Mumbai wealthiest city in India with total wealth of $820 billion, finds report

[luckych]

Mumbai wealthiest city in India with total wealth of $820 billion, finds report

NEW DELHI: India's financial capital Mumbai, home to 45,000 millionaires and 28 billionaires, is the wealthiest city in the country with total wealth of USD 820 billion, says a report. According to New World Wealth, Mumbai 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 USD 450 billion, Bengaluru boasts of a total wealth of USD 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 USD 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.

"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 USD 1 million or more. Billionaires refer to individuals with net assets of USD 1 billion or more.

Other wealthiest cities include, Hyderabad (total wealth of USD 310 billion, has 8,200 millionaires, 7 billionaires); Kolkata (USD 290 billion, has 8,600 millionaires and 10 billionaires); Pune (USD 180 billion, has 3,900 millionaires and 5 billionaires); Chennai (USD 150 billion and has 6,200 millionaires and 4 billionaires) and Gurgaon (USD 110 billion and home to 3,600 millionaires and 2 billionaires).

http://economictimes.indiatimes.com...billion-finds-report/articleshow/54575281.cms

 

[SBUS-CXK]

The area of Mumbai is too small.

 

[gslv mk3]

The area of Mumbai is too small.

So ?

 

[SBUS-CXK]

So ?

Small area, large population.
1, traffic congestion problem.
2, the housing shortage.
3, slum problems.
4, the employment of the population problem.
5, the problem of illegal.

 

[gslv mk3]

Small area, large population.
1, traffic congestion problem.
2, the housing shortage.
3, slum problems.
4, the employment of the population problem.
5, the problem of illegal.

Mumbai has already found solutions for many of these by going vertical, building high capacity rail transit Networks etc

 

[SBUS-CXK]

Mumbai has already found solutions for many of these by going vertical, building high capacity rail transit Networks etc

Yes, I have seen a video about the development of Mumbai.

 

[AndrewJin]

Yes, I have seen a video about the development of Mumbai.

My city has 10 million people but we have 8000km2 land....
Probably Mumbai should enlarge the downtown region....

 

[gslv mk3]

@Bombaywalla @Nilgiri

Probably Mumbai should enlarge the downtown region.

Not possible as reclamation of sea has been effectively banned.

There is land available with the Mumbai port & I've heard that they are planning redevelopment of it.

 

[AndrewJin]

@Bombaywalla @Nilgiri



Not possible as reclamation of sea has been effectively banned.

There is land available with the Mumbai port & I've heard that they are planning redevelopment of it.

Large area of sea reclamation is not viable except for some projects like airport.
How about merge nearby cities?
We have huge area of land in my city...(only used 1000+km2 out of 8000km2)
In Shanghai too, they have 6000km, many empty land can be used.

 

[Bombaywalla]

@Bombaywalla @Nilgiri

Not possible as reclamation of sea has been effectively banned.

There is land available with the Mumbai port & I've heard that they are planning redevelopment of it.

The last major round of reclamation was carried out in the 1970s around Marine Drive and Cuffe Parade, which made the erstwhile business hub of downtown Bombay possible. No further reclamation is possible or allowed due to environmental factors. In the suburbs, reclamation from Mangrove forests has been banned for obvious reasons. As far as BPT land goes, there are plans to redevelop the entire Eastern waterfront, but navy installations and sensitive harbour areas are an impediment to the plan. I'm not sure which stage it's reached so far.

For transportation infrastructure, though, the story is slightly different: a part of the Bandra reclamation promenade was reclaimed from Mahim bay in 2000/2001 in order to build the sea link approach and toll booth. For the western freeway, Cuffe Parade/Nariman Point (in the south) to Borivali (in the north west), some reclamation will be required, but environmental clearances and long legal battles with the city's fishing community, are slowing down the process. All in good time, though.

With the completion of the Nhava Sheva-Sewri trans harbour bridge, it is inevitable that new areas in mainland Maharashtra (New Bombay and Panvel) will develop as an alternative to the space constrained island city.

 

[gslv mk3]

How about merge nearby cities?

They're already working on better road & rail links with Navi Mumbai .

Also

http://m.timesofindia.com/city/mumb...nship-in-Navi-Mumbai/articleshow/54337013.cms

 

[Skull and Bones]

Large area of sea reclamation is not viable except for some projects like airport.
How about merge nearby cities?
We have huge area of land in my city...(only used 1000+km2 out of 8000km2)
In Shanghai too, they have 6000km, many empty land can be used.

Most development is happening around Navi Mumbai, which literally means New Mumbai.

 

[GS Zhou]

What is the real estate price nowadays in Mumbai? I know it is very expensive, but have no clue how expensive it is. Thanks in advance.

 

[Bombaywalla]

What is the real estate price nowadays in Mumbai? I know it is very expensive, but have no clue how expensive it is. Thanks in advance.

It's unrealistically expensive for most people, which is why they tend to live far away from their work place (in the greater Bombay area), and commute vast distances on a daily basis. Property rates depend on which area of the city you're looking at, proximity to the sea, views, amenities, snob value, rail/metro connections etc.

 

[Skull and Bones]

What is the real estate price nowadays in Mumbai? I know it is very expensive, but have no clue how expensive it is. Thanks in advance.

Almost like Chicago, maybe even more.