'Fixed Deposits Worth ₹7,000 Crore': Gujarat’s Madhapar Became Asia’s Wealthiest Village; Home To 17 Banks And Global NRI Wealth

When one thinks of a typical Indian village, what possibly comes to mind is farmland, small houses or shops, and free of all the bustlings that are seen in the cities. Seemingly, keeping the beauty in itself, on the outskirts of Bhuj, there is a village in the state of Gujarat known as 'Madhapar' that is not just rich in culture but also in wealth.

With a population of around 32,000, Madhapar holds fixed deposits worth an astounding Rs 7,000 crore marking it as 'Asia’s richest village'.

What drives this immense wealth in Madhapar?

The answer to this lies in its unique demography. Around 65 per cent of the village's families have relatives who live abroad, primarily in African nations like Kenya and Uganda, as well as in the UK, USA, Canada, Australia, and New Zealand.

These Non-Resident Indians (NRIs) dominate the construction business in Central Africa, bringing back considerable wealth to their roots in Madhapar.

Despite being thousands of miles away, channeling funds into their local banks, post offices, and development projects remains strong in this village.

A Village with 17 Banks

Apart from these demographic dynamics, this village has 17 banks. Major public and private banks like HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank, and Union Bank have a presence here, with more financial institutions vying for a spot.

Infrastructural Development

The village also has a visible well-planned infrastructure development. Over the years, the NRI community has played a crucial role in building schools, colleges, healthcare centers, dams, lakes, and temples.

Moreover, the residents of the village take pride in their roots and also have formed the Madhapar Village Association in London to maintain connections and promote the village on a global scale.