BENGALURU BILLIONAIRES INCREASE
As India’s tech hub, Bengaluru has more billionaires ...
As India’s tech hub, Bengaluru has more billionaires and ultra-high net worth individuals (UHNWIs) than 5 years ago, said global property consultancy Knight Frank in its Wealth Report 2019 in March.
“Bengaluru has 33 billionaires in 2018 as against 30 in 2017 and 26 in 2013, registering 10 per cent annual growth and 27 per cent over the last 5 years,” said the London-based consultancy in the 13th edition of its annual wealth report.
Similarly, the number of UHNWIs grew 8 per cent to 98 in 2018 from 91 in 2017 and 72 in 2013, registering 36 per cent cumulative growth point average (CGPA).
Over the next 5 years, Bengaluru will have 40 billionaires and 137 UHNWIs, projecting 22 per cent increase among the former and 40 per cent CGPA among the latter. “Bengaluru to witness fastest growth of the rich globally by 2023 when it will have 40 billionaires and 137 UHNWIs, projecting 22 per cent CGPA among the former and 40 per cent among the latter since 2018,” said the report.
Though as a whole, India will also see 39 per cent growth of UHNWIs by 2023, Mumbai and Delhi are likely to see 38 per cent CGPA growth over the next 5 years. “Bengaluru is the first amongst the top 5 ‘cities of the future’ along with Hangzhou in China, Stockholm in Sweden, Cambridge in Britain and Boston in the US,” said the report. The report also identifies the world’s top cities that support wealth creation, including innovation indicators, wealth forecasts and economic growth that improve a city’s growth prospects, such as infrastructure.