Madhapur is Asia’s Richest Village

With more than Rs. 1,800 crore fixed deposits in the banks, the Madhapur village near Bhuj in Gujarat is the Asia’s richest village according to a latest survey. The Madhapur village has a population of 15,000 and the per capita deposit averages Rs. 12 lakh, which is the highest ever in entire Asia.

Majority of the kith and kin of the Madhapur villagers reside in foreign countries in Africa, the US and UK and the Gulf. Close to 65% of the NRIs from the village, mostly Patels, make huge remittances to their families in the village and these remittances are deposited in post offices and nationalized banks, with Rs. 900 crore deposits in 10 nationalized banks in the village. Even the women work and the interest of theirdeposits remain intact.

Interestingly, most of the NRIs are workers and building contractors living abroad and their remittancesresult in Madhapur becoming the Asia’s richest village. These workers, upon returning to Madhapur, become builders and spread their wealth. However, despite being the richest, the villagers lead a very simple life and still live in old, ancestral houses