Millennium Post

Super-rich enjoy super growth in 7 Indian cities

Pune, Hyderabad, Bangalore, Chennai and Kolkata are the other Indian cities in the list of 20 cities in Asia Pacific (APAC) for the decade ended December 2014, said the report by New World Wealth. Ho Chi Minh City, Vietnam topped the list.

A millionaire (or HNWI) is an individual with net assets of $1 million or more, whilst a multi-millionaire is an individual with net assets of at least $10 million, as per the report titled ‘Fastest growing cities for the super-rich’. Pune saw the fastest growth in terms of number of super-rich people which increased from 60 in December 2004 to 250 in December 2014, a jump of 317 per cent.

After Pune, Mumbai witnessed the sharpest rise in number of multi-millionaires. As of December 2014, it was home to 2,690 multi-millionaires. During the period, the number of multi-millionaires in Hyderabad increased from 160 to 510. In Bangalore the number increased from 140 to 440, Delhi (430 to 1,350), Chennai (130 to 390), Kolkata (210 to 570). The report further said, “In terms of country performance, major countries that registered 200 per cent plus growth included: Russia, Brazil, China, India, Indonesia and Vietnam. All were emerging markets”. Meanwhile, the US has emerged as the top country in the world for resident multi-millionaires with 1,83,500 super-rich persons followed by China (26,600) and then Germany (25,400).
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