Of growth in Multi - Millionaires....

Pune has witnessed the biggest boom in multi-millionaire population across India in the last five years — a whopping 68% rise. Neighbours Mumbai saw the second highest growth in the country’s super rich population — at 59% between 2007-11 while India’s capital Delhi followed with more than a 50% increase in those with net assets of over $30 million. Bangalore saw a 46% increase in those referred to as multi-millionaires, Hyderabad 43%, Chennai 25%, Ahmedabad 18% and Kolkata 12%. Overall, India saw a 46% increase in super rich population between 2007-11.
However, when it comes to the actual number of multi-millionaires, Mumbai boasts of the lion’s share across India. Over 1 in 3 (36.6%) of multi-millionaires in India — 577 live in Mumbai followed way behind by Delhi (147), Kolkata (126), Hyderabad (114), Bangalore (97). Chennai is ranked 6th highest with a multi-millionaire population of 88 followed by Pune (55) and Ahmedabad (51). According to the WealthInsight research, there were 1,576 multi-millionaires in India at the end of 2011.
The research has highlighted some major trends — the number of multi-millionaires in India increased by 46% during the period between 2007 to 2011. Mumbai’s multi-millionaire numbers increased substantially (59%) as the city benefited from its status as India’s financial center and leading import-export and commercial hub. The number of multi-millionaires in Pune, Maharashtra’s second city after Mumbai, grew by the largest margin (68%), aided by both its proximity to Mumbai and also by robust growth in the automotive, manufacturing and technology sectors.
The number of multi-millionaires in Bangalore and Hyderabad were boosted by strong growth in their services sectors, which make up the bulk of multi-millionaire wealth in these two cities. India is also home to some of the fastest growing cities for ultra-High Net Worth Individuals. “High net worth individuals” otherwise known as “millionaires” or “HNWIs” refer to individuals with net assets of US$1 million or more excluding primary residences.

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