India’s financial hub Mumbai, which is home to 41,200 millionaires, and national capital Delhi, which houses 20,600 high net worth individuals, have been named among the top Asia Pacific cities for HNIs.
According to the Asia Pacific 2016 Wealth Report, by New World Wealth, Tokyo is the top Asia Pacific city for the ultra-rich with 2,64,000 millionaires, while Mumbai and Delhi got featured in the 12th and 20th rank respectively.
High Net Worth Individuals or HNWIs (millionaires) were defined as those individuals with net assets of USD 1 million or more.
Over the past 10 years, Jakarta was the fastest growing major city in Asia Pacific in terms of millionaire growth followed by Hangzhou and Tianjin in the second and third place respectively.
Mumbai and Delhi closed the top five cities as they registered a growth of 357 per cent and 335 per cent respectively between 2000-2015.
Going forward, Mumbai and Delhi are expected to cement their position further in terms of HNWIs growth and by 2025 these two Indian cities are likely to be among the top three cities by HNWI growth. Jakarta, however, will continue to be the top performing Asia Pacific city.
In terms of number of multi-millionaires (individuals with net assets of USD 10 million or more), Hong Kong topped the list with 9,650 such individuals, while Mumbai was ranked at the eighth place with 2,690 super-rich people and Delhi was placed at the 14th place with 1,340 such individuals.
Further, as many as six Indian cities got featured among ’emerging Asia Pacific cities’ with less than 10,000 HNWIs.
According to the report, the six cities include Kolkata which is home to 8,700 HNWIs, Hyderabad (7,800), Bangalore (6,700), Chennai (6,000), Pune (3,800) and Ahmedabad (3,700).
For multi-millionaires, the emerging Indian cities include, Kolkata (560 such individuals), Hyderabad (510), Bengaluru (430), Chennai (390), Pune (240) and Ahmedabad (230).
India is home to the fourth largest population of millionaires in the Asia Pacific region, with 2.36 lakh such high net worth individuals.
At the end of 2015, there were, 12,60,000 millionaires in Japan, while China ranked second with 654,000 HNWIs and Australia was at the third place had 290,000.
