Fact check: Does Mumbai really have 28 billionaires?
A post on Instagram claiming that Mumbai is home to 46,000 millionaires and 28 billionaires and that it is the richest city in India has gone viral.
By Nivruthi Pasupunuri Published on 31 Aug 2021 3:08 PM GMT
Hyderabad: A post on Instagram claiming that Mumbai is home to 46,000 millionaires and 28 billionaires and that it is the richest city in India has gone viral. This post has received more than 2,000 likes.
It is pertinent to note that the claim has been posted by the page Better_facts which claims to post unbelievable and amazing facts.
Fact Check:
This information is false.
Mumbai is known as the business and trade hub of India. It is home to one of the richest people in the world, Mukesh Ambani. However, it does not have 28 billionaires. In fact, it has a whopping 48 dollar billionaires, according to a report by the Hindustan Times.
The same can be cross-referenced with the annual Forbes Billionaire list.
On the other hand, the number of millionaires has been grossly overestimated. The number of millionaires in Mumbai is 16,933 according to an article by The New Indian Express. The article also reported that India is home to a mammoth 4.12 lakh millionaire households out of which Mumbai has the highest.
Another article by the Hindu Business Line reported that there were 16,933 millionaires in Mumbai. It also said Mumbai contributes 6.16 to the GDP.
Lastly, while there is no doubt that Mumbai is the richest city in India, the numbers in the Instagram post are wrong. Mumbai is home to 950 billionaires and not 820 as reported in the post. This has been confirmed by Quartz India in this article
The same has also been reported by several news agencies like the Economic Times and Hindustan Times.
Hence, the claim that Mumbai has 28 billionaires and 46,000 millionaires is false.
