Mumbai Bags 47th Rank Global City Wealth Index: Report

| March 7 , 2018 , 19:36 IST

Mumbai has been ranked at the 47th spot on the "city wealth index" among 314 cities in the world, a report said on Wednesday. Four major indicators - wealth, investments, lifestyle and future were taken into consideration for the index, confirmed the independent global property consultancy Knight Frank's Wealth Report 2018.

The report suggests that the city is ranked 16th among the top 20 costliest global cities where $1 million can buy only 92 square metres of area. "Mumbai and Delhi would be among the top 10 markets to witness the highest addition in households earning more than $250,000 annually between 2017 and 2022," the report said.

It further added that India would be the third-largest contributor in Asia with respect to the wealthy population after China and Japan.

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"India's wealthy population in the prime (having more than $5 million) category rose to 47,720 individuals between 2016 and 2017 recording 21 percent growth which is more than double the global average (9 percent) and one and half times the Asia average (14 percent)," it said.

"The country's affluent class in the super prime (having more than $50 million ) category also grew by 21 percent between 2016 and 2017," it added.

Around 95 % wealthy respondents in India said they increased their investments in equities whereas 5 percent of the said investments in property declined in 2017. On the global front, the number of ultra-wealthy - those with $50 million or more in net assets -- rose by 11,630 in 2017, taking the global total to 129,730, the report added.