Most Rich Indians prefer Maximum City Mumbai as home
India’s most cosmopolitan city – Mumbai
As per Knight Frank’s Wealth Report 2016, released on Wednesday, Maximum City- Mumbai has the maximum number of ultra-high-net worth individuals at 1094, followed by Delhi at 545. This number is going to increase to 2,243 in Mumbai and 1,128 in Delhi over the next decade.
UHNWI are defined as individuals with net assets, excluding primary residence, of over $30 million (around Rs.204 crore). The data in the 2016 report by New World Wealth, wealth intelligence company, shows that there are 1,87,500 UHNWIs across the world.
As against a global growth of 68% to 1919 billionaires, the number of billionaires has increased exponentially by 333% to 78 over the last decade. It is expected that in the next decade, 6% of the world’s billionaire population will be from India.
Places rich people prefer to stay
As per the Attitudes Survey of Knight Frank’s Wealth Report, London for the second consecutive time has beaten New York to win the title of most important city to UHNWIs.
The survey, the latest from the stable of the ultra-wealth intelligence consultancy Wealth-X, has incorporated the views and opinions of approximately 400 of the world’s leading private bankers and wealth advisers. Pooled wealth amounting to over half a trillion dollars for around 45,000 UHNWIs is managed between these 400 bankers and wealth advisers.
According to the survey, while investments on commercial property only constitute 11%, residential real estate constitute almost a quarter of the average UHNWI’s investable wealth. On exploring the distinct factor or reason for UHNWIs to buy residential property, 55% of the respondents indicated the ability to sell in future.
The report says, “Over the past 10 years, 54% of the respondents said their clients had increased their allocation to residential property. Just over 40% expected it to increase further over the next 10 years, with 30% of clients likely to consider a residential purchase in 2016.”
