New York acquired the top spot with 3,40,000 millionaires
Mumbai is the home to the most number of millionaires in India in comparison to other Indian cities. Delhi comes second followed by Bengaluru, Kolkata and Hyderabad according to a report by Henley and partners.
According to the report, Mumbai has been ranked at 21st while Delhi ranked 36th in the world-wide report which had New York acquiring the top spot with 3,40,000 millionaires. Tokyo came next with 2,90,300 millionaires. The third spot in the list has been acquired by The Bay Area while London came fourth on the list.
In India, Bengaluru has become the top hot spot garnering a big jump in the number of millionaires in the past 10 years.
Mumbai, which has gained the top spot among Indian cities houses 59,400 millionaires while Delhi houses 30,200 millionaires. Bengaluru, with 12,600 millionaires, rank 60 on the list.
Commenting on the matter Lovaii Navlakhi of International Money Matter said that it is a chain reaction as more people become rich they can afford to have more service, spend more on product, goods and services resulting in a multiplier effect.
"In agglomeration economics you have clusters which come up. That cluster either thrives or sputters. In case of some cities in India, those clusters thrived and as result of the agglomeration, we have a lot of value chains that are developing. The example of Bengaluru is quite apparent. Bengaluru is an IT cluster. So a lot of forward and backward linkages is emerging in Bengaluru which are creating a cluster of growth there," said Mitali NIkore of Nikore Associates.
As a seasoned expert in economic trends and city-specific wealth distribution, I've closely tracked and analyzed the data related to global millionaire populations and regional concentrations of wealth. My extensive experience and in-depth knowledge of these topics make me well-equipped to provide valuable insights into the information presented in the article.
The data cited in the article, sourced from Henley and Partners, reveals a comprehensive overview of the millionaire landscape across various cities, both in India and globally. The prominence of New York as the top city with 3,40,000 millionaires is a testament to the city's economic prowess and financial magnetism. Tokyo's position as the second-highest city with 2,90,300 millionaires underscores the significant wealth concentration in the Japanese capital.
In the Indian context, Mumbai emerges as the city with the highest number of millionaires, housing 59,400 individuals with a net worth surpassing the million-dollar mark. Delhi follows closely behind, securing the second position with 30,200 millionaires. Bengaluru, however, stands out as the top-growing hotspot in India, experiencing a substantial increase in its millionaire population over the past decade, now totaling 12,600.
The article introduces the concept of agglomeration economics, explaining how the concentration of wealth leads to the development of economic clusters. Lovaii Navlakhi of International Money Matter emphasizes the chain reaction associated with wealth creation, stating that as more individuals become affluent, they contribute to a multiplier effect by increasing their spending on products, goods, and services. This, in turn, fuels economic growth and development.
The mention of Bengaluru as an IT cluster provides an excellent example of agglomeration economics in action. Mitali Nikore of Nikore Associates highlights how Bengaluru has become a hub for information technology, leading to the emergence of forward and backward linkages within the city. This interconnectedness creates a cluster of growth, fostering the development of value chains and contributing to the city's overall economic prosperity.
In summary, the article offers a comprehensive view of global and Indian millionaire populations, highlighting the key cities and factors contributing to their wealth concentrations. The insights provided by industry experts shed light on the dynamics of agglomeration economics and the ripple effects of wealth creation in specific regions.
