Mumbai world’s 12th most wealthy city; Has the most ultra-millionaires in India

Even as the distribution of wealth in India continues to be asymmetric, it seems the population of the rich is rapidly on the rise and swelling faster than in any other country. According to the latest issue of The Wealth Report by Knight Frank, launched globally on Wednesday, Mumbai ranked as the world’s 12th most wealthy city, bettering its No. 18 spot in 2017, while London secured top position despite Brexit concerns, reclaiming it from New York. India is also the leading country with 116 per cent growth in its billionaire population and leads the growth of Ultra High Net Worth Individuals (UHNWI) globally.

The number of billionaires in India has grown from 55 in 2013 to 119 in 2018, while the number of millionaires has gone up from 251,000 in 2013 to 326,052 in 2018. The number of billionaires from Asia is projected to rise by 27 per cent, surpassing North America and Europe in four years. While UHNWIs or ultra millionaires are defined as individuals with ₹225 crore worth of investible surplus, billionaires are individuals with ₹7,200 crore worth of investible surplus, and millionaires are those with ₹7.2 crore worth investible surplus. If the number of UHNWIs in India is estimated at 1,947 at present, Mumbai houses 797 of them, Delhi 211 and Bengaluru 98, while out of the billionaire population of 119, Bengaluru is home to 33, Mumbai to 19, Delhi to 8 and the rest are scattered across the country and abroad.

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Cities in India are often overshadowed by Mumbai’s success, but Bengaluru, often dubbed as India’s answer to Silicon Valley, is expected to disrupt the narrative. Bengaluru tops the list of five urban centres across the world that are likely targets for future property investment, followed by Hangzhou, Stockholm, Cambridge and Boston. While Mumbai still houses most of India’s millionaires and ultra millionaires, Bengaluru is where the concentration of India’s richest is to be found, with 33 billionaires who have made it their home. Eight of the top 10 are in Asia, with India leading with 39 per cent growth in the next five years, followed by the Philippines (38 per cent) and China (35 per cent). Data from the ‘attitudes survey’ found 24 per cent of Indian UHNWIs have property investments outside India, up from 21 per cent, but their preferred avenues of investment for passion saw art topping the list.