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With 122 billionaires, India ranks fifth in super-rich list

Last Updated: Saturday, March 16, 2013 - 20:03

Manama: India with a total of 122 billionaires has been awarded the fifth position among the top 10 countries with the largest number of billionaires, and the number is expected double by 2022, according to a global rich list.

According to Samantak Das, Director Research and Advisory Services, Knight Frank India, which has released the global Wealth Report 2013, a perspective on prime property and wealth, Mumbai has secured the 7th spot in the list of top global cities with a High Net Worth Individual (HNWI) population of 2105, Gulf News reports.

Das further said that the population of Mumbai’s HNWIs is expected to touch 4988 by 2022, adding that Delhi, which ranks 11th in the list with a current HNWI population of 1945, is also likely to have a rise in its billionaire population, which may reach 4278 by 2022.

According to the report, the jump in the population of billionaires is expected to give India the highest number of HNWIs in Asia by 2022, along with China and Japan, adding that the number of HNWIs is set to rise by 88 percent over the next decade in Asia.

Global Head of Residential Research at Knight Frank Liam Bailey said that the there will be a rapid growth in the concentration of wealth in Asia, Latin America and the Middle East, although he added that the largest concentration of wealth is currently based in the established centres of North America and Europe.

Bailey further said that although London and New York are still the most important destinations in the world, key Asian cities will have moved further up the list in a decade.


First Published: Saturday, March 16, 2013 - 16:00
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