iconimg Wednesday, September 02, 2015

Vandana Ramnani, Hindustan Times
New Delhi, March 08, 2013
Mumbai has the maximum number of high net worth individuals (HNWIs) in India (2,105 such people call the city home), followed by Delhi (1,945).

Globally, these two cities rank No. 7 and No. 11, respectively, on the number of super-rich people staying there, according to global property consultant Knight Frank’s The Wealth Report, 2013. New York and London, with 7,580 and 6,015 HNWIs, respectively, occupy the first two positions.

Knight Frank has set a threshold personal wealth of $30 million (about Rs. 164 crore) for inclusion in this exclusive list.

“The number of HNWIs in India is expected to more than double over the next 10 years, rising 137% (to 4,988) in Mumbai alone. This will give India, along with China and Japan, the highest number of HNWIs in Asia by 2022,” the report, released in London recently, said.

Delhi’s HNWI population is expected to grow 120% to 4,278 by 2022.

If you think property prices in India are too high, consider this: luxury properties in Mumbai (ranked 16th most expensive in the world) cost on average $990-1,100 (Rs 54,000-60,000) per sq ft.

This is way below comparable prices in second-ranked Hong Kong ($4,570-5,050 or Rs. 2.5 lakh-2.75 lakh per sq ft) or third-placed London ($3,890-4,300 or R2,12 lakh-2.35 lakh per sq ft).

Delhi doesn’t even rank among the top 20. Monaco has the world’s most expensive luxury properties ($5,350-5,920 or Rs. 2.92 lakh-3.23 lakh per sq ft).

The report is expected to be released in India on March 15.