Mumbai ranked ahead of Washington, Moscow in City Wealth Index

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Mumbai-Main

Knight Frank Wealth Report 2017 released on March 1 ranks Mumbai on the 21st position in the world in City Wealth Index’. As per the report, the financial capital is ahead of Toronto, Washington DC and Moscow.

The results are based on responses from 900 leading private bankers and wealth advisers. The High Networth Individuals (HNIs) are those who have net assets worth $ 30 million (estimated Rs 200 crore).

The HNIs in India has risen by 290% during the past decade. India houses as many as 2% of the world’s millionaires, and 5% of the world’s billionaires.

Delhi at 35th position is ahead of Bangkok, Seattle and Jakarta, while the report courses the line of the growing super rich population in 125 cities across 89 countries.

Various views have been provided on issues influencing HNIs investment and lifestyle decisions.

In India, Mumbai leads the rat race with 1,340 HNIs followed at a distant 680 by Delhi. Kolkata followed with 280 and Hyderabad 260 HNIs.

The report says Mumbai ranks 11 in the ‘future wealth’ category out of 40 global cities, including Chicago, Sydney, Paris, Seoul and Dubai.

Meanwhile, “a significant balance of wealthy Indians may invest in residential property in the next two years,” it said. As per the survey report, 40% of rich Indians may invest in residential property in the next two years, while 25% are keen to look out for overseas avenues. However, to own a home, the HNIs in India prefer countries such as Singapore, UK, UAE, USA and Hong Kong.”

In terms of most expensive prime residential property, Mumbai climbed up the ladder from 18 to 15 position, ahead of Istanbul, Melbourne and Dubai, as per the report.