The world’s rich and powerful may be residing in the US and Europe, but India is fast catching up. The number of high net worth individuals (HNIs) in India with net assets of Rs 150 crore to Rs 160 crore is expected to more than double over the next 10 years, rising by 137% in Mumbai and around 120% in Delhi, despite recent economic concerns, says Knight Frank Wealth Report 2013. The global property consultancy firm ranks India at fifth spot with 122 billionaires (net assets of Rs 500 crore and above) as of 2012 end in the top 10 countries for billionaires. It's expected to increase to 225 billionaires with an 84% growth by 2022.
The report ranks Mumbai at the seventh spot with a total of 2,105 HNIs in the top 30 global cities; while Delhi is at 11th spot with a total 1,905 such super-rich individuals. By 2022, the number of HNIs in Mumbai is expected to increase to 4,988 with 137% rise; while Delhi is likely to see it growing 120% by then to 4,278. This will give India, along with China and Japan, the highest number of HNIs in Asia by 2022. The rise of the Asian global cities is in parallel to what many are now calling “The Asian Century”.
According to Knight Frank’s global cities survey, while New York and London top the list in the cities that matter to HNIs, Mumbai stands only at the 38th spot of the top 40 cities. Across Asia, the number of HNIs is set to rise by 88% over the next decade — the joint highest rate of growth in any world region.