Mumbai World’s 12th Most Wealthy City: Report
New Delhi: As per the latest issue of ‘The Wealth Report’ by Knight Frank, Mumbai ranked as the World’s 12th most wealthy city while London secured the topmost rank.
Last year, Mumbai stood at 18th position in the ranking. The report also stated that Mumbai has the highest number of ultra-millionaires in India.
While the city is home to 797 of India’s ultra high net worth individuals, Karnataka capital Bengaluru, often called ‘The Silicon Valley of India’, is home to the most number of Indian billionaires at 33.
Of 59 countries and territories for which forecasts have been made, eight of the top 10 are in Asia, with India leading with 39% growth in the next five years, followed by Philippines (38%) and China (35%).
Mumbai also ranks as the 16th most expensive prime residential market in the world. Though the report states the city is expected to see a fall in prices this year, 1million US$ can now buy about 100 sq m in the metropolis. In Delhi, one can buy 201 sq m for the same amount whereas in Bengaluru 334 sq m can be purchased for 1 million US$.