Number of multi-millionaires growing the fastest in Pune: New World Wealth report

LONDON: Pune has emerged as India's fastest growing city with multi-millionaires, according to a New World Wealth report that focuses on performance between 2004 and 2014. The wealth research firm says seven out of the 20 fastest growing cities for the super-rich in Asia-Pacific are from India.

Pune saw a 317 per cent growth in the number of multi-millionaires between 2004 and 2014 -the numbers increasing from 60 to 250. A multimillionaire is an individual with net assets of $10 million or more.

Overall, Pune is ranked the third fastest growing city for the super-rich in the Asia-Pacific region after Ho Chi Minh City , which saw a 400 per cent growth (from 40 to 200), and Jakarta, which recorded a 396 per cent increase (from 280 to 1,390) in multimillionaires.

Mumbai is ranked fourth fastest city with a 220 per cent increase -the number of multi-millionaires increasing from 840 (2004) to 2,690 (2014).Hyderabad takes the fifth rank with 510 multi-millionaires (a 219 per cent increase in the past decade), followed by Bengaluru, which is home to 440 people worth over $10 million (an increase of 214).Delhi is home to 1,350 multimillionaires as against 430 in 2004, an increase of 214 per cent.

The latest New World Wealth annual report says Ho-Chi Minh city was the fastest growing city in Asia during this period, whilst Houston was the fastest growing city in the US.

There are currently just over 13 million millionaires in the world (as of December 2014). Approximately 495,000 of these individuals can be classified as multi-millionaires. According to the report, over the past 10 years, worldwide multi-millionaire numbers have grown by 71 per cent.

Overall, India has more multi-millionaires (14,800) than Russia (11,700), Brazil (10,300), Canada (9,800), France (8,200), Singapore (6,600) and Australia (6,100).The US has the world's highest number of multi-millionaires (183,500) followed by China (26,600), Germany (25,400) and the UK (21,700).