UK's ultra-rich set to grow by a third in 10 years

A wealth report by Knight Frank has put Mumbai at 21st position, ahead of global cities like Toronto, Washington DC and Moscow in "City Wealth Index". The Wealth Reports yearly issue provides a unique perspective on the issues that are influencing UHNWI investment and lifestyle decisions.

The report further said that the Ultra High Net Worth Individuals (UHNWIs) in India increased by 12% between 2015-16 and is forecast to grow by 150% over the next decade (2016-2026), according to The Wealth Report by Knight Frank. This year's survey results are based on responses from nearly 900 of the world's leading private bankers and wealth advisors. In terms of most expensive prime residential i.e. the square metres of prime property $1 million can buy, Mumbai climbed up to rank 15 from 18 a year ago, ahead of Istanbul, Melbourne and Dubai.

Currently, India has 264,300 millionaires that constitute 2% of the world's total number of millionaires, and 5% of the world's billionaires or 95 are Indians, the report showed.

However, the research also found there are now 6,570 ultra high net worth individuals living in NY, easily outranking London's figures of 4,750.

The HNIs in India has risen by 290% during the past decade.

In India, Mumbai had the maximum number of UHNWIs in India with 1,340 individuals.

"Even though the residential market in India is reeling under pressure, 40 per cent of wealthy Indians are likely to invest in residential property in India in the next two years while 25 per cent are keen for overseas avenues", Das added.

Despite the uncertainty across the globe, wealth creation actually gathered some momentum during 2016, leading to a modest increase in the global population of ultra-wealthy people and reversing last year's decline. Kolkata followed with 280 and Hyderabad 260 HNIs.

In terms of most expensive prime residential i.e. the square metres of prime property US$1m will buy, Mumbai climbed up to rank 15 from 18 previous year, ahead of Istanbul, Melbourne and Dubai.

  • Zachary Reyes