Mumbai Home To 30 Of 68 Indian Billionaires


BENGALURU: Latest in news is the recent survey of Knight Frank Wealth Report 2015, which tallies number of billionaires around the world and ranks them according to the number of billionaires existing in a country. According to the survey, among the 68 billionaire residing in India, 30 are the residents of Mumbai, reports by Times of India.

As per the survey, the U.S. and China hold first and second position, with 515 and 184 billionaires respectively. India acquired the seventh position among all 97 countries surveyed, with 68 billionaires. The report also reflects a survey on UHNWI, Ultra High Net Worth Individuals, in which India Hold 20th position with 1652 UHNWIs. These are people with a net worth of $30 million and more. Mumbai has emerged as the home to most of the billionaires in both the reports, followed by Delhi and Hyderabad. It is assumed that the population of billionaires in Mumbai will rise by 110 percent by 2024.

As the total number of billionaires all around the world is 1, 844, it is revealed that India has seen almost 82 percent of increase as compared to that of ten years ago. Liam Bailey, the global head of research at Knight Frank said, “The most rapid growth in wealth will be seen in Ho Chi Minh City, Jakarta, Mumbai and Delhi.”                                                                                                                                                                                 

Most of the investments done by the Indians are in watches, art and jewelry. Shishir Baijal, chairman and MD of Knight Frank, India said that it is expected that wealth in India is expected to accelerate as the number of UHNWIs will double over the next ten years. According to him this is a good, as 2014 reflected a sharp devaluation of Rupee.

The report mentions that the European UHNWIs hold most of the wealth in the world with almost $6.4 trillion of treasure chest. In 2014, almost 15 people a day joined the ultra wealthy list with a net worth up to $30 million.

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