to drive its economic success, contributing to the rise in the number of billionaires.

Gurugram: Emerging Financial Hub

Gurugram, with 23 billionaires, rounds out the top 10 richest cities in India for 2024. Known for its modern infrastructure and proximity to New Delhi, Gurugram has become a thriving hub for IT, finance, and real estate. It has seen a rise in ultra-wealthy individuals, including Nirmal Kumar Minda and his family.

As an emerging financial centre, Gurugram is gaining prominence as a key location for India’s growing number of billionaires.