Nagpur has 3,700 dollar-millionaire households, each possessing at least ₹9 crore in investible funds based on the current dollar-rupee exchange rate, according to a market assessment by HSBC Bank. The bank opened its branch in the city on Saturday.
NRIs and Wealth Assessment
Bank experts noted that if non-resident Indians (NRIs) maintaining ties with Nagpur are included, the number of dollar-millionaire households would increase further. The assessment is part of HSBC's standard evaluation when establishing a new branch.
Nagpur's Share in National Wealth
Ranked the 13th-largest city by population, Nagpur accounts for 0.42% of India's dollar millionaires. The country has over 871,700 dollar-millionaire households, as per the bank's estimates. Investible surplus refers to readily available liquid funds, primarily bank deposits, that can be deployed across various asset classes. The total value of investments, including real estate, held by these households could be significantly higher, a bank source revealed.
Industrial Growth and Branch Opening
Nagpur hosts 4,361 industrial and commercial units with a combined investment of ₹81,763 crore as of 2025, making it second only to Pune in the region. The HSBC branch was inaugurated by Union Minister Nitin Gadkari. Counting dollar-millionaires is a standard procedure for the bank when entering a new market, said sources. HSBC aims to tap into this affluent segment with its wealth management services.
Sandeep Batra, Head of International Wealth and Premier Banking at HSBC, stated, 'Considering the total number of dollar millionaires in India, Nagpur has a good share indeed.' The bank's presence in Nagpur is expected to cater to the growing demand for premium banking and investment advisory services.
