Mumbai

Mumbai ranks 47th on wealth index

India to be third-largest contributor of wealthy population in Asia after China, Japan, says report

India has the potential to the become the third-largest contributor in Asia with respect to wealthy population after China and Japan, according to the Knight Frank Wealth Report 2018.

At 54%, India has recorded one of the fastest growths in its super prime population (individuals with net worth of over $50 million) between 2012 and 2017, and will add more than 2,000 such individuals at a higher growth rate of 71% by 2022, the report said.

As per the report, which was unveiled globally on Wednesday, Mumbai ranked 47th on the city wealth index among 314 global cities. Mumbai also figures among the top 20 costliest global cities, where $1 million can buy only 92 square metres of real estate.

The report said Mumbai and Delhi would be among the top 10 markets to witness the highest addition in households earning more than $250,000 annually between 2017 and 2022.

The Knight Frank Wealth Report tracks the super-rich population across 314 cities in 52 countries. The index is drawn from four major indicators such as wealth, investments, lifestyle and future. In 2017 the number of ultra-wealthy (those with $50 million or more in net assets) rose by 11,630, taking the global total to 1,29,730.

In terms of wealth alone, wherein the index measures the number of the ultra-high net worth individuals (UHNWIs), high net worth individuals (HNWIs) and rate of wealth generation in a city, Mumbai ranks in the top 20 with Delhi coming in 22nd and Bengaluru 26th .

As per the findings property investment was amongst the lowest (17%) contributing factors that led to increase in wealth amongst Indians, compared to 30% for Asia and 50% globally. The investment allocation into property in India (36%) was lower than Asia (39%) and globally (43%).

Samantak Das, chief economist and national director, research, at Knight Frank India, said, “India is one of the major drivers of the UHNWI population growth in Asia, which is a bright spot in the global landscape.”

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Printable version | Feb 17, 2020 1:19:00 AM | https://www.thehindu.com/news/cities/mumbai/mumbai-ranks-47th-on-wealth-index/article22987349.ece

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