You are here: Home » Current Affairs » News » National
Business Standard

Mumbai home to most number of billionaires in India: report

With 1094 billionaires, Mumbai leads the country, followed by Delhi at a distant second with 545

Topics
Billionaires

BS Reporter  |  Mumbai 

Country's 100 richest saw their net worth inch up 2.5% even as Sensex slid over 16% in the year to January

Mumbai leads the country with 1,094 ultra high networth individuals, followed by Delhi with 545, said a latest Knight Frank Wealth Report. The next decade will see Mumbai increase to 2243 and Delhi to 1128 UHNWIs, the report released on Wednesday said.

In the last 10 years, billionaire count (with $1 billion networth or more) in India jumped by 333% to 78 persons from 18 in 2006. The global growth in the number of during the last 10 years has been much lower at 68%. There are an estimated 1,919 in the world at present.

In property ownership, Indians have scored. Average number of residential properties owned by wealthy Indians stands at 4, which is highest in the world. The global average stands at 3.7, according to the report.

"Among Indian cities, Mumbai leads the pack followed by New Delhi. Going forward, Mumbai will continue to maintain its number one position but the rate of growth in UHNWI population will be marginally higher in New Delhi than in Mumbai,” said Samantak Das, chief economist at Knight Frank.

Out of 97 cities globally, Mumbai and Delhi currently ranked at 21 and 33 respectively; they are slated to move up to ranks 14 and 29 respectively by 2025.

In the last 10 years, UHNWI count in India rose by 340% to 6,020 persons whereas global growth was just 61% to 1,87,468.

“India will account for 5% of the total UHNWI population and 6% of the billionaire population• across the world by 2025,” it said.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, March 02 2016. 18:18 IST
RECOMMENDED FOR YOU
.