Mumbai: Home to country’s super rich

Mumbai has more than double Delhi’s super rich.

Written by Khushboo Narayan | Mumbai | Published:March 5, 2016 1:46 am

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The financial capital of the country is also home to its super rich. With 1,094 ultra-high-net-worth individuals (UHNWIs) — people who have assets more than US $30 million or Rs 201 crore — Mumbai has more than double Delhi’s super rich.

According to property consultant Knight Frank, which compiled the report, over the next decade, the number of super rich in Mumbai will more than double to 2,243. Delhi won’t lag far behind with 1,128 UNHWIs.

Even globally, Mumbai and Delhi rank pretty high when it comes to the wealthy population. Out of 97 cities ranked by Knight Frank globally, Mumbai is 21 in the pecking order and Delhi is at 33. The other Indian cities in the list are Hyderabad and Kolkata.

In a city where property is perennially a popular topic of discussion , it won’t come as a surprise that the average number of residential properties owned by wealthy Indians stands at 4, the highest in the world and higher than the global average of 3.7.

However, Bengaluru beats both Mumbai and Delhi when it comes to being a luxury property investment destination, according to Knight Frank’s Prime Investment Residential Index. Bengaluru is among the top 20 cities globally while Delhi and Mumbai rank 44 and 51 respectively. Prime residential property prices grew 5.1 per cent in Bengaluru last year compared to 1.3 per cent in Delhi.

That said, Mumbai hosts some of the costliest properties in India. According to Knight Frank, US $1 million, or Rs 6.7 crore, will buy only 99 sqm of luxury residential property in Bangalore.

 

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