Investors toast high returns from sales of rare Scotch whisky

London trumps New York as top city for world's wealthy

London trumps New York as top city for world's wealthy

The number of billionaires in India has grown from 55 in 2013 to 119 in 2018, while the number of millionaires has gone up from 251,000 in 2013 to 326,052 in 2018.

First and second homes make up 45 percent of total wealth for Kenya's super-rich, with the HNWIs owning an average of 2.7 homes, according to Report.

Private Equity which saw only about 4 per cent of wealth allocation in 2018 is set to see a significant rise in 2019 to 37 per cent a survey said, while allocation to equities is seen rising to 34 percent.

And while Bengaluru still trails many global cities in the number of ultra-high net worth individuals (UHNWIs) - defined as those with net assets of $30 million or more - the city is expected to witness the fastest growth of UHNWIs population globally by 2023, property consultancy Knight Frank said in a new report.

The report said London's 4,994-strong population of superrich people - so-called ultra-high-net-worth individuals, who have assets of more than $30m - is greater than any other city.

If the number of UHNWIs in India is estimated at 1,947 at present, Mumbai houses 797 of them, Delhi 211 and Bengaluru 98, while out of the billionaire population of 119, Bengaluru is home to 33, Mumbai to 19, Delhi to 8 and the rest are scattered across the country and overseas.

The rise in values has been partially driven by the Asian market, as sales of Scotch to India, China and Singapore soared, according to the Scotch Whisky Association.

Cities in India are often overshadowed by Mumbai's success, but Bengaluru, often dubbed as India's answer to Silicon Valley, is expected to disrupt the narrative.

The UHNW population-defined as people who have at least US$30 million in assets-is projected to expand 22% over the next five years to almost 250,000, the report says. Bengaluru tops the list of five urban centres across the world that are likely targets for future property investment, followed by Hangzhou, Stockholm, Cambridge and Boston.

"Both these places are of high interest for the India ultra-rich, from business as well as leisure and lifestyle perspectives. These also remain the top choices for investment or for self-use purchase in coming years", it said.

Wealth managers and advisors said 39 percent of their clients have property investments in the country, while 22 percent have invested in foreign property.

Shishir Baijal, chairman and managing director of Knight Frank India, said: "Indians are progressively increasing their global footprint, with UHNWIs getting attracted to the quality of services in these countries".

"Despite a darkening economic outlook, wealth creation will remain a constant in 2019", says Liam Bailey, global head of research at Knight Frank.

"The wealthy will continue to demand access to global markets, especially as emerging economies see growth rates slow and the search for diversification grows".

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