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7 Indian cities among top 20 in Asia Pacific to see growth in super-rich

According to a report titled 'Fastest growing cities for the super-rich', Pune saw the fastest growth among the Indian cities in terms of number of super-rich people.

Mail Today Bureau   New Delhi     Last Updated: April 1, 2015  | 07:55 IST
7 Indian cities see growth in super-rich
(Photo for representation purposes only; Souce: Reuters)

Seven Indian cities, including Mumbai and Delhi, have been named in the Asia Pacific (Apac) list of top 20 cities which saw the highest growth in the number of multi-millionaires, according to a report by New World Wealth. Pune, Hyderabad, Bangalore, Chennai and Kolkata are the other Indian in the Apac list for the decade ended December 2014. Ho Chi Minh City, Vietnam, topped the list.

A millionaire (or high net worth individual) is an individual with net assets of $1 million or more while a multi-millionaire is an individual with net assets of, at least, $10 million, according to the report, titled 'Fastest growing cities for the super-rich'.

Pune saw the fastest growth in terms of number of super-rich people, which increased from 60 in December 2004 to 250 in December 2014, a jump of 317 per cent. After Pune, Mumbai witnessed the sharpest rise in number of multi-millionaires; as of December 2014, it was home to 2,690 multi-millionaires.

During the period, the number of multi-millionaires in Hyderabad increased from 160 to 510. In Bangalore, the number increased from 140 to 440, Delhi (430 to 1,350), Chennai (130 to 390), Kolkata (210 to 570).

The report further said, "In terms of country performance, major countries that registered 200-per cent plus growth included: Russia, Brazil, China, India, Indonesia and Vietnam. All were emerging markets."

The US emerged as the top country in the world for multi-millionaires with 1,83,500 super-rich persons followed by China (26,600) and Germany (25,400). Over the past 10 years, worldwide multi-millionaire numbers have grown by 71 per cent. A region-wise analysis shows that South America was the stand out with multi-millionaire growth of 265 per cent.

India has been ranked at the 8th place on the list with 14,800 multi-millionaires. Hong Kong topped the ranking of cities for resident multimillionaires followed by New York and London. Mumbai was the only city on the list with 2,700 multi-millionaires.

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