Madhapar: Asia's Richest Village-Financial Marvel in Gujarat

Overview of Madhapar

• Madhapar Village, located in the Kutch district of Gujarat, India

• Population of approximately 32,000 residents

• The majority of inhabitants belong to the Patel community

• Known as the Richest Village in Asia

• Collective fixed deposits worth INR 7,000 crore (approximately $950 million)

Financial Landscape

• 17 bank branches present in the village

• Major public and private banks have branches, including SBI, ICICI, PNB, HDFC, and Axis Bank

• More banks interested in opening branches despite existing saturation

• High number of fixed deposits and savings accounts

• Strong culture of financial discipline and wise investments among residents

NRI Contribution and Demographics

• A significant portion of residents are Non-Resident Indians (NRIs)

• Approximately 1,200 families out of 20,000 houses live abroad

• Many NRIs work in African countries, particularly in the construction industry

• Strong presence of expatriates in the UK, Australia, the USA, and New Zealand

• NRIs prefer to deposit money in local banks rather than in foreign countries

• Regular remittances contribute significantly to the village's wealth

Infrastructure and Development

• Well-equipped with essential facilities: water, sanitation, and roads

• Presence of bungalows, indicating high standard of living

• Both public and private schools available

• Several lakes in the area

• Multiple temples, including Sanatan Thakor Mandir, Mahadev Temple, and Swaminarayan Temple

• Overall prosperity reflected in the village's infrastructure and amenities