Thursday, March 12, 2015

Hot News Thirty of India' s 68 billionaires live in Mumbai

Thirty of India's 68 billionaires live in Mumbai, making the country's financial capital sixth on the list of 20 global cities surveyed in the Knight Frank Wealth Report 2015 released on March 9. Planning to live among the billionaires? Check out the high-end properties in Mumbai - On top of the billionaire population list is New York with 114 followed by Moscow (91), Hong Kong (53), London (49) and Beijing (37). With 68 billionaires, India has been ranked seventh of the 97 countries surveyed in the report. USA heads the list with 515 billionaires (see chart). The report stated that Mumbai's billionaire population will grow 110% by 2024. Over the next decade, only USA, China and Russia will have more billionaires than India, said the report. Globally, 830 people joined the ranks of the billionaire club in the past decade, with 53 individuals becoming billionaires in 2014 alone. Total number of billionaires in the world now stands at 1,844, an 82% increase from ten years ago. ''The most rapid growth in wealth will be seen in Ho Chi Minh City, Jakarta, Mumbai and Delhi,'' said Liam Bailey, global head of research at Knight Frank. The report has also done a separate survey on Ultra High Net Worth Individuals (UHNWI). These are people having net worth of $ 30 million and more. India ranks 20 with 1,652 UHNWI. Within India, Mumbai is expected to see the fastest rise in UHNWI followed by Delhi and Hyderabad. Watches, art and jewellery are the top draws for wealthy Indians to invest in their passion. Said Shishir Baijal, chairman & MD, Knight Frank India, ''Wealth creation in India is expected to accelerate with the number of UHNWIs expected to double over the next decade. This reflects a more positive outlook for India's economy after 2014 was marked by capital outflows and a sharp devaluation of the rupee.'' About 80% of wealth advisors expect their super rich clients' net worth to increase in 2015; Hong Kong's ultra-rich, at 94%, is the most bullish about prospects in 2015. Globally, family succession issues were the number one worry, with 85% of respondents saying their clients were concerned about the handover of family wealth to the next generation. However, for China and Hong Kong, political interference stood out as the number one concern. A potential increase in wealth taxes (81%) and increased government scrutiny of wealth (80%) were the second and third most vexatious issues, according to the survey results. The ultra wealthy in Asia now hold more wealth with net assets of $ 5.9 trillion or 7% more than those in North America with $ 5.5 trillion. ''However, with a $ 6.4 trillion treasure chest, European UHNWIs still control the most wealth,'' said the report. In 2014, around 15 people a day joined the ranks of the ultra-wealthy or those with a net worth of over USD 30 million.

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