India may not rank among the richest countries in the world, but a village in the western state of Gujarat is the wealthiest village in Asia.
Despite India being home to 200 billionaires, including the Ambani family that has roots in Gujarat, none of them reside in this village or have any direct ties to it. There are no major industries or businesses located here. So, what makes this village the wealthiest in a continent that includes economic powerhouses like Singapore, UAE, and Qatar? Scroll down to find out…
The wealthiest village in Asia, where the residents hold Rs 7,000 Crore in fixed deposits, is located in India. Find out which state it’s in and the source of this money
Madhapar, a village in Gujarat’s Kachchh district, is Asia’s richest village according to The Times of India, NDTV and other reports. With a population of around 32,000 people, the village is predominantly inhabited by the Patel community. The closest major city to Madhapar is Porbandar, famous for being the birthplace of Mahatma Gandhi.
Madhapar is a well-developed village boasting of basic amenities like well-maintained roads, water supply and sanitation. The village houses bungalows, schools, healthcare institutions and multiple temples. Yaksh Mandir is the most popular temple here, which houses the 72 Yakshas, who are the revered folk deities of the Jakh community.
What sets Madhapar apart from typical rural villages is its astonishing banking infrastructure. The village is home to 17 banks, including major public and private institutions like HDFC Bank, Union Bank, ICICI Bank, State Bank of India, Punjab National Bank, and Axis Bank. Together, these banks hold a staggering Rs 7,000 crore in fixed deposits, according to NDTV, a figure that makes the village exceptionally wealthy.
The village has a strong connection with its NRI families. Approximately 1,200 families from the village reside abroad, primarily in African countries. Despite living far from home, these families prefer to deposit substantial sums of money (converted from foreign currency) into the local banks and post offices rather than in the countries where they live. This influx of money is the primary source behind the village’s affluence. Apart from this, agriculture plays an important role in the economy of the village. Agricultural produce exported from Madhapur to the rest of the country include mangoes, sugarcane and corn.
Madhapar also has an organisation called the Madhapar Village Association, which was established back in 1968 in London. This association was created to maintain and strengthen the connection between people from Madhapar who had settled overseas.
