30 of India's 68 billionaires call Mumbai their home

Mar 10 2015 : The Times of India (Mumbai)

City Nos Will Grow 110% by 2024, Only US, China, Russia To Be Ahead: Report
Prime residential property in Mumbai is the 10th costliest in the world at Rs 61,300 a square foot. This is more expensive than Dubai, where the average price of prime residences is Rs 40,455 a sq ft, according to the Knight Frank Wealth Report 2015.
Monaco heads the list with a cost of Rs 3.39 lakh per square foot. The five global prime residential hotspots are London, New York, Cape Town, Dubai and Hong Kong.

In London’s St John Street, Clerkwell, a 700 sq ft apart ment could cost $1.3 million.

A 1,500-sq-ft apartment in West Street, Manhattan, could be had for $2.7 million while a 700-sq-ft flat in Hong Kong's Sai Ying Pun neigh bourhood could fetch $1.9 million.

“According to our latest Attitudes Survey results, the ultra high net worth individuals' appetite for property as investment remains undimmed. Falling oil prices should free up more capital to be spent on consumer goods, which should in turn present more property opportunities to feed the increasingly hungry private investor,'' said the report. Thirty of India's 68 billionaires live in Mumbai, putting the country's financial capital sixth on the list of 20 global cities surveyed in the Knight Frank Wealth Report 2015 released on Monday .

On top of the billionaire population list is New York with 114 followed by Moscow 91, Hong Kong 53, London 49 and Beijing 37.

With 68 billionaires, India has been ranked seventh among the 97 countries surveyed in the report. US heads the list with 515 billionaires (see chart). The report stated that Mumbai's billionaire population will grow 110% by 2024.

Over the next decade, only the US, China and Russia will have more billionaires than India, said the report.

Globally , 830 people joined the billionaire club in the past decade, with 53 individuals getting there in 2014 alone. The total number of billionaires in the world now stands at 1,844--an 82% increase from ten years ago. “The most rapid growth in wealth will be seen in Ho Chi Minh City, Jakarta, Mumbai and Delhi,“ said Liam Bailey , global head of research at Knight Frank. The report has also done a separate survey on utra high net worth individuals (UHNWI). These are people with a net worth of $30 million and more.

India ranks 26 with 1,652 UHNWI.Within India, Mumbai is expected to see the fastest rise in UHNWI fol lowed by Delhi and Hyderabad.

Shishir Baijal, chairman & MD Knight Frank India, said, “Wealth creation in India is expected to accelerate with the number of UHNWIs expected to double over the next decade. This reflects a more positive outlook for India's economy after 2014 was marked by capital outflow and a sharp devaluation of the rupee.“

Around 80% of wealth advisors expect their super rich clients' net worth to increase in 2015. Hong Kong's ultra-rich, at 94%, is the most bullish about prospects in 2015. Globally, family succession issues were the number one worry , with 85% of the respondents saying their clients were concerned about the handover of family wealth to the next genera tion. For China and Hong Kong, though, political interference stood out as the number one concern.

A potential increase in wealth taxes (81%) and increased government scrutiny of wealth (80%) were the second and third most vexatious issues, according to survey results.

The ultra wealthy in Asia now hold more wealth with net assets of $5.9 trillion or 7% more than those in North America with $5.5 trillion.“However, with a $6.4 trillion treasure chest, European UHNWIs still control the most wealth,“ said the report. In 2014, around 15 people a day joined the ranks of ultra-wealthy or those with over $30 million net worth.