Hyderabad: Hyderabad is among Asia Pacific’s 20 fastest growing cities for the super rich.
Multimillionaires have increased by 218 per cent in Hyderabad over the last decade, next to Pune and Mumbai in the country. The city also had the fourth highest number of High Net Worth Individuals (HNWI) in the country behind Mumbai, New Delhi and Kolkata, according to a report by New World Wealth.
The report said New Delhi, Mumbai, Pune, Hyderabad, Bengaluru, Kolkata and Chennai are the seven Indian cities where the number of multimillionaires grew fastest over the last decade.
New World Wealth released a report ‘Fastest growing cities for the super rich’ on Tuesday. Multimillionaires grew fastest in Pune at nearly 317 per cent by the end of the last year. Mumbai also saw a rise in multimillionaires, to 2,690 HNWIs.
The number of persons with net worth in excess of $1 million in Hyderabad increased from a modest 160 a decade ago to 510 by the end of the last year, growing at 217 per cent. The report said that the highest growth of super rich occurred in emerging markets worldwide, which have been recording a robust GDP growth rate.
India, China, Brazil, Russia, Indonesia and Vietnam were the major countries that registered 200 per cent growth in super rich individuals. The number of multi-millionaires increased by 71 per cent worldwide over the last decade.
India now has the eighth highest number of multimillionaires in the world.a
