Mumbai is India's richest city with Rs 55 lakh crores in wealth

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 (Rs 54,94,000 crores), 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 a total wealth of USD 450 billion (Rs 30,15,000 crores), Bengaluru boasts of a total wealth of USD 320 billion (Rs 21,44,000 crores). The city is home to 7,500 millionaires and eight 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 (Rs 375,2000,000 crores) 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 (Rs 6.7 crores) or more. Billionaires refer to individuals with net assets of USD 1 billion (Rs 6700 crores) or more.

Other wealthiest cities include Hyderabad (total wealth of USD 310 billion/Rs 20,77,000 crores, has 8,200 millionaires, seven billionaires); Kolkata (USD 290 billion/Rs 19,43,000 crores, has 8,600 millionaires and 10 billionaires); Pune (USD 180 billion/Rs 12,06,000 crores, has 3,900 millionaires and five billionaires); Chennai (USD 150 billion/Rs 10,05,000 crores and has 6,200 millionaires and four billionaires) and Gurgaon (USD 110 billion/Rs 7,37,000 crores and home to 3,600 millionaires and two billionaires).