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Fact Check: Is Mumbai really a home to 46,000 millionaires and 28 billionaires?

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An Instagram post is getting claimed that “Mumbai is home to 28 billionaires and 46,000 millionaires and is considered as the richest city in India“, has gone viral. The post has got more than 2,415 likes and was posted on 23rd August,2021.

The claim has been posted by the page Better_facts on Instagram which claims to post amazing unbelievable facts.


Fact Check:

The information is considered false as Mumbai is known as the trade and business hub of India. It does not have 28 billionaires. In fact, Mumbai has 48 dollar billionaires as it added 10 billionaires last year. Mukesh Ambani, chair of conglomerate Reliance Industries and now Asia’s richest man, doubled his net worth to nearly $85 billion, about one-third to Mumbai billionaires’ total wealth, according to Forbes.

The same can be cross referenced with the annual Forbes Billionaire list.

Moreover, the number of millionaires has been extremely overestimated. According to an article published by The New Indian Express, the number of millionaires in Mumbai is 16,993. It further said that India is a home to a mammoth 4.12 lakh millionaire households out of which Mumbai has the highest.

Also an article published by the Hindu Business Line stated that there were 16,933 millionaires in Mumbai. It further said Mumbai contributes 6.16 to the GDP.

There is no question that Mumbai is the richest city in India. However, the figures in the Instagram post are wrong and thus spreading misinformation in the society.

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DFRAC Editor
DFRAC Editor
Digital Forensics, Research and Analytics Centre (DFRAC) is a non-partisan and independent media organisation which focuses on fact-checking and identifying hate speech. With the popularisation of the internet came the challenge of information overload and often times, our feeds are overpopulated with conflicting, incendiary and false information which is increasingly becoming difficult to ignore and not believe in

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