It is widely known fact that Mumbai and Delhi NCR hold the chunk of Indian wealth. In an attempt to see how this works out in terms of distribution of market capitalisation of India across the states, data shows about 66.17% (that is about two-thirds) of the market cap is located in the states of Maharashtra (with 38.35%) and Delhi NCR (with 27.82%), underlining the serious concentration of wealth in these two regions.

The data is applicable for BSE 500 companies. Besides Maharashtra and Delhi NCR, other key states where there is significant market cap are: Karnataka (7.74%), Gujarat (7.48%), Andhra Pradesh (4.95%), Tamil Nadu (4.02%) and West Bengal (3.83%), shows data from Delhi-based SMC Capitals. NCR includes Delhi, Noida, Gurgaon and Faridabad. The market capitalization of a city or state is dependent on the number of companies in that location. Within these states, there is significant concentration of market cap in the leading city of that state. For example, Mumbai represents 94.61% of Maharasthra's market cap, Bangalore represents 91.71% of Karnataka's market cap, Hyderabad represents 98.14% of Andhra Pradesh's market cap, Kolkata represents 100.00% of West Bengal's market cap, data shows.

"As of now, there is heavy concentration of wealth in very few metro cities of India in terms of market cap. As the Indian economy keeps evolving, tier-2 and tier-3 cities may catch up gradually, to bring-in more equitable distribution of wealth across the country," said Jagannadham Thunuguntla, equity Head, SMC Capitals, a merchant bank. In terms of cities, Mumbai has 36.28% share of total market cap, indicating that more than one-third of Indian market cap is contributed from the city of Mumbai alone.