Mumbai Still India's Richest City, but Bengaluru and Hyderabad Closing the Gap with Tech Wealth
Mumbai Still India's Richest City, but Bengaluru and Hyderabad Closing the Gap with Tech Wealth
MUMBAI, India – Mumbai continues to wear the crown as India's undisputed billionaire capital, but the geography of wealth is rapidly diversifying, with tech-driven hubs Bengaluru and Hyderabad emerging as powerful new centers of fortune. The Avendus Wealth Hurun India Rich List 2025, released today, shows a fascinating trend where traditional wealth remains anchored in Mumbai, while new-age entrepreneurial wealth is flourishing in the south.
Mumbai is home to an astounding 310 individuals on the list, nearly as many as the next two cities combined. However, Bengaluru is the fastest-growing city in terms of adding new entrants, fueled almost entirely by its booming startup and technology ecosystem.
Infographic: Top 5 Wealthiest Cities (by Number of Entrants)
| Rank | City | Number of Individuals | Key Industries |
|---|---|---|---|
| 1 | Mumbai | 310 | Finance, Conglomerates, Real Estate |
| 2 | New Delhi | 195 | Real Estate, Healthcare, Diversified |
| 3 | Bengaluru | 110 | Technology, Startups, SaaS, AI |
| 4 | Hyderabad | 85 | Pharma, Biotech, IT, Real Estate |
| 5 | Chennai | 60 | Manufacturing, Healthcare, SaaS |
Infographic: Regional Wealth Concentration
The report indicates that wealth, while spreading, remains concentrated in a few key regions:
- Western India (led by Mumbai & Pune): Accounts for 38% of the list's total wealth.
- Southern India (led by Bengaluru, Hyderabad, Chennai): Accounts for 32% of the total wealth, up from 28% last year, showing the fastest regional growth.
- Northern India (led by New Delhi): Accounts for 21% of the total wealth.
- Rest of India: Accounts for the remaining 9%.
The Ecosystems Fueling the Fortunes
The economic DNA of each city fosters a unique brand of wealth creation:
- Mumbai's Enduring Power: As India’s financial heart, Mumbai is home to the headquarters of most legacy conglomerates and the nation’s stock exchanges. Its wealth is deep-rooted, diversified, and driven by capital markets.
- Bengaluru's Tech Tsunami: Known as 'India's Silicon Valley,' its success is a flywheel of top-tier engineering talent, massive venture capital inflow, and a culture that celebrates high-risk, high-reward entrepreneurship.
- Hyderabad's Hybrid Model: The city has successfully blended its legacy strength in pharmaceuticals and biotechnology ('Genome Valley') with a thriving IT and real estate sector, creating a robust, multi-pillared economy.
- The Rise of Emerging Hubs: Cities like Pune (with its automotive-to-EV transition and a booming SaaS corridor) and Surat (diamonds and textiles) are also making their mark, creating specialized ecosystems that are now producing a steady stream of new millionaires.
"The map of Indian wealth is no longer unipolar," commented Anas Rahman Junaid, MD and Chief Researcher of Hurun India. "While Mumbai remains the 'Old Money' capital, Bengaluru is emphatically the 'New Money' capital. What’s exciting is the emergence of specialized wealth clusters—pharma in Hyderabad, SaaS in Chennai and Pune. This signifies a maturing and decentralizing economy."
Dr. Siddharth Mehta, a leading urban economist, added, "We're seeing powerful network effects. Bengaluru's tech success attracts more talent, which in turn attracts more investment, creating a self-sustaining cycle of innovation and wealth. This is the model that other aspiring cities are now looking to emulate."
