India sees largest rise in super-rich club

India has recorded the largest increase in its Ultra-High Networth Individual (HNIW) club among the BRICS nations in the last one year, with a total of 7,850 super rich people in the country, a report says.

The study focuses solely on persons with a net worth of USD 30 million and above (after accounting for shares in public and private companies, residential and investment properties, art collections, planes, cash and other assets). Moreover, India has also the highest number of female millionaires in the world as the country boasts of over 1,250 UHNW women with a combined fortune of USD 95 billion.

According to the world ultra wealth report 2013 by Wealth-X, a global wealth intelligence and prospecting company, India is home to as many as 7,850 high net worth individuals whose collective net worth is USD 935 billion. However, there was a decline in the number of billionaires (103 this year) over (109 last year).

In India, the lowest tier of the UHNW group represented by those worth USD 30 million to USD 49 million is the largest group, of the total UHNW population in the country with a combined fortune of USD 130 billion.

Mumbai and Delhi, however, dominate with more than 50 per cent of the country's UHNW population based in one of these two cities, the report said.

Source: moneycontrol.com

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