Hyderabad 5th wealthiest city
A new report from New World Wealth and Research Markets rated Hyderabad as the 5th wealthiest city in India, based on total wealth held Visakhapatnam...
Hyderabad: A new report from New World Wealth and Research & Markets rated Hyderabad as the 5th wealthiest city in India, based on total wealth held. Visakhapatnam from AP was also ranked 5th in the list of emerging cities being one of the busiest ports in India and turning out to be a major hub
for transport, IT and manufacturing. According to the report, total wealth refers to the private wealth held by all the individuals living in each city. It includes all their assets (property, cash, equities, business interests) less any
The report also examines local HNWI (high-net-worth-individual) trends including the most popular universities, degrees, sectors, cities, suburbs and job titles for millionaires (HNWIs) in India.
Hyderabad, whose total wealth is to the tune of $320 billion (Rs 25.91 lakh crore), recording 163 per cent growth between 2007-17, is home to 9300 HNWIs, 640 millionaires and 5 billionaires, the report said and added, major sectors like pharmaceuticals, IT and business process outsourcing are driving the growth in Hyderabad in addition to a large number of special economic zones, which help encourage new business formation.
Most of the HNWIs, millionaires and billionaires are form part of the effluent areas such as Jubilee Hills and Banjara Hills, with Osmania University producing 3 per cent of Indian HNWIs. Notably, Hyderabad was ranked 4th for sale of Bentley cars in India in 2017.
According to the report, India is the 6th largest wealth market in the world (in terms of total wealth held) after USA, China, Japan, Germany and the UK. Indian locals hold $8.2 trillion in net assets (or wealth). Around $3.9 trillion (48 per cent) of this is held by HNWIs. Growth in Indian wealth is expected to be strong over the next 10 years. We expect total wealth in the country to reach $25 trillion by 2027.
This will make India the 4th largest wealth market in the world by 2027. i.e. total wealth held in India will overtake the UK and Germany. Highly competitive wages when compared to worldwide peers, strong economic growth forecasts, large number of entrepreneurs, good educational system, strong ownership rights, ongoing crackdown on corruption improving ease of doing business in country and improving safety levels are some of the reasons that are in favour of high wealth growth forecast for India, added the report.
Mumbai which holds the top rank in India has a total wealth of $950 billion followed by Delhi ($554 billion), Bangalore ($410 billion), Kolkata ($357 billion) and Hyderabad. The list of emerging cities is lead by Kochi followed by Chandigarh, Surat, Ahmedabad, Visakhapatnam, Goa (state), Jaipur and Vadodara.