There are 264,000 millionaires and 95 billionaires across the nation, according to New World Wealth, a firm tracking such data.

In the figures, “total wealth” is the private wealth held by all the individuals in each country. It includes all their assets (property, cash, equities, business interests) less any liabilities. Government funds are stripped out of the figures.

Growth has been rapid, as recent evidence from other sources suggests. Last August, a report by Kotak Wealth Management, a local firm, and EY said the wealth of ultra-high net worth individuals in India, to take one specific group, is expected to rise by 23 per cent during the latest financial year period for 2015, with their total wealth standing at $1.964 trillion.

While growth has been strong, the onshore India market remains dominated by domestic players, and some foreign firms have faced regulatory and other headwinds, although this may be changing. Last year, Royal Bank of Scotland sold its private bank operation in India to Sanctum Wealth Management. HSBC, meanwhile, sold its private banking business in India, saying it was unable to make a sufficient profit; Morgan Stanley has also pulled out wealth operations from the country. The existence of a large and growing pool of wealth among a rising middle class has not automatically translated into more business for certain firms.

Mumbai and other cities
Mumbai, which is home to 45,000 millionaires and 28 billionaires, has total wealth of $820 billion, according to the New World Wealth figures. The city is home to the Bombay Stock Exchange and a number of industries, including banking and wealth management.

In second spot is Delhi. Total wealth held in the city amounts to $450 billion. Delhi is home to 22,000 millionaires and 18 billionaires.

Turning to Bangalore, known as a “Silicon Valley” of India because of its IT sector, it is home to wealth totalling $320 billion and is the location for 7,500 millionaires and eight billionaires.

In Hyderabad, where industries such as pharmaceuticals, IT and business process outsourcing are important, total wealth held in the city is $310 billion and it is home to 8,200 millionaires and seven billionaires.

Other locations mentioned in the report are Kolkata ($290 billion, 8,600 millionaires and 10 billionaires); Pune ($180 billion, 3,900 millionaires and five billionaires); Chennai ($150 billion, 6,200 millionaires and four billionaires), and Gurgaon ($110 billion, 3,600 millionaires and two billionaires).

(Editor's note: We are working on a study of why, despite the impressive statistics and some of the growth, international firms have at times struggled to make inroads into the Indian wealth management market. To some extent the prominence of local players, such as HDFC, and a lack of rupee convertability, are factors working against foreigners. UBS and Macquarie have withdrawn some businesses from the country, besides those already mentioned in this report. Even so, the situation seems rather odd at first glance. We would be most interested in any commentary from readers about this matter. They are invited to contact the editor at tom.burroughes@wealthbriefing.com or deputy editor Amisha Mehta, at amisha.mehta@clearviewpublishing.com)