Hyderabad is India's 4th richest city

With a total wealth of $310 billion (or Rs 2,061,190 crore), Hyderabad emerged as the 4th richest city in the country.

According to a report by New World Wealth, a global wealth intelligence and market research company, Hyderabad has 8200 millionaires and 7 billionaires.

Individuals with net assets of $1 million or more, are considered as millionaires or high net worth individuals (HNWIs). Total wealth refers to the private wealth held by all individuals. Wealth refers to net assets, including all their assets (property, cash, equity, business interests) less any liabilities and government funds.

The report stated Mumbai as the wealthiest city in the country with total wealth of $820 billion. 45,000 millionaires and 28 billionaires are residing here. Delhi occupies 2nd position with total wealth $450 billion and its home to 22,000 millionaires and 18 billionaires. Bengaluru is in the 3rd position with $320 billion total wealth and is home to 7,500 millionaires and eight billionaires.

Kolkata ($290 billion, has 8,600 millionaires and 10 billionaires), Pune ($180 billion, has 3,900 millionaires and five billionaires), Chennai ($150 billion and has 6,200 millionaires and four billionaires) and Gurugram ($110 billion and home to 3,600 millionaires and two billionaires) are the other cities in the list.

Reportedly, India accounts to $5.6 trillion (as of June 2016) total wealth and it is home to 264,000 millionaires and 95 billionaires. According to the report, Surat, Ahmadabad, Visakhapatnam, Goa, Chandigarh, Jaipur and Vadodara are the other emerging cities.

The report stated 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.