Business

Mumbai Becomes World’s 12th Most Wealthy City & India Leads With Highest Growth Rate Of UHNWI: Report

PRERNA YADAV | 0
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| March 7 , 2019 , 17:53 IST

India's financial capital Mumbai becomes the 12th richest city in the world with a total wealth of $950 billion, says a report of World Wealth by Knight Frank bettering its No. 18 spot in 2017, while London secured top position despite Brexit concerns, reclaiming it from New York.

As per the report, Delhi was on the 49th position and Bengaluru on 71st.

Total wealth referred to the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities, and business interests) less any liabilities. Government funds are excluded from the figures.

India had also been leading with 116% growth in its billionaire population and lead the growth of ultra high net worth individuals (UHNWI) globally.

According to the report, in the next five years (2018-2023), the country is expected to continue the lead in global growth rankings with 39% growth rate.

The report findings show that Bengaluru is expected to lead the UHNWI growth forecast at 40%, while Mumbai and Delhi share the spot at 38% growth in the next five years, up to 2023.

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Nicholas Holt, head of research, Knight Frank Asia Pacific said, "Despite the softening momentum in the region's economies, growth prospects in Asia remain favorable in the medium term. While China's economy is expected to slow, emerging markets such as India and the Philippines will deliver some of the strongest growth over the coming years."