Mumbai ahead of Washington in global wealth index

India is home to 2 per cent of the world's millionaires and 5 per cent of billionaires, which is expected to see an annual addition of 1,000 new superrich individuals every year in coming decade, says a report.

Between 2015 and 2016, the country witnessed a 12 per cent increase of ultra high net worth individuals (UHNWIs) and this number is expected to grow at 150 per cent over the next decade, the report by global property consultancy that tracks the growing superrich population in 125 cities across 89 countries said.

“India ranks 6th in terms of growth rate of UHNWIs for 2016. With the current pace, the country is expected to move up to the 3rd spot over the next decade,” this year's survey noted, based on responses from almost 900 of the world's leading private bankers and wealth advisors.

In India, in terms of ultrarich population, Mumbai leads the race with 1,340 UHNWIs, followed by Delhi (680) and Kolkata (280). Moreover, Mumbai was ranked 21st on the city wealth index ahead of Toronto, Washington DC and Moscow while Delhi was placed at the 35th rank ahead of Bangkok, Seattle, Jakarta.

Out of the 40 global cities, Mumbai was ranked 11 in the 'future wealth' category ahead of Chicago, Sydney, Paris, Seoul and Dubai. "Over the last 10 years, we have seen annually 500 new UHNWIs being added in India and we expect this number to double to 1,000 every year in the coming decade," Samantak Das, Chief Economist and National Director (Research) of Knight Frank India, said.

Das further noted that in terms of real estate investment, the wealthy Indians have expressed their top priority in the office segment and logistics also sees a threefold rise. — PTI