City Wealth Index: Mumbai ahead of Washington, Moscow, Toronto

MUMBAI: Mumbai ranks 21st in the ' City Wealth Index' ahead of Toronto, Washington DC and Moscow, according to the Knight Frank Wealth Report 2017 released on Wednesday. Delhi at 35 is ahead of Bangkok, Seattle and Jakarta.

The report tracks the growing super-rich population in 125 cities across 89 countries and provides perspective on the issues that are influencing ultrahigh net worth individuals (UHNWI) investment and lifestyle decisions. This year's survey results are based on responses from almost 900 of the world's leading private bankers and wealth advisors. UHNWIs are those with net assets worth over $ 30 million (roughly Rs 200 crore).

The number of UHNWIs in India has increased by 290% during the last decade. India houses 2% of the world's millionaires (13.6 million) and 5% of world's billionaires (2,024).

In India, Mumbai leads the race with 1340 UHNWIs followed by Delhi (680), Kolkata (280) and Hyderabad (260) UHNWIs. Indian cities that saw a rise in UHNWIs compared to 2015 include Pune (18%), Hyderabad and Bangalore (both at 15%) and Mumbai (12%).

Out of 40 global cities, Mumbai ranks 11 in the 'future wealth' category ahead of Chicago, Sydney, Paris, Seoul and Dubai.

"Substantial proportion of wealthy Indians is likely to invest in residential property in the next two years - 40% within country and 25% overseas," it said.

Knight Frank India's chief economist & national director - research Samantak Das said, "In terms of real estate sector investment, the wealthy Indians have expressed their top priority in the office segment and logistics also sees a three-fold rise. Even though the residential market in India is reeling under pressure, 40% of wealthy Indians are likely to invest in residential property in India in the next two years while 25% are keen for overseas avenues."

UHNWIs in India prefer countries like Singapore, UK, UAE, USA and Hong Kong for owning a home. However, the global wealthy prefer buying properties in European countries.

27% of Indian UHNWIs have already invested in collectibles such as art, wine or classic cars. Motor yacht is the most sought after luxury asset followed by sailing yacht, race horse, private jet and sports team. "The preference for these items as luxury investment and spending is substantially lower than the global average," said the report.

In terms of most expensive prime residential i.e. the square metres of prime property US$1m will buy, Mumbai climbed up to rank 15 from 18 last year, ahead of Istanbul, Melbourne and Dubai.