Mumbai ranks 47 on the “city wealth index” of 314 global cities in the Knight Frank Wealth Report 2018 released on Wednesday.
India’s financial capital is also among the Top 20 costliest global cities; $1m or Rs 6.5 crore can buy a 990-square-foot house in Mumbai, said the report. Mumbai and Delhi, it added, would be among Top 10 markets to witness the highest addition in households earning over $2,50,000 or Rs 1.6 crore annually between 2017 and 2022.
In terms of wealth alone, wherein the index measures the rich and the rate of wealth generation in a city, Mumbai ranks among Top 20 with Delhi at 22nd and Bengaluru at 26th positions, respectively.
Property investment was amongst the lowest (17%) contributing factor that led to an increase in wealth amongst Indians compared with 30% for Asia and 50% globally.
While 95% respondents said that India’s wealthy people increased their investments into equities, 50% said that investments into property dwindled in 2017.