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Forbes India Rich List 2023: Top cities with highest number of billionaires

While Mumbai and Delhi lead the way, a handful of billionaires is also emerging from smaller cities like Coimbatore, Thrissur and Haridwar

Fazal Rahim
Published: Oct 30, 2023 01:09:24 PM IST
Updated: Oct 30, 2023 01:30:20 PM IST

Mumbai has the highest number of billionaires in India.
Image: ShutterstockMumbai has the highest number of billionaires in India. Image: Shutterstock


Mumbai, the financial capital of India, has the highest number of billionaires in India. According to the Forbes India Rich List 2023, it houses 33 billionaires out of the top 100 richest people in the country. The city is home to business tycoons such as Mukesh Ambani,  Kumar Manglam Birla, Radhakishan Damani, Dilip Shanghvi and the Bajaj family.


Delhi, which is home to 20 billionaires, stands in second place. The capital has attracted the wealthiest people in the country for a long time. It has the headquarters of conglomerates with diversified businesses, and is home to influential businesspersons like  Savitri Jindal, Sunil Mittal, Shiv Nadar and Kushal Pal Singh.

Also read: Forbes India Rich List 2023: The top 20 billionaires are wealthier than the next 80 combined


Bengaluru ranks third, with ten out of the top 100 billionaires. Called the Silicon Valley of India, it is no surprise that most of the billionaires in Bengaluru, such as Azim Premji, NR Narayan Murthi, and Nandan Nilekani, are leaders of the IT industry.


Ahmedabad has seven billionaires. The city is one of the biggest manufacturing hubs in India. Most of the billionaires of Ahmedabad have their roots in manufacturing businesses. The notable names of the city are Gautam Adami, Hasmukh Chudgar, Karsanbhai Patel and Pankaj

Also read: Forbes India Rich List 2023: Nine out of 100 billionaires in India are women

Pune and Hyderabad

Pune and Hyderabad have four billionaires each. Four of them are the heads of health care companies, two have construction businesses, and two are the chairmen of automotive companies. The prominent billionaires of Pune and Hyderabad are Cyrus Poonawala, Baba Kalyani, Reddy Family and Murali Divi.

Mumbai has the highest number of billionaires in India.
Image: Shutterstock


Kolkata has three billionaires. Other prominent billionaires are based in London and the UAE. Hinduja family and Laxmi Mittal reside in London, while Renuka Jagtiani and Ravi Pillai are residents of Dubai.

Many businessmen in the top 100 list have their roots in the smaller towns that eventually moved to cosmopolitan cities like  Delhi and Mumbai. However, some new billionaires prefer their smaller cities for company headquarters and residence.

Also read: Billionaires with diversified businesses top the Forbes India Rich List

Joy Allukkas, the 50th richest person in India, has chosen Kochi and Thrissur for his residence and company headquarters. MA Yusuff, the chairman of LuLu International, has also chosen Kochi for his residence and the India headquarters of his company. KP Ramaswamy,  founder and chairman of KPR Mill, is based in Coimbatore.

Acharya Balkrishna, chairman of FMCG giant Patanjali Ayurved, is long- based in a relatively smaller city, Haridwar. Sridhar Vembu, the founder and CEO of Zoho Corporation has moved his residence and office to Tenkasi, a rural town in Tamilnadu.