Bengaluru Is Triggering Billionaire Boom; Mumbai Has Maximum Ultra-Millionaires In India
The number is increasing and will continue to rise in the coming year.
India is a country where the rich and the poor have a wide gap between them, the rich keep getting richer and the poor just keep getting poorer. The wealth of 9 richest Indians is equivalent to the bottom 50% of the country, and a recent report has shown that the rich population in India is rising faster than any other country.
Read all about the report here!
The Wealth Report by Knight Frank
As per the latest issue The Wealth Report by Knight Frank which was unveiled on a global scale recently, Mumbai is ranked the 12th most wealthy city in the world. In 2017, Mumbai stood 18th, which is definitely progress.
The billionaire population in India is rising, and so is the growth of ultra high net worth individuals (UHNWI) globally. This has helped India be the leading country with a growth of 116% monetary growth.
Shishir Baijal, chairman and managing director of Knight Frank India, said, “Despite a slide in the Indian rupee against the US dollar, India witnessed growth in UHNWIs due to heightened economic activity and strong performance of the equity markets.”
At the top of the list is London, thwarting any concerns arisen due to the Brexit issue. As per reports, London has replaced New York.
Additionally, the growth in the billionaires of India is set to rise by 37% to 163 by 2023, which will beat the global and regional averages.
Billionaires and Millionaires of India
As of today, the number of UHNWIs is around 1947 in India, of which 797 reside in Mumbai, 211 in Delhi, and 98 in Bengaluru.
The total number of billionaires in India has increased from being 55 in 2013 to 119 in 2018. In the case of millionaires, there is an impressive increase in the numbers, 251,000 in 2013 to 326,052 in 2018.
The reports say that of the 119 billionaires, 33 billionaires reside in Bengaluru, 19 in Mumbai, 8 in Delhi. The rest are scattered throughout the country and even abroad.
Top Wealthy People in India
As per the Forbes World’s Billionaire list, Mukesh Ambani, Azim Premji, Shiv Nadar, and Lakshmi Mittal are in the top 100. This year the list comprises of a 106 Indians in total, with Ambani at the top. Ambani’s net worth is USD 50 billion in 2019, which was USD 40.1 billion in 2018.
As per reports, Azim Premji, Chairman of Wipro, is the second richest Indian, 36th globally standing at the 36th position with a net worth of USD 22.6 billion. HCL co-founder Shiv Nadar stands at the 82nd position with a net worth of USD 14.4 billion. ArcelorMittal chairman Lakshmi Mittal stands 91st, with USD 14.1 billion net worth.