India's ultra high net worth population, those with assets of over US$30 million, has increased 46 per cent between 2007 and 2011, to 1,576 today. But the question on every private banker's lips is, where do they all live?

The country's ultra rich have traditionally favoured Mumbai and Delhi as their homes, according to a new report from London-based data provider WealthInsight. But other cities have recently been catching up as the preferred abodes of the country's ultra high net worth individuals. 

Mumbai is home to 37 per cent or 577 UHNWs. Delhi has the second highest number of Indian multi-millionaires (147) followed by Kolkata (126), Hyderabad (114) and then Bangalore (97), showed the report. 

But the number of multi-millionaires in Pune, Maharashtra’s second city after Mumbai, grew by the largest amount (68 per cent) over the period between 2007 and 2011. Pune has 55 UHNWs. The number of UHNWs in Mumbai also grew strongly over the period, by 59 per cent.
 
According to WealthInsight analyst Sunil Agarwal: “Pune’s rise was aided by its proximity to Mumbai and by robust growth in the local automotive, manufacturing and technology sectors”.

The number of multi-millionaires in Bangalore and Hyderabad was also boosted by strong growth in their services sectors, which make up the bulk of multi-millionaire wealth in these two cities.