Imagine a village with 17 bank branches, where residents collectively hold fixed deposits worth around Rs 7,000 crore. This is not a description of a wealthy urban neighbourhood. It is Madhapar, a village on the outskirts of Bhuj in Gujarat’s Kachchh district. Madhapar has frequently been described as Asia’s richest village, based on the enormous value of fixed deposits held by its residents. According to a 2025 report by NDTV, residents of the village had fixed deposits worth around Rs 7,000 crore.The striking part of the story is not just the amount of money. It is where much of that money has come from.
A village with 17 banks
The Madhapar Village Association was established in London in 1968 with the aim of keeping people living abroad connected to their native village.
For a village, 17 bank branches is an unusual number. As per various media reports, Madhapar has branches of several major banks, including Axis Bank, HDFC Bank, ICICI Bank and Union Bank, among others. Reports have put the village’s population at around 92,000 and around 7,600 households. What is consistent across reports is the unusual concentration of wealth and banking activity.
The money did not come from farming
Madhapar’s wealth has a strong connection with its overseas community. A significant number of families from the village have members living and working abroad, particularly in countries such as the UK, US, Canada, African nations and the Gulf. Many of them have built businesses and careers overseas while continuing to maintain close financial links with their hometown.According to a TOI report, these overseas Indians have regularly sent money back to Madhapar, with funds going into local banks and being used for families as well as community development. This overseas connection has existed for decades. The Madhapar Village Association was established in London in 1968 with the aim of keeping people living abroad connected to their native village. The association also has an office in Madhapar. That connection helps explain why money earned thousands of kilometres away continues to find its way back to Madhapar.
Why do so many people still keep their money here?
Madhapar has paved roads, schools, colleges, hospitals, parks and 17 banks.
The answer is partly emotional, but also financial. Many families who moved abroad did not sever their connection with Madhapar. Their relatives continued to live in the village, while the money they earned overseas was sent back home. According to media reports, these funds have been deposited in local banks and post offices over the years.A 2024 report by Cafe Mutual, quoting a local mutual fund distributor, said much of the wealth had come from NRIs, although local business and agricultural activity also contributed. It also reported that many people had opened bank accounts before going overseas and later preferred fixed deposits as a way of keeping their savings in India.
The money is visible in the village too
The wealth has also helped Madhapar develop facilities that are not usually associated with a rural settlement. Reports describe the village as having good roads, schools, colleges, healthcare facilities, parks, lakes, dams and other community infrastructure. As reported by ET Edge Insights, Madhapar has paved roads, schools, colleges, hospitals, parks and 17 banks, giving the village an appearance closer to a developed town than a conventional rural settlement.The overseas community has played a role in supporting such development, with money sent back not only for individual families but also for education, healthcare and community projects.
Madhapar is much older than its wealth story
A street in Madhapar.
The village’s history goes back much further than its reputation as a wealthy settlement. According to a TOI report, The story of Madhapar goes as far back as the 1400s, when the Mistris of Kutch, an artisan Kutch Gurjar Kshatriya community, migrated from Rajasthan and first settled in the area. It was named after Madha Kanji Solanki, a Kutch Gurjar Kshatriya leader, who laid the foundation of the village in 1473–1474. Around 1576, The Patel Kanbi community settled in the village. These two communities account for the majority of Madhapar’s current demography.Its modern identity, therefore, has two very different sides: an old village with deep roots in Kutch and a community whose economic links now stretch across continents. Much like its history, the village’s prosperity is rooted in migration. In the 1960s and 70s, many families from Madhapar left for the United Kingdom, the United States, Australia, and Africa.
